Thursday, January 21, 2016

Thursday roundup (01-21-16)

Citigroup cuts global economic growth forecasts (Reuters)

Europe on the verge of collapse: Soros (CNBC) ‘The EU Is on the Verge of Collapse’—An Interview: George Soros and Gregor Peter Schmitz (The New York Review of Books)

ECB signals more easing to come as early as March (CNBC)

IMF demands EU debt relief for Greece before new bailout: In talks with Tsipras about struggling economy, Lagarde sets out fresh conditions for further financial aid (The Guardian)

Italy's banks rebound; government seeks swift solution to bad loans (Reuters) Is Italy the next Greece?: Italy’s banks stocks are plunging, igniting fears over the strength of the long-troubled industry [Jan. 20] (The Telegraph) Some Monte Paschi customers withdraw savings as bank's stock sinks [Jan. 20] (Reuters)

Davos leaders fear 'Brexit' may be deathknell for EU: European politicans plead with Britons to vote "yes" and keep the union intact by Ambrose Evans-Pritchard (The Telegraph)

George Soros Says He Expects Hard Landing for China Economy (Bloomberg)

[In the United States,] Whitewashing Corporate Fraud: Boston Fed Edition by David Fiderer (The Big Picture blog)

Schlumberger Cuts Another 10,000 Jobs as Crude Rout Deepens (Bloomberg)

Pearson to cut 4,000 jobs in latest restructuring plan (Reuters)

Southwestern Energy to Cut 1,100 Jobs Amid Energy Slump (The Associated Press)

Barclays’ axe set to fall on 1,000 more jobs in investment bank [The Financial Times] (CNBC)

Canadian Pacific Railway to cut up to 1,000 jobs as rail volume slumps (The Canadian Broadcasting Corporation)

Virgin Media to cut 900 jobs over the next two years: Telecoms firm plans structural shake-up as it undergoes five-year £3bn project to expand broadband network (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.

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