Tuesday, June 30, 2015

Tuesday roundup (06-30-15)

Eurozone inflation eases, reviving deflation fears (Marketwatch)

Greece's Bailout Expires, Country Defaults on IMF Payment (The Associated Press) Greece defaults on $1.7 billion IMF payment (CNNMoney) Greek failure to make IMF payment deals historic blow to eurozone: Athens left without financial lifeline following fortnight of non-stop brinkmanship at highest level of EU leadership (The Guardian)

IMF: austerity measures would still leave Greece with unsustainable debt: Secret documents show creditors’ baseline estimate puts debt at 118% of GDP in 2030, even if it signs up to all tax and spending reforms demanded by troika (The Guardian)

Eurozone finance ministers reject Greece bailout extension request (Marketwatch)

University of Phoenix lays off 900 after student exodus (CNNMoney)

Virgin Atlantic to cut 500 jobs: Sir Richard Branson’s airline said it would be ‘structuring the business in a simpler, more efficient way’ (The Guardian)

     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, June 29, 2015

Monday roundup (06-29-15)

Quote of the Day:

"Trust is the name of the game in the banking industry: if that disappears, even a solvent bank can get into a difficult situation." -- Gabor Ambrus, a London-based economist at Royal Bank of Scotland (Bloomberg)

European debt crisis: It's not just Greece that's drowning in debt: With Greece drowning in debt and facing exit from the eurozone, we had a look at how the other EU countries are coping with their debt (The Telegraph)

Greece will not pay IMF loan due on Tuesday - govt official (Reuters) Greece reveals it WON'T pay back its £1.1bn loan as banks are closed and thousands take to the streets to protest against the latest bail-out deal (The Daily Mail)

Greece threatens top court action to block Grexit: European leaders warn in concert that a 'No' vote on Sunday means Greece will be pushed out of the euro by Ambrose Evans-Pritchard (The Telegraph) ["Got to hand it to Syriza. They fight guerrilla warfare. EMU powers not really used to this" -- Ambrose Evans-Pritchard] (Twitter)

Obama, Europe leaders urge Greece to resume debt talks (USAToday) Obama, France's Hollande discuss Greek crisis - White House (Reuters) [versus] Merkel and Hollande Turn Away From Greece (Bloomberg)

S&P cuts Greece rating on referendum call (Agence France Presse)

Fitch downgrades Greek banks to 'Restricted Default' after government imposes capital controls (Marketwatch)

Here's what Greece's bailout ballot will actually say: A Greek political blogger posted a translation of the bailout ballot question. (Fortune) REPORT: This is the question Greece will be asked in Sunday's bailout referendum (The Business Insider)

Grisis by Paul Krugman (The New York Times blogs)

Greek referendum: A ‘no’ vote means no to Europe, Juncker says [The Wall Street Journal via] (Marketwatch)

El-Erian Sees 85% Grexit Odds as ‘Massive’ Contraction Looms (Bloomberg)

Joseph Stiglitz to Greece’s Creditors: Abandon Austerity Or Face Global Fallout: Nobel laureate tells TIME that the institutions and countries that have enforced cost-cutting on Greece "have criminal responsibility" (Time)

Greece Over the Brink by Paul Krugman (The New York Times)

Greece must sign a deal now: In the following op-ed, 13 prominent economists from around the world call on Greece to sign a credible agreement with the Europeans immediately. (CNBC)

Economic Crisis: The Global Impact of a Greek Default by Desmond Lachman, Resident Fellow (The American Enterprise Institute)

How did Greece get into its debt crisis and what happens next? (The Los Angeles Times)

The very big risks of the Greek debt crisis (CNNMoney)

Interest rates rise could derail [UK] recovery, Bank of England economist warns: Andy Haldane will use a speech on Tuesday to caution his fellow rate-setters at the Bank against rushing to tighten borrowing costs (The Guardian) Interest rates could stay 'glued' to the floor, admits Bank's chief economist: Cautious consumers and businesses could mean that interest rates stay stuck at 0.5pc for longer (The Telegraph)

[In the United States,] The Housing Recovery Has Skipped Poor and Minority Neighborhoods: After the Supreme Court's fair-housing ruling, will the government finally do something about it? (The New Republic)

Puerto Rico governor calls for bankruptcy; adviser says island 'insolvent' (Reuters) Puerto Rico’s governor on need to postpone debt payments for years: ‘It’s about math’ (The Washington Post) Puerto Rico staggers under $72 billion in debt; governor asks for help (The Los Angeles Times) Why Puerto Rico's economy is in a 'death spiral' (CNNMoney)

Thousands of electrical sector jobs [= nearly 3,000] to be cut in NSW [Australia] (The Australian Broadcasting Corporation)

Microsoft Said to Exit Display Ad Business, Cut 1,200 Jobs (Bloomberg)

     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, June 28, 2015

Sunday roundup (06-28-15)

Interest rates and growth warning from Bank for International Settlements: BIS says governments needed to rely less on monetary policy and more on structural reform to secure sustainable growth (The Guardian)

Greece Imposes Capital Controls, Banks to Remain Shut [for Six Business Days] (The Associated Press) Greece Will Close Banks to Stem Flood of Withdrawals (The New York Times)

ECB freezes level of emergency loans to Greek banks [The Wall Street Journal via] (Marketwatch)

Greece debt crisis imperils euro, European Union (The Los Angeles Times) Greece crisis could be a Sarajevo moment for the eurozone: Any government that runs into difficulties in the future will have the Greek option of devaluation as an alternative to endless austerity (The Guardian)

[German finance minister] Schäuble says Greece default, euro exit looks inevitable: French prime minister takes a different view, urges Greece to resume negotiations (The Irish Times)

Greece Is The Model For A Catastrophe That Is About To Engulf The Entire World (King World News)

Greek debt crisis: Obama and Merkel monitoring situation closely: US president and German chancellor spoke on Sunday and agreed it is ‘critically important’ to find ways to keep Greece in the eurozone (The Guardian)

U.S. Treasury's Lew calls Greek PM Tsipras to urge steps to resolve debt crisis (Reuters)

"Critical" Debt "Domino Chain" Threatens To Destabilize China's Financial System, SocGen Says (ZeroHedge blog)

Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’ (The New York Times blogs)

Could this be YOU? Everyday Americans, including trained professionals and bosses, reveal how easily they fell into masses of debt - and have been left with no escape (The Daily Mail)

6,000 jobs cut final effort to save MAS [Malyasia Airlines] (The Borneo 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, June 27, 2015

Saturday roundup (06-27-15)

Greece on the brink of default after talks with creditors break down (The Washington Post) Greek Debt Crisis Intensifies as Extension Request Is Denied (The New York Times) Greece on brink as bailout talks collapse (CNNMoney) Greece’s Future Hangs in Balance as Creditors Reject Aid Extension: It is uncertain whether Greece will be able to continue to receive emergency support for its banks (The Associated Press)

Greek bailout programme will expire June 30: Eurogroup's Dijsselbloem (Agence France Presse)

IMF's Lagarde: Everything depends on next few days, Greece still euro zone member (CNBC)

[Ex IMF chief] Strauss-Kahn suggests temporary halt to Greek debt payments (Agence France Presse)

Germany's Wolfgang Schaeuble says eurozone will fight danger of contagion (Agence France Presse)

Greeks rush to withdraw cash after PM Tsipras announces austerity deal referendum (The Independent) Shock vote on terms of bailout pushes Greek banks to the brink of meltdown as long queues form at country's cashpoints (The Daily Mail)

June 2015: Unofficial Problem Bank list [in the United States] declines to 309 Institutions, Q2 2015 Transition Matrix (Calculated Risk blog)

Sobeys [grocery chain] to cut 1,300 jobs over next two 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.

Friday, June 26, 2015

Friday roundup (06-26-15)

World economy may be slipping into 1930s Great Depression problems: RBI's Raghuram Rajan (The Economic Times of India)

Greece debt crisis: Athens rejects five-month bailout extension (The BBC)

Greece debt negotiators prepare doomsday 'Plan B': Hopes fade for a deal as focus moves towards stopping Athens' banks from total collapse (The Daily Mail)

Greek Prime Minister Calls for Referendum on Bailout Terms (The New York Times) Greece's bailout referendum risks exit from euro (CNNMoney)

Gary Hart: America’s Founding Principles Are in Danger of Corruption: Welcome to the age of vanity politics and campaigns-for-hire. What would our founders make of this nightmare? (Time)

     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, June 25, 2015

Thursday roundup (06-25-15)

Watch out: It is only a matter of time before the next recession strikes. The rich world is not ready (The Economist) [versus] The world needs new tools in the fight against the next recession (Quartz)

Greece bailout talks break down again: Eurozone finance ministers meeting ends without agreement after fourth diplomatic failure in eight days (The Guardian) No deal for Greece, creditors; top-level talks resume Saturday (Reuters) Greece No Closer to a Deal as Debt Deadline Nears (The New York Times)

Greece needs debt deal this weekend, EU leaders warn (Agence France Presse) Merkel says Saturday Eurogroup decisive for Greek debt deal (Reuters)

Pimco Says Greece Deal Near, Debt Restructure Should Follow (Bloomberg) [Also] EU's Schulz expects solution for Greece to be found in coming days [adding that a Grexit would "have dimensions that I don't even want to think about"] (Reuters)

Will A Deal Leave Greece in Ruins? (The Wall Street Journal blogs)

Greek debt crisis: Everything you need to know (USAToday)

Japan's back-sliding on fiscal reform puts BOJ in bind (Reuters)

Blind Justice? `Too Big to Fail’ Becomes `Too Rich for Jail’ (The Bond Buyer)

Australia Post to cut up to 1,900 jobs after $500m loss: Company sets aside $190m to fund voluntary redundancies amid record 10% slide in its mail delivery services in past 12 months (The Australian Associated Press)

CRO Parexel to cut about 850 jobs worldwide (The News & Observer of Raleigh, North Carolina)

General Mills to cut [up to 725] jobs under new restructuring plan (Reuters)

     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, 06-25-15)

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 unemployment benefits in the period running from June 14 to June 20 rose by a scant 3,000 to 271,000, the Labor Department said Thursday. Initial jobless claims have been under the key 300,000 level for 16 straight weeks, the longest stretch since 2000-2001." (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, June 24, 2015

Wednesday roundup (06-24-15)

Meeting of Eurozone Finance Ministers on Greece Ends Abruptly (The New York Times) Greek debt talks stumble before EU leaders gather (Reuters)

Last-ditch Greek rescue hopes dashed as Alexis Tsipras faces austerity ultimatum: Fundamental differences force finance ministers meeting to be aborted as creditors demand more cuts from the cash-strapped country (The Telegraph) Creditors rejected certain proposals from Athens-Greek official (Reuters)

Eurozone finance ministers to meet again Thursday on Greece (Marketwatch)

A 'Grexit' from eurozone would have a major impact on Greece and the E.U.: Greece, the E.U. and the world would benefit from a durable debt deal. (The Star-Tribune of Minneapolis, Minnesota)

Europe is destroying Greece’s economy for no reason at all (The Washington Post blogs)

Greek problems mask the rising risks in Italy and France by Satyajit Das (The Financial Times)

Forget Greece, Portugal is the eurozone’s next crisis: Lisbon’s debts are high, and foreigners own most of it (Marketwatch)

[United States] Senate Sends Fast-Track Free-Trade Bill to Obama for Signing (Bloomberg) How Obama’s fast-track authority came to pass: The Senate gave final passage to the near-dead Trade Promotion Authority, which paves the way for a major international trade pact. To explore how it was revived, Gwen Ifill talks to [PBS Newshour] political director Lisa Desjardins. (PBSNewshour)



Senator Slams Obamatrade: "They Won The Vote, But Lost The Trust Of The American People" (ZeroHedge blog)

The Safe Way to Give Traditional Banks Regulatory Relief by Thomas M. Hoenig (The Federal Deposit Insurance Corporation)

[In Nevada,] Lake Mead water level dips to new record low (The Associated Press)

Drought So Bad, California Received 1 Year Worth Of Rain Over Last 4 Years (CBS SF Bay Area)

Germany's MAN [, owned by Volkswagen,] to cut 1,800 jobs at trucks division (Reuters)

     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, June 23, 2015

Tuesday roundup (06-23-15)

ECB increases emergency support for Greek banks (The Associated Press)

Greece debt crisis: the offer from Athens in detail: Here are the exact details of the concessions offered by Athens. Can they end the five-month stalemate and avert a Grexit (The Guardian)

Embattled Alexis Tsipras faces domestic revolt over plans to implement 'harsh' austerity blitz: Leftist party is forced to defend its plans from extreme left and right-wing critics amid prospect of a government collapse over concessions to creditors (The Telegraph) Greece debt crisis: Alexis Tsipras faces Athens backlash over concessions: Syriza leader faces dissent from within ruling coalition following compromises involving pension and VAT changes (The Guardian) Syriza members warn Tsipras against betrayal in bailout deal: Many can’t accept further pension and wage cuts [The Wall Street Journal via] (Marketwatch)

CHINA DEBT-BOMB FUSE IS BURNING (Breitbart)

Singapore Stays in Deflation; CPI Falls 0.4% on Year (Dow Jones Newswires)

Obama trade agenda inches toward passage with Senate vote on ‘fast track’ (The Washington Post) Senate Hands a Victory to Obama on Trade Pact (The New York Times) Ted Cruz Flips on Trade Bill on Eve of Key Senate Vote (The Wall Street Journal blogs) TED CRUZ: OBAMATRADE ENMESHED IN CORRUPT, BACKROOM DEALINGS (Breitbart) Key issues, and what lies ahead, for Obama’s trade agenda (The Associated Press)

Is the Trans-Pacific Partnership Unconstitutional?: Provisions that allow foreign investors to bypass the federal courts could undermine U.S. legal protections. (The Atlantic)

70 million Americans teetering on edge of financial ruin [with no emergency savings at all]: Americans now even more irresponsible about money (Marketwatch)

U.S. factory activity growth at slowest since October 2013: Markit (Reuters)

U.S. Durable Goods Down 1.8% as Businesses Remain Cautious: Demand for big-ticket manufactured goods falls in May for the third time in four months (The Wall Street Journal)

Whites recovered from recession faster than blacks: report (MSNBC) A TALE OF TWO RECOVERIES: ECONOMIC RECOVERIES FOR BLACK AND WHITE HOMEOWNERS: Racial Wealth Gap Grows Dramatically, Leaving Black Families at Severe Economic Disadvantage (The American Civil Liberties Union)

     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, June 22, 2015

Monday roundup (06-22-15)

Record number of hedge funds now operating around world-HFR (Reuters)

Get Ready For A Little More Euro Can-Kicking (The Wall Street Journal blogs)

Greece blinks first: Broke nation finally bows to EU demands for austerity measures: GREECE has caved in to EU demands for spending cuts in hope of securing a dramatic 11th hour deal that stops the cash-strapped country defaulting on debts and crashing out of the euro. (The Express) Hopes for Greece bailout deal rise sharply as Athens gives ground: Creditors view new Greek proposals on pensions and VAT as the most positive move yet in five months of wrangling (The Guardian) Hope for Greek economy rises after Athens offers new belt-tightening (The Los Angeles Times) These are the 2 main points of contention in the Greek debt saga (Marketwatch)

Greek bank run fears escalate as eurozone ministers openly discuss capital controls: Belgium's finance minister admits eurozone is considering draconian measures to stop banks from going bust as Tsipras swallows austerity (The Telegraph)

Former Cypriot finance minister says Greek banks will 'close in half an hour' if no deal is reached (The Business Insider)

Italy in Greece's economic shadow (The Hill blogs)

"It's Time To Hold Physical Cash", Fidelity Manager Warns Ahead Of "Systemic Event" (ZeroHedge blog)

5 Ways Obamacare Could Change When the Supreme Court Rules (The Fiscal Times)

“Sentence First, Verdict Afterwards”: The Alice in Wonderland World of Fast-tracked Secret Trade Agreements by Ellen Brown (The Web of Debt 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.

Sunday, June 21, 2015

Sunday roundup (06-21-15)

Berlin, Rome, Paris protesters say yes to migrants (Agence France Presse) Fissures in E.U. Deepen From Strain of Migrant Influx and Greek Debt (The New York Times)

Several thousand rally in Athens against austerity (Reuters)

Questions still abound as Greek debt negotiations come to head (The Globe and Mail of Toronto)

European leaders say accord between Greece, creditors is possible ahead of summit (The Associated Press)

Creditors offer Greece six-month bailout reprieve as Tsipras weighs response: Deal may also include up to €18bn in rescue funds, and later debt relief, but EU officials stress Greek prime minister must make concessions (The Guardian) EU 'gives Greece six more months': Bailout set to be extended after country's left-wing leader 'finally agrees to discuss cutting pensions' (The Daily Mail)

[Meanwhile,] Greece offers [its own] new proposals ahead of emergency summit (Reuters)

As Deadline Looms, European Central Bank Plays Key Role in Greek Crisis (The New York Times)

Bank of Greece warned bankers of 'difficult' day if no debt deal (Reuters)

Monetary stimulus hasn’t fixed Japan’s economy or chronic deflation (The Globe and Mail of Toronto)

Top U.S. CEOs make 300 times what workers earn (CBSMoneywatch)

     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, June 20, 2015

Saturday roundup (06-20-15)

EU agrees rules to curb bank trading risks (Reuters)

Greece considers last-ditch proposals to avoid collision with bailout creditors [The Wall Street Journal via] (Marketwatch) Greece Pledges New Proposal To Resolve Debt Crisis (National Public Radio)

Merkel facing 'stark choice' about Greece's eurozone fate: Varoufakis: Greece's finance minister has said that it will be Chancellor Angela Merkel who will decide his country's eurozone fate. The comments come ahead of an emergency EU summit to discuss Greece's financial crisis. (Deutsche Welle)

10 things you should know about the crisis in Greece by Mohamed El-Erian (The Business Insider)

The Endgame in Greece by Jeffrey D. Sachs (Project Syndicate)

The IMF’s “Tough Choices” on Greece by James K. Galbraith (Project Syndicate)

Italian prosecutors seek Bank of China indictment over money laundering scheme: Prosecutors have requested the indictment of Bank of China's Milan branch for money laundering and tax evasion. Around 4.5 billion euros were smuggled from Italy to China under the state-owned bank's watch. (Deutsche Welle)

Protesters throng London to oppose new UK government's austerity plan (Reuters)

Study: Health care law repeal [in the United States] could increase budget deficit (The Associated 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.

Friday, June 19, 2015

Friday roundup (06-19-15)

ECB raises emergency funding for Greek banks (Marketwatch) Greece Debt Crisis: Despair as $1 Billion Withdrawn From Banks in a Day (NBCNews) ECB boosts emergency funding as Greek banks bleed, Tsipras calm (Reuters)

Greek debt crisis is the Iraq War of finance: Guardians of financial stability are deliberately provoking a bank run and endangering Europe's system in their zeal to force Greece to its knees by Ambrose Evans-Pritchard (The Telegraph)

Crunch time for Greece, as debt payment looms (CBSMoneywatch)

EU, Greece Pursue Quiet Diplomacy [Over the Weekend] to Stave Off Default (Bloomberg)

Ukraine offers creditors 'last chance' to reach deal over debt: Kiev says it will stop servicing its $23bn debt unless progress is made in restructuring talks with foreign bondholders soon (The Guardian)

Britain's debt reaches £1.5 TRILLION for first time, as Osborne prepares to axe spending: BRITAIN'S debt burden has reached a staggering £1.5trillion, as George Osborne gets ready to unveil £12billion of biting spending cuts in his emergency Summer Budget. (The Express)

Milwaukee insurance company to cut 1,200 jobs (WKOW)

Layoffs [have an] impact [on] more than 500 Shelby County educators (Chalkbeat Tennessee)

     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, June 18, 2015

Thursday roundup (06-18-15)

ECB not sure if Greek banks would open on Monday - officials (Reuters) Purported ECB warning raises Greek tensions (CNBC) Deposit withdrawals surge at Greek banks as debt noose tightens (Reuters) Greece faces banking crisis after eurozone meeting breaks down: Emergency summit of leaders called for Monday as fears rise for Greek financial system if a deal cannot be reached (The Guardian)

Eurozone talks end without deal as Greek proposals rejected: Meeting called for Monday as finance ministers still cling to hopes for a deal after brittle summit ends without agreement on debt crisis (The Guardian) Still Deadlocked With Greece, Europe Sets Emergency Summit Meeting (The New York Times)

Greek bailout to be extended to year-end, without IMF - Die Zeit (Reuters) A view from Athens: we're further from Grexit than the fearmongers would have you think: Sources in Syriza's leftwing faction say that the stakes are nowhere near as high as those involved in the debt crisis negotiations suggest. (The New Statesman)

In Eurozone, Growing Support for a Greek Exit (The New York Times blogs)

Why Greece's pensions are key to the debt deadlock (CNBC)

Five important questions about the Greek debt talks: What would the effects be of a Grexit and is it the worst scenario for the eurozone? (The Guardian)

Mergers [among Europe's banks] could create risk of banks too big to fail - Dutch central bank (Reuters)

Latest Critic of Too-Big-To-Fail: Pope Francis (The Wall Street Journal blogs)

Russia's Recession Intensifies And Likely To Get Worse (Forbes)

[The United States] House [of Representatives] passes trade authority bill, Senate outcome unclear (CNN) Obama’s trade agenda, back from the dead (The Washington Post blogs) How Obama Might Get His Trade Deal After All: Spurned by Democrats, the president conspires with Republicans to go around them. It just might work. (The Atlantic)

     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, 06-18-15)

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 running from June 7 to June 13 fell by 12,000 to a seasonally adjusted 267,000, the Labor Department said Thursday." (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, June 17, 2015

Wednesday roundup (06-17-15)

Global Water Shortage: Study Says Third of Aquifers Running Dry (NBCNews)

The End of Bonds? Look Out Below 2015.75 (Armstrong Economics)

Europe’s secret fear about Greece (Marketwatch)

Greeks admit they will default at the end of the month as central bank turns on government: Prime minister Alexis Tsipras says he is ready to assume responsibility for his government’s negotiating stance as “uncontrollable crisis” beckons (The Telegraph) Burden of debt to IMF and European neighbours proves too much for Greece: With Greece admitting it doesn’t have the money to make repayments to the IMF, will debt relief have to be an essential part of any rescue deal? (The Guardian)

Greece says deal on debt crisis unlikely at Thursday talks (The BBC)

Tsipras Vows to Reject Unfair Deal as EU Braces for Collapse (Bloomberg) The odds of a Greek default just spiked: Syriza has Greek public opinion on its side and is in no mood to compromise (Marketwatch)

Greek central bank warns of 'Grexit' (CNBC) Greece's future in EU in doubt if talks fail, central bank warns (Reuters)

"Lehman Weekend" Looms For Greece As Europe Readies "Emergency" Sunday Meeting (ZeroHedge blog)

Tsipras to meet Putin over bailout loan as fears of Greek exit from EU mount: Greek prime minister, who has criticised sanctions against Kremlin, will meet Russian leader amid speculation that Greece may leave both eurozone and EU (The Guardian)

Italy’s Reforms at Risk From Outside Forces: Italian eyes are turned more anxiously than most to the Greek crisis (The Wall Street Journal)

Greek debt burden can be eased if they 'give something' - Irish minister -- [[but] "... the timeframe is very tight now and ... on tight timeframes accidents can happen."] (Reuters)

UK starts planning for 'serious economic risks' of Greek exit from euro: British chancellor George Osborne says government is taking ‘all steps’ to protect Britain amid fears that Greece is on verge of debt default (The Guardian)

British holidaymakers going to Greece warned cash machines could be SWITCHED OFF: BRITISH holidaymakers heading to Greece this summer are being warned cash machines in the debt-stricken country may be TURNED OFF as it careers towards bankruptcy. (The Express)

Federal Reserve: [US] Rate hike likely before year-end (The Washington Post blogs)

Government debt threatens to send U.S. economy into death spiral, CBO warns (The Washington Times)

In the Warren vs. Dimon Feud, It’s Warren, Not Even Close: The problem isn’t Dimon’s mansplaining. It’s that Warren is telling a truth no one else will tell: Big banks aren’t free-market at all. (The Daily Beast)

Many low-income Americans can’t even afford to rent (Marketwatch)

National Oilwell Varco to cut 1,500 Norwegian jobs (Reuters)

     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, June 16, 2015

Tuesday roundup (06-16-15)

Greek debt crisis reaches 'DEFCON 1' as savers pull €400m in ONE DAY and markets plunge: PANIC has descended on Greece as the debt-stricken country careers out the eurozone - with savers pulling millions in cash while investors continue to flee financial markets. (The Express) ["DEFCON 1" = "Maximum readiness" in defense terminology] (Wikipedia)

Euro zone banks body in 'close contact' with Greek counterparts (Reuters)

Ifo chief Hans-Werner Sinn yearns for Grexit: A Greek exit from the euro is the most sensible thing to do under the current circumstances, says the head of the German Ifo economic think tank. He says the 'experiment' to rescue the country financially has failed. (Deutsche Welle)

Greek exit real prospect as eurozone hardens towards belligerent Athens: Tsipras’s abrasive tone and accusations of ‘criminal conduct’ by IMF stokes more anger as EU officials prepare to gather at Luxembourg last chance saloon (The Guardian) Euro zone discussing 'less favorable' Greek outcomes: Dombrovskis (Reuters)

Greek PM tears into lenders as euro zone prepares for 'Grexit' (Reuters) Eurozone braces for Greek exit as Athens threatens to miss IMF payment: Greece’s prime minister Alexis Tsipras says the fixation on cuts is ‘most likely part of a political plan to humiliate an entire people’ (The Guardian)

Factbox: How much Greece owes to international creditors (Reuters)

Why [United States] Presidential Candidates Are Talking About the Unique Threat Posed by Wall Street's Megabanks (The Huffington Post)

In A.I.G. Case, Surprise Ruling That Could End All Bailouts (The New York Times blogs)

Statoil [in Norway] to Lose 2,000 More Jobs After Collapse in Crude (Bloomberg)

Woolworths [in Australia] to cut 1200 jobs, issues profit warning as CEO exits (The Australian Business Review)

     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, June 15, 2015

Monday roundup (06-15-15)

Quote of the Day: "Many policymakers and market observers assert that the risk of the Fed raising rates too early exceeds that of moving too late. This is the specter of 1937, when the Fed raised rates prematurely and exacerbated the Great Depression." -- Michael Arone, managing director and chief investment strategist at State Street Global Advisors, in an analysis for clients entitled "Why the Federal Reserve Needs to Bury the Ghost of 1937". (CNBC)

Greece on 'brink of disaster;' calls emergency meeting (CNBC)

Greece poised on the verge of catastrophic debt default as bailout talks collapse (The Independent)

Will Greece's Irresponsibility Lead To Global Meltdown? (Investors Business Daily)

Why this week is vital for Greece and the eurozone: Athens and EU finance ministers remain at loggerheads but if an agreement is not reached by this weekend there are many long-term consequences (The Guardian)

Greece accuses Europe of plotting regime change as creditors draw up ultimatum: The European Commission braces for a “state of emergency” in Greece, fearing social unrest and a break-down of basic supplies by Ambrose Evans-Pritchard (The Telegraph) Greece, creditors dig in after debt talks founder (Reuters)

Time running out to stop Greece leaving euro: Hollande (The BBC)

‘The ball lies firmly with Greece’: ECB’s Draghi (CNBC)

Without IMF, German parliament won't back any Greece deal - Kauder (Reuters)

What Happens if Greece Misses Payments? (The Wall Street Journal blogs)

Greece must be saved for the sake of Europe by Timothy Garton Ash (The Globe and Mail of Toronto)

Why can’t Greece just declare bankruptcy? by Joseph E. Stiglitz and Martin Guzman (Marketwatch)

Russia cuts interest rates from 12.5% to 11.5% (The BBC)

U.S. manufacturing sector said to be in a technical recession (Marketwatch) US factory output down in May, hurt by oil refining cuts (The Associated Press)

Gap to close 175 North American stores (CNNMoney)

     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, June 14, 2015

Sunday roundup (06-14-15)

Greek default fears rise as '11th-hour' talks collapse [The Financial Times via] (CNBC) Fears of Greek Default Rise as Weekend Talks on Debt Payment Break Down (The New York Times) Default dangerously closer after Greece debt talks collapse (Agence France Presse) Syriza Left demands 'Icelandic' default as Greek defiance stiffens: Greek premier Alexis Tsipras threatens Europe's creditors with a "big no" unless they yield on debt servitude by Ambrose Evans-Pritchard (The Telegraph) Greece says it will never accept wage, pension cuts (The Associated Press)

Germany warns of Grexit with EU patience "running out" (CityAM)

Greece running out of options in debt crisis (The Daily Star of Beirut, Lebanon)

Greece's debt drama: the possible scenarios (Agence France Presse)

Nearly 2,000 military roles [in the UK] to go in cuts: NEARLY 2,000 military jobs are set to go as the result of defence cuts, it has emerged. (The Express)

[US Presidential Candidate] Hillary Clinton calls on Obama to negotiate a better trade deal (The Washington Post blogs) Hillary Clinton Urges Obama to Listen to Democrats on Trade Deal (The New York Times) Hillary Clinton Goes Populist—Up to a Point (The New Yorker)

Writing's On The Wall: Texas Pulls $1 Billion In Gold From NY Fed, Makes It "Non-Confiscatable" (ZeroHedge 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.

Saturday, June 13, 2015

Saturday roundup (06-13-15)

Tsipras seeks debt relief as Greeks take offer to Brussels (Reuters)

Greek banks are on their last legs. Grexit beckons: There are no good outcomes for Greece, but exiting the euro looks like the least worst option (The Telegraph)

Fears of Greece eurozone exit mount as EU deadline looms: Greek finance minister says he does not believe Europe would let his country leave the eurozone, but decision on its fate is expected by Thursday (The Guardian)

Endgame looms for Greek crisis as both sides take debt negotiations to the brink: Premier Alexis Tsipras will come to a fork in the road on Thursday, but whether or not a deal is made, the future for his country is bleak (The Observer)

Iceland is out of the woods but the [world's] financial system is still dangerous, says PM: The country is starting to lift the crisis-era capital controls that have been in place since 2008 (The Telegraph)

Is Deutsche Bank The Next Lehman? (ZeroHedge blog)

[US Presidential Candidate] Hillary Clinton unleashes attack on Wall Street (CNNMoney) Hillary Clinton: ‘You brought our country back. Now it’s time — your time.’ (The Washington Post blogs)

     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, June 12, 2015

Friday roundup (06-12-15)

Decade of drought: a global tour of seven recent water crises: With a chronic overuse of resources, it only takes a few bad rainfalls or poor management decisions to plunge a region into crisis (The Guardian)

Eurozone discussed possible Greek default: For the first time, insiders have revealed that senior eurozone officials have explicitly discussed the possibility of Greek default. The news came as brinkmanship over a bailout deal sent global shares skidding. (Deutsche Welle) Eurozone Raises Specter of Default as Pressure Mounts in Greek Bailout Talks: Discussion came same day International Monetary Fund halted talks with Athens (The Wall Street Journal) EU Prepares for Worst as Greece Drives Finances to Brink (Bloomberg)

Fearful ECB starts countdown on Greek funding lifeline (Reuters)

Germany: Greek Bailout Solution 'Unthinkable' Without IMF (The Dow Jones Newswires)

Majority of Germans against Greece staying in eurozone: Poll (Agence France Presse)

Merkel asks experts to draw up plans to protect German economy from Grexit as reports say she is 'resigned' to Greece leaving eurozone (This is Money) Grexit 'no longer out of the question' for Merkel (The Local)

Italy’s Quick Austerity Fixes Return to Plague Renzi’s Finances (Bloomberg)

Left-wing mayors surge into office in Spanish cities [The Wall Street Journal via] (Marketwatch)

UK risks losing last AAA rating as S&P eyes EU exit vote (Reuters)

[In the United States,] House Rejects Trade Bill, Rebuffing Obama’s Dramatic Appeal (The New York Times) Obama-backed trade bill fails in the House (The Washington Post)

Washington Dysfunction, With a Twist: Democrats Desert Their President (The New York Times) House Fast-Track Rejection a Blow to Global Trade Negotiations (Bloomberg)

Fast-track Hands the Money Monopoly to Private Banks — Permanently by Ellen Brown (The Web of Debt blog)

Elizabeth Warren: Why Jamie Dimon doesn't like me (CNNMoney)

Ford [Foundation] Shifts Grant Making to Focus Entirely on Inequality (The Chronicle of Philanthropy)

     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, June 11, 2015

Thursday roundup (06-11-15)

IMF walks out of Greece bailout talks: Lender says its negotiating team are going home to Washington due to a lack of progress in narrowing key differences with Athens (The Guardian) I.M.F. Recalls Negotiators as Deadline Looms for Greek Deal (The New York Times)

EU issues final warning to Greece as last-ditch talks achieve nothing: The Greek interior ministry has ordered governors and mayors to transfer all cash reserves to the central bank as bankruptcy closes in by Ambrose Evans-Pritchard (The Telegraph) Here we go again: Greek talks 'well away from an agreement' (CNBC)

Looming debt default threat alarms Ukraine’s creditors (Agence France Press-JIJI)

California is flush with cash. So why the warnings to prepare for recession? (The Los Angeles Times) Even a modest recession would wreak havoc on California's budget -- ["California was America’s Greece in 2009."] (The Business Insider)

     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, 06-11-15)

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 edged up by 2,000 to 279,000 in the seven days from May 31 to June 6, the government said Thursday." (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, June 10, 2015

Wednesday roundup (06-10-15)

As clock ticks, Greece risks running out of friends (CNBC)

Greece, EU powers agree to step up debt talks as crunch looms (Reuters)

ECB allows more emergency funding for Greek banks: Weekly emergency lending total increased to €83 billion, biggest rise since Feb. 18 [The Wall Street Journal via] (Marketwatch)

S&P DOWNGRADES GREECE, WARNS IT'LL LIKELY DEFAULT WITHIN 12 MONTHS (The Business Insider)

Iceland put bankers in jail rather than bailing them out — and it worked (Vox)

The 'age of irresponsibility is over' says Bank of England head as he promises crackdown on rogue traders: Governor Mark Carney says the “age of irresponsibility” in the City of London is over (The Telegraph) [versus] 'I want Britain to be the best place for global bank HQs' - George Osborne's Mansion House speech in full: George Osborne put the financial sector at the forefront of his Mansion House speech on Wednesday night (The Telegraph)

Richard Russell – The Next Mega Disaster Is Already In Progress [= the drought in the Western part fo the United States] (King World News) Lake Mead About to Hit a Critical New Low as 15-Year Drought Continues in Southwest (EcoWatch)

Student-Loan Refinancing Boom Could Cost U.S. Taxpayers Billions (Bloomberg)

Student loan debt could destroy your retirement (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.

Tuesday, June 9, 2015

Tuesday roundup (06-09-15)

The evidence piles up: Austerity poisons economic growth (The Los Angeles Times)

World leaders plead with Greece to make bargain as 'time is very short': Angela Merkel and Barack Obama have urged Greece and its creditors to agree a deal as debt standoff becomes an international priority (The Telegraph)

Greek exit would trigger eurozone collapse, says Alexis Tsipras: Greek prime minister warns of ‘the beginning of the end of the eurozone’, but says a deal between Athens and creditors could be close (The Guardian) Greece deal nears as PM warns of eurozone collapse (Agence France Presse)

Greek contagion risks underestimated: World Bank (CNBC) [versus] Greek exit would not be problem for euro zone - ECB's Noyer (Reuters)

Greek leader seeks party backing as EU warns on cash deal hopes (Reuters)

Paul Volcker warns on health of US state finances [The Financial Times via] (CNBC) Volcker Sees Hidden Peril in State Budgets (The New York Times blogs) Volcker Alliance Calls for Truth and Integrity in State Budgeting Practices (The Volker Alliance)

103 Years Later, Wall Street Turned Out Just As One Man Predicted (ZeroHedge blog)

HSBC to shed 50,000 jobs in quest for higher payouts (Reuters) HSBC to Shed 50,000 Jobs in Overhaul of Global Business (The New York Times blogs)

S.Africa's Telkom to cut 4,400 jobs to contain costs - spokeswoman (Reuters)

     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.