Friday, April 29, 2016

Friday roundup (04-29-16)

The global economy’s wild ride is being fueled by too much debt: Countries need to return to growth without the aid of debt-fueled overconsumption by Simon Johnson (Marketwatch)

Dallas Fed cautions on fresh oil bubble as [global] glut keeps building by Ambrose Evans-Pritchard (The Telegraph)

RBS plunges to a £1bn loss on bailout-era costs (The Telegraph) RBS's loss more than doubles, dividend prospects darken (Reuters)

Bank of England likely to keep rates unchanged until early 2017: Reuters poll (Reuters)

Debt bubble fears increase as consumer credit [in the UK] soars to 11-year high (The Telegraph) The chart that shows we put more on our credit cards in March than in any month in 11 years: Credit card debt grew by more in March than in any month since March 2005 according to new figures from the Bank of England (The Independent)

IMF agrees $1.5 billion bailout for Sri Lanka to avert balance of payments crisis (Reuters)

Freddie Mac may need another taxpayer bailout next week (Marketwatch)

Millions Face Pension Cuts Thanks to Wall Street Recklessness: The big bank executives who gambled away working Americans' benefits are still getting lavish packages as the social safety net collapses. (Moyers & Company)

Regulators close small Tennessee bank (The Associated Press) Trust Company Bank of Memphis TN had a troubled assets ratio of 297.9 percent. (BankTracker)

Chevron to Cut More Jobs [= Another 1,000] as It Reports Wider-Than-Expected Loss: Exploration and drilling business hit hard by plunge in oil price (The Wall Street Journal)

     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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