Monday, February 15, 2016

Monday roundup (02-15-16)

Major central banks tear up interest rate plans as market turmoil forces them into reverse: Carnage in the markets forces G7 central banks to put rate rises on hold and raises prospect of further cuts this year (The Telegraph)

We will not hesitate to act: Draghi (CNBC)

ECB's 'Whatever It Takes' May Be Too Much for German Top Court (Bloomberg)

German 'bail-in' plan for government bonds risks blowing up the euro: 'If I were a politician in Italy, I'd want my own currency as fast as possible: that is the only way to avoid going bankrupt,' said German 'Wise Man' by Ambrose Evans-Pritchard (The Telegraph)

Keiser: Deutsche Bank ‘technically insolvent’, running a ‘ponzi scheme’: Max Keiser hit out against Deutsche Bank in the latest episode of his RT program Keiser Report, saying the bank was “technically insolvent” despite assurances from German Finance Minister Wolfgang Schaeuble that he had “no concerns” over his country’s biggest bank. (RussiaToday)

France and other EU nations raise doubts on reaching deal to avoid 'Brexit': France has raised a number of objections about Britain's calls for safeguards for countries that do not use the euro. The push for a deal to keep Britain in the EU faces growing skepticism. (Deutsche Welle)

Global woes will delay UK interest rate rise until 2020, say analysts: Weak global economy and sharp slowdown in UK growth will prevent any rise from 0.5% for at least four years, says EIU (The Guardian)

LA [Louisiana] budget deficit top priority for first day of special session [--  "On July 1, it becomes a $2 billion deficit."] (KSLA) La. budget crisis leaves conservative state stark choice (CBSNews)

Freightliner [Daimler] to lay off 1,250 employees in Mt. Holly, Cleveland [in North Carolina] (WSOC)

     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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