Thursday, April 30, 2015

Thursday roundup (04-30-15)

Eurozone Consumer Prices Stopped Falling in April (The New York Times)

Eurozone recovery defies the odds but long-term problems remain: Spain’s economy is going like a rocket but unemployment is still the dark cloud that hangs over the euro area (The Guardian blogs)

Greek debt crisis: euro exit panic as pensioners start bank run [The Times of London via] (The Australian)

Defiant Greeks draw battle lines as Grexit crisis deepens: Athens Leftist government risks "unprecedented economic contraction" as it insists it will not cross "red lines" on its electoral promises (The Telegraph) Grexit could cause a recession [in Greece itself] 'of unprecedented magnitude' and a 50% currency devaluation (The Business Insider)

Greece signals concessions in crunch talks with lenders (Reuters) [New round of] Greek talks with creditors to stretch into weekend, as debt repayment dates approach (The Associated Press) Greece, Euro-Area Partners Target Deal by Sunday (Bloomberg)

Italy Weighs Solution for EU100 Billion of Bad Loans, BOI Says (Bloomberg) Italy bad-bank vehicle could buy 100 bln euros of bad debts-BOI (Reuters)

Majority of Europe's business leaders fear Brexit will harm the Eurozone economy more than Grexit (CityAM)

How Student Loans Could Cripple the U.S. Economy: They’re hardly just a young person’s problem (Bloomberg) Some on Wall Street say $1.2 trillion in student debt could trigger the next market crash (The Business Insider)

Why Ben Bernanke's new PIMCO gig is so troubling (The Week)

GM's Oshawa plant to lose 1,000 jobs; company to invest $5.4-billion in U.S. (The Globe and Mail of Toronto)

Bob Evans to close 20 restaurants, cut 780 jobs (The Dayton Business Journal of Dayton, Ohio)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 04-30-15)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims in the period stretching from April 19 to April 25 fell to a seasonally adjusted 262,000 from a revised 296,000 in the prior week, the Labor Department reported Thursday." (Marketwatch)

Weekly Initial Unemployment Claims decreased to 262,000, Lowest since April 2000 (Calculated Risk blog)

Jobless claims fall to a 15-year low; consumer spending picks up [Reuters via] (CNBC)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, April 29, 2015

Wednesday roundup (04-29-15)

Negative interest rates put world on course for biggest mass default in history: More than €2 trillion-worth of eurozone government bonds trade on a negative interest rate. It's a bubble that is bound to end badly (The Telegraph)

Nepal earthquake: Homeless urgently need tents; death toll above 5,500 (CNN) Nepal earthquake: fears grow over fate of thousands near epicentre: Relief workers try to find out what has happened to 10,000 or more people in remote area of Gorkha district near border with Tibet (The Guardian) Nepal earthquake: UN launches $415m appeal (The BBC)

Moody's cuts Greece's rating to 'Caa2' as uncertainty rises (Reuters)

Bank of Japan keeps policy steady in 8-1 vote (CNBC)

Japan factory output down again, leaves the BOJ in tight spot (Reuters) Bank of Japan Holds on Boosting Stimulus Even With Inflation Vanishing (Bloomberg)

U.S. economy stumbles in first quarter as weather, low energy prices weigh (Reuters)

Small businesses are still recovering from recession but are also upbeat, survey shows (The Associated Press)

Homeownership rate drops to quarter-century low (Marketwatch)

The Old New Financial Risk [= "big banks with too much debt and too little equity capital on their balance sheets"] by Simon Johnson (Project Syndicate)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, April 28, 2015

Tuesday roundup (04-28-15)

UN says 1.4 million people victimized by Nepal earthquake need food assistance (FoxNews) Frustration Grows in Nepal as Earthquake Relief Trickles In (The New York Times) Nepal After the Earthquake (The Atlantic)

[In Greece, Prime Minister] Tsipras presses for May debt deal, threatens referendum (Reuters)

Sidelining Varoufakis Won’t Solve Greece’s Real Problem: Negotiations about Greece's debt may proceed more smoothly without the country's prickly finance minister, Yanis Varoufakis, but his arguments about austerity are incontrovertible.Negotiations about Greece's debt may proceed more smoothly without the country's prickly finance minister, Yanis Varoufakis, but his arguments about austerity are incontrovertible. (The New Yorker) Greek finance minister denies being sidelined from debt talks: Yanis Varoufakis renews outspoken attack on eurozone partners despite being replaced as leader of bailout negotiating team (The Guardian)

Greece Remains 'Precarious,' Says Bundesbank's Weidmann (Dow Jones Newswires)

Half of investors expect Greece to leave euro zone within 12 months: Sentix (Reuters)

Richard Russell Warns People [in the United States] Must Prepare For Something Worse Than 1929 – 1932 … Will U.S. Seize Gold? [He says, in answer to that question, "I don’t think so."] (King World News)

Review: Janet Tavakoli's Decisions: Life and Death on Wall Street by Nomi Prins, Distinguished Senior Fellow, Demos (The Huffington Post)

Puerto Rico — U.S.’s ‘Greece’ — is hurtling to default: Government could run out of cash in 3 months (Marketwatch)

Bell Helicopter to trim 1,100 jobs from global workforce (The Star-Telegram of Fort Worth, Texas)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, April 27, 2015

Monday roundup (04-27-15)

When QE Leads To Deflation: A Look At The "Confounding" Global Supply Glut (ZeroHedge blog)

Death toll tops 4,300 in Nepal earthquake (The Washington Post) Nepal Earthquake Triggers Substantial Economic Aftershock: Wide-spread destruction is not what one of the world's poorest nations needed only weeks before monsoon season. (US News & World Report)

Greece Says It Is Changing Team That Negotiates With Creditors (The New York Times) Greek creditors rule out massive new bail-out as embattled Varoufakis is sidelined: Prime Minister Alexis Tsipras shuffles his bail-out personnel team as clock ticks in debt drama (The Telegraph) Why Greece Could Now Tiptoe Toward a Deal (The Wall Street Journal blogs)

If Greece falls, no one wants their prints on the murder weapon (Reuters)

Why you should be really, really, worried about a Greek default [= "In an afternoon, the international banking system could collapse."] (The American Thinker blog) Uncertainty Over Impact of a Default by Greece (The New York Times blogs)

Fitch downgrades Japan's credit rating: Ratings agency Fitch has cut the country's sovereign credit rating, saying the government of PM Shinzo Abe has not taken enough measures to plug a budget gap left by its decision to delay a consumption tax rise. (Deutsche Welle) Fitch downgrades Japan, joins Moody's in warning on fiscal policy (Reuters)

Market liquidity drought raises alarm bells inside Fed (Reuters) The market is getting nervous about something experts are struggling to define (The Business Insider)

[US Sen. Elizabeth] Warren Lays Out Detailed Plan to Take on Wall Street [April 15] (American Banker) Warren's Wall Street Reforms Would Just Make Banks Riskier (American Banker) [presented here solely to show how those who side with the big banks argue]

NYSE Margin Debt Hits an All-Time High (Advisor Perspectives)

Newfoundland to cut 1,420 public service jobs over next five years (The Canadian Press)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, April 26, 2015

Sunday roundup (04-26-15)

Death Toll in Nepal Quake Rises to More Than 3,200 (The Associated Press)

Finance Minister Schäuble hints at preparations for a Plan B on Greece: Finance Minister Wolfgang Schäuble has fielded media queries on a possible "plan B" in case negotiations on funding Greece fail. Slovenia's minister raised the issue at the eurozone finance ministers meeting in Riga. (Deutsche Welle) With No Deal on Greek Bailout Aid in Sight, Some in Europe Suggest ‘Plan B’: Idea raised by ministers reflects pessimism that agreement can be reached in time (The Wall Street Journal)

Candidates [for mayor of Philadelphia] ignore city's biggest issue: Pensions (The Philadelphia Inquirer)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, April 25, 2015

Saturday roundup (04-25-15)

More than 1,800 dead as magnitude-7.8 quake rocks Nepal (USAToday)

What happens if Greece can’t pay its debts?: The standoff between a leftwing government and the financial powers of the EU is near to breaking point. What if the worst happens? (The Observer)

Eurozone Finance Ministers Contemplate ‘Plan B’ for Greece: Statements by Slovenia and German finance ministers break long-held taboo over possible exit of Greece from eurozone (The Wall Street Journal)

Greece's grand plan: default and stay in the euro: With the country coming ever closer to defaulting to its creditors, here's how Athens could stiff its lenders but still remain in the euro (The Telegraph)

Greeks’ view of the debt crisis: ‘What lies ahead is great, great hardship’: Three months on from Alexis Tsipras’s victory, hope is ebbing away and support for his party is haemorrhaging (The Observer)

How Wall Street captured Washington’s effort to rein in banks: Intense lobbying of regulators, many of them veterans of the industry themselves, helped ensure that practices the Dodd-Frank law was meant to stop would remain in place. (Reuters)

Can Bankers Behave?: Wall Street still has basically the same culture that led to the 2008 crash. But one big firm is trying to change—as government regulators begin to question whether financial institutions can be reformed at all. (The Atlantic)

April 2015: Unofficial Problem Bank list declines to 342 Institutions (Calculated Risk blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, April 24, 2015

Friday roundup (04-24-15)

Austerity has been an unmitigated disaster, and this proves it (The Washington Post blogs)

The Death of Cash: Could negative interest rates create an existential crisis for money itself? (Bloomberg)

After Antitrust Rumors, European Union Mulls Special Regulator for Internet Companies (Billboard)

Greek Finance Minister: It's not complicated – we just have to convince our creditors we're right, and they have to realize they're wrong (The Business Insider)

Greece bailout deal elusive, 'significant' work needed (The Associated Press) Greece Under Fire From Creditors As Bailout Talks Drag On (The Associated Press) Greece: 'Big, big problems' for debt deal [says Eurogroup head] (The BBC) Eurozone Ministers Admonish Greece for Slow Progress on Overhauls (The New York Times)

‘Time Is Running Out’ in Greek Bailout Talks, Says Mario Draghi (The Wall Street Journal blogs) Time running out, eurogroup chief warns Greece: Greece must speed-up reforms to unlock any bailout cash, senior EU officials warn (The Irish Times) Euro zone warns Greece no cash till full reform deal (Reuters)

Greek debts: what does it owe? When will the money run out?: Greece owes money to the International Monetary Fund, the European Central Bank and the European Union following its two bailouts in 2010 and 2012 (The Guardian) Greece’s Scary Calendar of Debt Payments Due: A relentless payment schedule through July (Bloomberg)

Weak U.S. business spending data hints at sluggish growth rebound (Reuters)

Net neutrality and Netflix help quash Comcast merger bid (USAToday) The Most Hated Merger in America: Customers, companies, and even regulators mistrust Comcast. No wonder its deal to buy Time Warner Cable fell apart. (Slate) Americans Get Their Revenge on Comcast: It turns out you can't be the so-called "worst company in America" without some blowback. That's a good thing. (PCMag)

Hillary Wants a Piece of the Elizabeth Warren Love Fest: Clinton has praised progressives' favorite senator, but has yet to endorse her proposals. (Mother Jones)

We Can’t Let John Deere Destroy the Very Idea of Ownership (Wired)

Local IT firm to cut 1,800 jobs as part of reorganization plan (The Philadelphia Business Journal)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, April 23, 2015

Thursday roundup (04-23-15)

Eurozone economy slows in April, PMIs show (Marketwatch) Euro zone recovery just got a 'reality check' (CNBC)

ECB's Praet urges countries to reform for recovery to last (Reuters)

Deutsche Bank hit with $2.5B fine due to rate rigging (CNBC)

Greeks Trapped in Financial Vise as Euro Region Turns the Screws (Bloomberg)

Greek bailout talks could go on for weeks more amid shifting deadlines and financing needs (The Associated Press)

US alarmed by Greek energy alliance with Russia: American pushes for an alternative gas pipeline from Azerbaijan that would help break the stranglehold that Russia has on European markets by Ambrose Evans-Pritchard (The Telegraph)

Germany is becoming relaxed about a Grexit – perhaps too relaxed: Many EU member states and the US still fear the consequences of Greece leaving Europe. They need to get their voices heard in Berlin (The Guardian)

"China Has A Massive Debt Problem", And Why It Is About Get Much Massiver (ZeroHedge blog)

Reich: Hillary Clinton and everyday Americans by Robert Reich (SFGate)

Comcast abandoning plan to merge with Time Warner Cable (CNNMoney) Two Regulatory Probes Proved Too Much (Dow Jones Newswires)

Largest Bank In America Joins War On Cash (ZeroHedge blog)

P&G to cut thousands of jobs [= "another 3,000 to 6,000 office jobs worldwide in the next two years"] in next 2 years (The Cincinnati Enquirer) [This is because:] Procter & Gamble's sales fall for fifth straight quarter (Reuters)

Mullen cuts 1,000 employees as oil crash hits service sector (The Calgary Herald)

[UK's] Sainsbury to Cut 800 Store Jobs as Part of Cost-Cutting Drive (Bloomberg)

Ford to cut about 700 jobs in Michigan ["as Americans shun smaller vehicles amid low gasoline prices"] (Marketwatch)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 04-23-15)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"The number of people who applied for regular state unemployment-insurance benefits ticked up by 1,000 to 295,000 in the week that ended April 18, the Labor Department reported." (Marketwatch)

U.S. jobless claims edge up; trend signals firmer labor market (Reuters)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, April 22, 2015

Wednesday roundup (04-22-15)

End the ECB Dictatorship!: The European Central Bank has far overstepped its mandate as a guardian of economic stability. And a backlash is coming. (Foreign Policy)

Germany's brinkmanship over Greek economic woes could prove damaging: They should beware of pressing too hard for reforms – or assuming that they know best about what economic medicine Greece needs so as to recover [Editorial] (The Independent) German finance ministry: 'very limited expectations' of Greece deal at Friday meeting (The Associated Press)

Why Greece May Be the New Lehman: Here we go again. This time it’s Europe’s fault, and the crisis could be worse than last time, at least politically. (Politico)

Timeline: Key dates in Greece's funding talks with euro zone (Reuters)

Bank of England decision to keep 0.5% interest rate was unanimous: All members of monetary policy committee rejected rate rise after previously split votes while analysts say likely coalition negotiations will delay changes (The Guardian)

Home nursing group [in the Netherlands] to slash 2,100 jobs, cut wages (Dutch News)

Bad Buzz: Studies Say Neonic Pesticides Hurt Wild Bees (NBCNews)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, April 21, 2015

Tuesday roundup (04-21-15)

Quotes of the Day:

"Near zero to negative sovereign debt yields in Europe represent the bubble of all investment bubbles, dwarfing even the Nasdaq bubble of 16 years ago." -- Doug Kass, head of hedge fund Seabreeze Partners Management. (CNBC)

"German 10yr Bunds = The short of a lifetime.  Better than the pound in 1993.  Only question is Timing / ECB QE" -- Bill Gross, Portfolio Manager of the Janus Global Unconstrained Bond Fund (Twitter)

The [World's] Debt Dilemma [April 17] (Project Syndicate)

BP sees 'massive' shock for North Sea as oil glut deepens: The world's over-supply of oil is like the deep slump in 1986. BP fears it may get worse as Iran's supply hits market and US shale hold firm by Ambrose Evans-Pritchard (The Telegraph)

Euro-Area Debt Levels Surge to Record, Led by Greece (Bloomberg) Europe's debt mountain just got bigger: Government debt levels across the monetary bloc have reached their highest levels since the introduction of the euro (The Telegraph) Key EU countries still in breach of deficit rules: Twelve European Union member countries logged a higher public deficit last year than they would normally be allowed under the bloc's Maastricht criteria. Astonishingly, Greece is not among the worst performers. (Deutsche Welle)

European Banks Are Paid To Borrow For First Time Ever As Euribor Goes Negative (ZeroHedge blog) Lenders Awash With Euros Pay Banks and Governments to Take Loans (Bloomberg)

Wary of brinkmanship, euro zone steers away from new deadlines for Greece, official says (Reuters)

Greece facing 'Lehman moment' as debt costs soar -- ["Well, first of all, the Grexit is not going to happen, in my view. ... If there was an exit of Greece from the European Union and an exit from the euro, that would be an amazing event for Europe. It means the beginning of the end for the European Union. And that's not a very happy picture. And I'm sure the decision makers in Europe fully realize that." -- Mark Mobius, executive chairman at Templeton Emerging Markets Group.] (CNBC)



Greece 'running out of money' as hopes of imminent deal to end debt crisis fade: Jeroen Dijsselbloem, the Dutch finance minister and leader of the Eurogroup says he still expects an agreement to be reached in the coming weeks (The Guardian)

UK budget shame: Britain has the third highest deficit in Europe and the Government is borrowing more than Greece (This is Money)

Debt Piles Up in Asia, Threatening Growth: Countries borrowed a lot during the crisis, and kept doing so afterward (The Wall Street Journal)

Does the Collapse of a Chinese Developer Signal the Start of More Defaults? (Bloomberg)

Chinese Economic Outlook "Skewed Heavily To The Downside," BNP Says (ZeroHedge blog)

Campaign Casts Hillary Clinton as the Populist It Insists She Has Always Been (The New York Times) The many ways in which Clinton’s populism rings untrue (The Atlanta Journal Constitution blogs)

Baker Hughes increases layoffs [from 7,000] to 10,500 (FuelFix)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, April 20, 2015

Monday roundup (04-20-15)

How a world awash in debt devalues your money and quality of life by Satyajit Das (Marketwatch)

Greece debt crisis: Ticking time bomb as looming deadline sparks Eurozone jitters: GREECE is racing to have reforms approved in order to unlock a €7.2billion bailout loan before it goes bankrupt and sends the Eurozone into meltdown. (The Express)

Greece orders raid on government coffers as cash dwindles: Government issues emergency decree forcing all state bodies to transfer funds to the central bank (The Telegraph) Greece requisitions spare cash in dash to stay solvent (Reuters)

Greece is going to miss its own bailout deadline and the money is rapidly running out (The Business Insider)

Greek Bonds Look Uglier and Uglier: Inverted yield curve shows nobody wants Greek debt (Bloomberg)

We’ve ‘terminated’ our Greece exposure: Cyprus Finance Minister (CNBC)

Strong growth sees [Ireland's] national debt fall to [a mere?] 109% of GDP: Figures show Government debt stood at €203 billion in 2014, down from €215 billion the previous year (The Irish Times)

Fed's Dudley hopeful on rate hike [in the United States] this year (Reuters) Fed's Bill Dudley is alert to global liquidity storm, yet signals 3.5pc rates: Head of the New York Fed acknowledges that the institution has a special duty of care for the whole world by Ambrose Evans-Pritchard (The Telegraph)

The Economy Has Slowed Because the Fed Has Already Tightened (The Wall Street Journal blogs)

A revolt is growing as more people refuse to pay back student loans (The Washington Post)

Student Debt Accounts For Nearly Half Of US Government "Assets" (ZeroHedge blog)

[Sen. Elizabeth Warren:] “The Unfinished Business of Financial Reform”: Remarks at the Levy Institute’s 24th Annual Hyman P. Minsky Conference April 15, 2015 (US Senate)

5 Years After BP Oil Spill, Effects Linger And Recovery Is Slow: The 2010 explosion at the Deepwater Horizon rig set off an environmental and economic catastrophe. Towns and ecosystems along the Gulf Coast are still struggling to rebound. (National Public Radio) Five years after spill, Gulf Coast waits for fine money [April 17] (USAToday)



How the BP oil spill hurt Gulf Coast wildlife and livelihoods (PBSNewshour)



     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, April 19, 2015

Sunday roundup (04-19-15)

Caveat creditor as IMF chiefs mull unpayable debts: The Fund's Spring meeting has been dominated by the dangers of a toxic mix of sky-high debt ratios and old-age populations. The message? Something is badly out of kilter in the world by Ambrose Evans-Pritchard (The Telegraph)

Greece Flashes Warning Signals About Its Debt (The New York Times)

Europe braces for messy Greek endgame [The Wall Street Journal via] (Marketwatch)

Eurozone crisis: Grexit edges closer as markets brace for Athens default: As eurozone officials prepare for further talks on Greece, investors are sceptical that Athens can agree reforms that will unlock further bailout funds (The Guardian)

Greece's Varoufakis warns of Grexit contagion (Reuters)

New Zealand inflation at 15-year low, prompting rates move debate (The Syndey Morning Herald) New Zealand Posts Slowest Inflation Since 1999 as Oil Drops (Bloomberg)

U.S. economy isn't growing fast enough (CNNMoney)

Why hasn’t the economy fully recovered? Debt, debt, debt (The New York Post)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, April 18, 2015

Saturday roundup (04-18-15)

Global finance officials see rising risks to recovery, including possible Greek debt default (The Associated Press)

Europe ready for Grexit contagion as Athens gets closer to Russian cash: Mario Draghi sends warning shot that Greek threats to unleash mayhem will not give way to leniency by Ambrose Evans-Pritchard (The Telegraph) Schäuble welcomes Greek-Russian gas deal: The German finance minister has welcomed the possible gas pipeline deal between Russia and Greece. But he expressed skepticism about an agreement on Greece's debt when EU finance ministers meet in Riga next week. (Deutsche Welle)

ECB’s Vasiliauskas Says Summer is Limit for Greek Emergency Cash (Bloomberg)

ECB’s Draghi rejects talk of Greek exit [The Wall Street Journal via] (Marketwatch) Draghi Says Urgent Need for Greece to Strike Bailout Deal (Bloomberg)

How sleepy Finland could tear apart the euro project: Europe's biggest cheerleader for austerity is heading to the polls, and its stance on Greece threatens to catalyse a break-up of the union (The Telegraph)

US Treasury chief Lew urges Greece to speed up reforms (The Associated Press)

Markets face new threat as US Federal Reserve ponders interest rate rise: Janet Yellen’s decision will have global consequences - and the end of ultra-low rates could mean meltdown for indebted countries (The Observer)

Elizabeth Warren: 'There were strong rules in place to level the playing field' (The Examiner)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, April 17, 2015

Friday roundup (04-17-15)

G-20 Warns of Threats to Global Economic Recovery (Dow Jones Newswires)

EU prepares rules for tackling failed financial firms outside banking (Reuters)

Looming Greek 'crunch' threatens fresh global crisis, warns Osborne: Chancellor says a miscalculation from either side could plunge Europe back into full-blown turmoil by Ambrose Evans-Pritchard (The Telegraph) [Also] White House urges Greece to reach agreement on bailout terms with the EU: The US administration has urged Greece to move quickly with negotiations and reach an agreement with the EU on terms for its bailout. A failure could lead to a crisis in the world economy. (Deutsche Welle)

Greece Enters Twilight Zone as Visions of Euro Exit Take Shape (Bloomberg)

Greek Economic Crisis: Three Things to Know (The Council on Foreign Relations)



Why It's Proving Hard to Save Greece (ABCNews)

China's economy is losing altitude fast (CBSMoneywatch)

Key Measures Show Low [US] Inflation in March (Calculated Risk blog)

Finance Is to Blame for Rise in Inequality: America’s system to allocate capital investment is rigged [April 12] (Time)

5 biggest banks [= JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and U.S. Bancorp] now own almost half the industry (CNBC)

No More Cheating: Restoring the Rule of Law in Financial Markets by Simon Johnson (Baseline Scenario)

New Jersey Cut by Moody’s as Christie Gets Ninth Debt Downgrade (Bloomberg)

Gwyneth Paltrow fails $29 food stamp challenge (CNBC)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, April 16, 2015

Thursday roundup (04-16-15)

World’s Biggest Wealth Fund Says Monetary Risks at Historic High (Bloomberg)

Why The Eurozone Crisis Is Not Over (Visual Capitalist)

[UK bookmaker says] Bets are off on 'Grexit' as default fears grow (CNBC)

Greek crisis deepens as IMF shoots down hopes for payment relief: IMF chief Christine Lagarde says the Fund will not countenance a moratorium on debt repayments, as Greek finance minister Yanis Varoufakis heads to the White House by Ambrose Evans-Pritchard (The Telegraph) Greek Uncertainty a Backdrop to IMF Spring Meetings: Greece's finance minister says his country is looking for a 'compromise,' not to 'be compromised.' (US News & World Report)

‘Grexit’ sirens not blaring yet but endgame looms: Angela Merkel is unlikely to cut Greece out of the euro given years of EU integration by Arthur Beesley (The Irish Telegraph) Greek euro exit would be ‘Lehman Brothers squared’: economist [Jan. 5] (Marketwatch)

Greece’s Worsening Crisis Could Lead to Unintentional Eurozone Exit, Italy Minister Says: Italian finance minister says an ‘accident’ can happen under the pressure from its cash crisis (The Wall Street Journal)

Varoufakis says Greece has gone from Ponzi borrowing to Ponzi austerity (Marketwatch) Grexit dangers mount as Greece's Yanis Varoufakis warns of 'liquidity asphyxiation': The Greek finance minister said his country would not continue deception of 'Ponzi austerity' even if this means a showdown with creditors by Ambrose Evans-Pritchard (The Telegraph)

[Nonetheless] Greek PM Tsipras confident of EU deal despite friction over reforms (Reuters)

Closure of 'Alexandria' [derivatives] trade would cost Monte Paschi one billion euros (Reuters)

Our [= UK] household debt is as bad as Portugal: IMF says obsession with home ownership is burdening Britain's economic recovery (The Daily Mail)

The inequality bubble [in the US] is accelerating, worse than ‘29, even 1789 (Marketwatch)

The Student-Loan Problem Is Even Worse Than Official Figures Indicate (The Wall Street Journal blogs)

Hillary Clinton Said to Hire Former Wall Street Cop as Campaign CFO: Hillary Clinton will bring on one of Wall Street's fiercest critics to oversee her campaign's finances (Bloomberg) "Prior to joining Treasury, Chairman Gensler worked for 18 years at Goldman Sachs ..." (The US Commodity Futures Trading Commission) "From 1988 to 1997, Mr. Gensler was a Partner of The Goldman Sachs Group, LP, where he served in various capacities including Co-head of Finance, responsible for controllers and treasury worldwide." (Bloomberg)

If Elizabeth Warren Were Running for President, This Would Be Her Agenda (The Nation blogs)

Schlumberger to cut 11,000 more jobs (Reuters)

[UK supermarket] Morrisons slashes 720 office jobs but plans 5000 hires for the shop floor (The Independent)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 04-16-15)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims rose to 294,000 in the seven days ended April 11 from a revised 282,000 the prior week, the Labor Department said." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, April 15, 2015

Wednesday roundup (04-15-15)

IMF tells regulators to brace for global 'liquidity shock': Financial engineering that preceded the last two financial crises is back, International Monetary Fund warns by Ambrose Evans-Pritchard (The Telegraph)

[Global] Regulators eye further changes to end too-big-to-fail banks (Reuters)

France Deficit Efforts Still Fall Short of EU Recommendations (Dow Jones Newswires)

Germans downbeat on chances of Greek deal next week (Reuters) Germany says aid payout to Greece in April unrealistic (Reuters) [Meanwhile] EU Says Talks With Greece Over Bailout are Nowhere Near Resolution: European Commission’s vice president plays down possibility of major advances at upcoming eurozone meeting (The Wall Street Journal)

Greece misses 2014 budget deficit targets, adding pressure to bailout talks (The Associated Press) Greek deficit hits 3.5% of GDP in 2014 (Agence France Presse)

Risk of a 'Grexit' is higher today: Barroso (CNBC)

Greece at substantial risk of default, say experts: Greece’s credit rating cut by Standard & Poor’s as drawn out negotiations between Athens and its creditors further damages Greek economy (The Guardian)

[US Treasury Secretary] Lew Urges Greece to Reach Deal With Creditors to Avoid Euro Exit (Bloomberg)

It's Time for the Eurozone to Let Greece and Tsipras Go (The Street) The European Union -- Will It Die? (Forbes)

S&P cuts Greece rating, outlook 'negative' (CNBC)

UK will still be in deficit by 2020, says IMF: Watchdog says state will continue to spend more on public services and welfare than it raises through taxes (The Daily Mail)

China growth slowest in six years, more stimulus expected soon (Reuters) China’s First-Quarter GDP in Four Charts (The Wall Street Journal blogs)

Japan now holds more U.S. debt than China (CNNMoney)

Japan's huge debt pile just got scarier: Japanese government debt will soar to 400pc of GDP within 30 years unless policymakers implement vital reforms, OECD warns (The Telegraph) OECD says Bank of Japan has done enough, warns of risks (Reuters)

New York state manufacturing activity slows [to a multi-year low] in April - NY Fed (Reuters)

Warren Calls for Breaking Up the Banks: In blunt message, Sen. Warren says bigger banks should be limited to 'boring banking.' (US News & World Report) Elizabeth Warren's New Agenda for Democrats on Financial Reform: The progressive favorite delivered a speech that could become a blueprint for what liberals would want from Democratic candidates in 2016. (The National Journal) Elizabeth Warren Hammers The Endless Failures Of Wall Street Regulators (The Huffington Post)

Bank of America facing breakup calls after results fall short (The New York Post)

U.S. Forced to Import Corn as Shoppers Demand Organic Food (Bloomberg)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety) Say "No" to GMOs (Non-GMO Project) THE GREAT GMA COVERUP INFOGRAPHIC (WalkByTheWay) GMO Free USA (Facebook) Millions Against Monsanto by OrganicConsumers org (Facebook)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, April 14, 2015

Tuesday roundup (04-14-15)

Richard Russell – Big Money Is Preparing For A Devastating Worldwide Collapse (King World News) Banks are deliberately paying to lose money on huge chunks of European government debt (The Business Insider)

Rise in Eurozone Savings Rate Sounds Deflation Alarm (The Wall Street Journal blogs)

Greece Is Risk for Euro Area as Contagion Possible, Knot Says (Bloomberg)

Euro Armageddon? Greece prepares for debt default - set to trigger eurozone financial melt: Greece is getting ready to default on its debt, a move that would send the Eurozone into meltdown. (The Daily Express) IMF close to giving up on Greece after official admits bail-out negotiations are ‘not working’ and the country ‘prepares to default on next debt repayment’ (The Daily Mail) [But] Greece denies default accusations (The BBC)

Varoufakis sets up date with Obama to break Greece's debt stalemate: Finance Minister will meet with President Barack Obama in Washington on Thursday as EU officials warn a release of bail-out cash remains far away (The Telegraph)

Sterling falls as UK narrowly misses deflation (CNBC)

'Timebomb' UK economy will explode after election, says Albert Edwards: Bearish City strategist says coalition has left economy ‘up to its eyeballs in macro manure’ by failing to cut deficit, and that sterling will suffer (The Guardian) ALBERT EDWARDS: The UK economy 'is a ticking time bomb' (The Business Insider)

IMF fears 'cascade' of woes as Fed crunch nears: Dollar shock looms for emerging markets as Fed poised to raise rates much more sharply than markets expect by Ambrose Evans-Pritchard (The Telegraph)

Triple-digit oil price won't be back for years, feds say (The Houston Chronicle)

The demise of GE Capital: Why Dodd-Frank isn't nearly tough enough (The Week)

Unsafe and Unsound Banks [editorial] (The New York Times) If Big Banks fail again, will Uncle Sam come to the rescue? You bet (FirstPost)

Sheila Bair's 'Bullies of Wall Street': The former FDIC head has written a young adult novel on the financial crisis. Here’s an excerpt. (Fortune)

UC study: Public aid goes mainly to working families (The Los Angeles Times) Poverty-level wages cost U.S. taxpayers $153 billion every year (PhysOrg)

One Company’s New Minimum Wage: $70,000 a Year (The New York Times) Is it genius or crazy to introduce a $70,000-a-year minimum wage? (Marketwatch)

Arlington GM supplier to begin laying off 589 workers in June (The Star-Telegram of Fort Worth, Texas)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, April 13, 2015

Monday roundup (04-13-15)

The Eurozone will remain mired in crisis unless it faces up to the facts (CityAM)

EU working with Italy to solve bad loan issue: EU official (Reuters)

Time running out on Greek debt talks, says top EU official (Reuters) Greeks quash snap election rumours as eurozone deadline looms: Athens denies reports it will hold an early election if creditors fail to rubber stamp bail-out extension (The Telegraph)

It's Not Obvious That The Greeks Are Taking This Debt Crisis Seriously (Forbes)

Greece prepares for debt default if talks with creditors fail [The Financial Times via] (CNBC)

BlackRock: Fed tightening to trigger market tremors as liquidity evaporates: Complacent investors will be hurt as Fed raises rates, says BlackRock, as managing director warns central banks are running out of ammunition to deal with next crisis (The Telegraph)

GM supplier Android Industries will cut nearly 600 jobs in Arlington (The Dallas Business Journal)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, April 12, 2015

Sunday roundup (04-12-15)

Global recovery at risk of stalling (The Financial Times)

The eurozone’s economic crisis is far from over: As the eurozone has continued to disappoint, more and more commentators have come to see it as resembling, or in danger of coming to resemble, Japan, writers Roger Bootle (The Telegraph)

Greece may have blown best hope of debt deal (Reuters) Greece defends bailout tactics as latest deadline looms: Athens has rejected German reports that Greece acted ‘like a taxi driver’ and just kept asking for money at recent talks (The Guardian)

Why Europe Needs to Save Greece (Project Syndicate)

China Growth Last Quarter Seen as Worst Since Global Recession (Bloomberg)

The Fed Has Not Learnt From The Crisis by Steve Keen (Forbes)

Hillary Clinton’s Soft Populism Is Not Enough (The Nation blogs) Don't Expect Hillary Clinton to Stand Up to Wall Street (The New Republic) Hillary Clinton's Wall Street dilemma (CNN)

Even Flowers Know When to Follow the Sun by Martin Armstrong (Armstrong Economics)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, April 11, 2015

Saturday roundup (04-11-15)

Euro zone officials shocked by Greece's stance: Germany's FAS paper (Reuters)

UK deflation looms as supermarkets step up price war: Britain is on the brink of falling into its first period of falling prices in at least a quarter of a century (The Telegraph)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, April 10, 2015

Friday roundup (04-10-15)

Germany is imperiling the world economy by refusing to accept free money (Vox)

Secret plans are being drawn up to kick Greece out of the Eurozone (CityAM) FINNS DRAW UP PLANS TO EXPEL GREECE FROM EUROZONE AS TSIPRAS FLIRTS WITH RUSSIA (Breitbart)

Greek bailout talks with creditors set to resume on Monday: With Greece facing a critical fortnight in its standoff with international lenders, discussions with officials from the ECB, European Commission and IMF have been in train in Athens and Brussels. (The Irish Times) Greece: The next deadline approaches (CNBC)

Greece Needs to Start Playing Hardball With Germany: Berlin has been pushing Athens around for long enough. Alexis Tsipras has more leverage than he's using -- he just needs a strategy. (Foreign Policy)

​100,000 Italians sign petition for eurozone exit referendum (RussiaToday)

Even Spain—Spain!—is getting paid to borrow money now (The Washington Post blogs)

Clinton to announce White House run Sunday; her fame both bonus and burden (Reuters) The Defining Moment, and Hillary Rodham Clinton by Robert Reich (The Huffington Post)

G.E. to Retreat From Finance in Post-Crisis Reorganization (The New York Times blogs) GE to Exit Most Finance as $26.5 Billion of Real Estate Sold (Bloomberg) GE Plan Opens Escape Path From Fed Too-Big-To-Fail Label (Bloomberg) General Electric Hands Dodd-Frank Its Biggest Victory Yet (The Huffington Post)

Who Will Control The World’s Water: Governments Or Corporations? (OilPrice)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, April 9, 2015

Thursday roundup (04-09-15)

Obama administration says global economy needs more support (The Associated Press)

Thousands join protests, strikes against French cutbacks (Reuters)

Bad debt at Italian banks rose to 187.3 bln euros in February (Reuters)

Greece dodges default with last minute IMF payment (The Australian Broadcasting Corporation) Greece makes IMF payment, gets bank funds, but doubts remain (Reuters) Don't be fooled by Greece making that IMF payment — the country is still marching into chaos (The Business Insider)

Eurozone: Six days for Greece to offer new reforms (The BBC)

Ireland and Greece unlikely to recoup vast bank bailout costs - ECB (Reuters)

Hungary's central bank will keep on cutting rates (Marketwatch)

Bank of England holds interest rates at 0.5% until after general election: Not since Clement Attlee’s Labour government was elected following the second world war have rates remained unchanged for the duration of a parliament (The Guardian)

Lagarde Warns of ‘Bumpy Ride’ as Fed Prepares for Rate Rise (Bloomberg)

Elizabeth Warren Is Right About Everything (Gawker)

Walgreens Aims to Close 200 Stores in America (The Associated Press) Walgreens to close 200 stores, boost cost cutting (USAToday)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.