Monday, January 4, 2016

Monday roundup (01-04-16)

Biggest Economies Face $7 Trillion Debt Refinancing Tab in 2016 (Bloomberg)

Saudi Arabia severs ties with Iran (USAToday) Saudi - Iran tension pours fuel on Mideast tinderbox (CBSNews) Saudi Arabia-Iran row spreads to other nations (CNN) Traders fret Saudi Arabia-Iran conflict may result in fresh flood of oil: Analyst: ‘The best the Saudis can do short term is keep [Iran] broke.’ (Marketwatch) [versus] Saudi showdown with Iran nears danger point for world oil markets: The world's densest network of oil pipelines runs through Saudi Arabia's Shia heartland. It is now the epicentre of a deadly struggle by Ambrose Evans-Pritchard (The Telegraph)

German inflation slows in good news for shoppers, headache for ECB (Reuters)

Greece's economic crisis goes on, like an odyssey without end: Last year was deeply tumultuous for the troubled country but with growing fears of social unrest, 2016 could be even more unpredicatable (The Guardian)

George Soros: Greek Economy will Never Recover within Eurozone (Greek Reporter)

U.S. manufacturing activity slumps, construction spending falls (Reuters) Manufacturing in U.S. Contracts at Fastest Pace in Six Years (Bloomberg) Is the Recession Starting? by Martin Armstrong (Armstrong Economics blog)

U.S. Sues Volkswagen in Diesel Emissions Scandal (The New York Times) Emissions Cheating Scandal Could Cost Volkswagen $18 Billion (WJZ)

Brazil Heads for Worst Recession Since 1901, Economists Forecast (Bloomberg)

Freightliner to cut almost 1,000 jobs at Rowan County truck plant (Charlotte Business Journal of Charlotte, North Carolina)

     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.

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