Monday, February 1, 2016

Monday roundup (02-1-16)

Global factories parched for demand, need stimulus (Reuters)

World index of economic freedom tells us that EU should be broken up: The startling finding of the Heritage Foundation index for 2016 is how chronically 'unfree' the European Union still is by Ambrose Evans-Pritchard (The Telegraph) 2016 Index of Economic Freedom (The Heritage Foundation)

Euro-Area Factories Cut Prices as Deflation Risks Loom Large (Bloomberg)

Welcome to AUSTERITY Saudi Arabia: Crashing oil prices sends economy into meltdown: SAUDI Arabia faces financial ruin if it fails to undergo severe austerity measures in the coming years, as the oil price crash continues to rage, according to the International Monetary Fund (IMF). (The Express)

Time running out for China on capital flight, warns bank chief: 'The Chinese have not been very convincing. There is a perception that the renminbi could weaken drastically,' warns the Institute of International Finance by Ambrose Evans-Pritchard (The Telegraph)

U.S. factories show signs of stabilization [though still contracting]; consumers hibernate (Reuters)

Consumer Spending Cooled in December as Americans Padded Savings (Bloomberg) Cautious consumers hold back on spending in December as concerns rise about U.S. economy (The Los Angeles Times)

Cruz beats Trump in Iowa; Rubio comes in a strong third (The Washington Post) [On the Democratic side,] Hillary Clinton and Bernie Sanders were locked in a tight battle in Iowa's leadoff presidential caucuses Monday as the two rivals offered Americans a stark choice between political pragmatism and revolution (The Associated Press)

Venezuela is on the brink of a complete economic collapse (The Washington Post blogs)

Vallourec cuts [more than 2,500] jobs, seeks capital as oil slumps (Marketwatch)

Yahoo to cut 15 pct jobs [roughly 1,600 jobs], close several units - WSJ (Reuters)

More than 700 layoffs set for Wednesday at Newport News Shipbuilding (The Virginian-Pilot)

     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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