Tuesday, April 5, 2016

Tuesday roundup (04-05-16)

Lagarde Sees Political Dangers Galore With Global Economy Tepid (Bloomberg)

Europe's major economies mark disappointing end to first quarter (Reuters) Eurozone Economy Weaker Than Indicated in March: Final PMI indicates that first-quarter activity increased at the slowest pace since 2014 (The Wall Street Journal)

Merkel: Write-down of debt for Greece not legally possible (The Associated Press)

Bank of Portugal lowers growth forecast, below government's (Reuters)

Iceland's leader resigns, first casualty of Panama Papers (Reuters)

Panama Papers Leaker: ‘I Want to Make These Crimes Public’: An anonymous source began to expose the finances of the world's most feared and powerful men like Vladimir Putin with a single question: ‘Interested in data?’ (The Daily Beast) What are the Panama Papers? A guide to history's biggest data leak: What is Mossack Fonseca, how big is it, and who uses offshore firms? Key questions about one of the biggest ever data leaks (The Guardian) The Panama Papers: What They’re All About: Here's a basic primer on the global offshore tax haven scandal with some useful links. (Moyers & Company) How Reporters Pulled Off the Panama Papers, the Biggest Leak in Whistleblower History (Wired) The Panama Papers, explained with piggy banks (Youtube)

Offshore corporations - The secret shell game: Offshore corporations have one main purpose - to create anonymity. Recently leaked documents reveal that some of these shell companies, cloaked in secrecy, provide cover for dictators, politicians and tax evaders. (McClatchyDC)

Wall Street bank says U.S. unemployment isn't 5% (CNNMoney)

Sainsbury to Cut Up to 850 Jobs in Training, Night-Shifts (Bloomberg)

FMC to cut 700 Norway jobs (Offshore Engineer)

Paddy Power Betfair to cut 650 jobs as offices close (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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