Wednesday, January 27, 2016

Wednesday roundup (01-27-16)

Irish central bank chief: shocks could trigger destabilising [international] debt flows (Reuters)

Italy, EU strike deal to help banks deal with bad loans [The Wall Street Journal via] (Marketwatch) Italy gets its deal on bad loans but bank problems persist (Reuters)

EU asks Portugal to explain smaller-than-promised deficit cuts (Reuters)

Inquiry finds ECB made Irish bank crisis worse: An Irish parliamentary inquiry has identified multiple institutional failures that led to Ireland's 2008 banking crisis. While the problem was home-grown, ECB actions had made the crisis worse, the inquiry found. (Deutsche Welle)

FOMC Statement: No Change to Policy, Uncertain about rise in inflation [in the United States] (Calculated Risk blog)

RAY DALIO: The [expansion phase of the 50-year to] 75-year debt supercycle is coming to an end (The Business Insider)

STMicro to cut 1,400 jobs and quit set-top box business (Reuters)

Norfolk Southern to cut about 1,200 jobs by end of the year: The railroad reported disappointing financial results on Wednesday, and a plan to streamline operations (WDBJ)

     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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