Thursday, June 30, 2016

Thursday roundup (06-30-2016)

Standard & Poor's cuts EU credit rating after British vote to leave: Ratings agency says European Union’s status as safe haven for investments is now AA rather than AA+ (The Guardian)

The European Union is 'doomed to fail,' says 'Black Swan' author Nassim Taleb (CNBC)

Has Britain avoided a ‘European superstate’? France and Germany ‘draw up plans to morph EU countries into one with control over members’ armies and economies’ (The Daily Mail)

IMF says 'Brexit' uncertainty to dampen near-term growth outlook [for the UK and the rest of Europe] (Reuters) [In fact,] Bank of England's Carney sees need for summer stimulus after Brexit shock (Reuters)

Deutsche Bank May Be Top Contributor to Systemic Risk, IMF Says (Bloomberg)

France's public debt piles up (Agence France Presse)

Austerity no cure-all, Germany's Gabriel says in Greece: Germany's economy minister, who is on a three-day visit to Greece, has told the Greek people that he understands their concerns about the tough austerity measures imposed on them by the creditor nations. (Deutsche Welle)

ITALY ON THE EDGE: Italian banks face further losses as investor fears grow over debt: CONFIDENCE in Italy's banks and the wider economy is falling apart, as investors continue to digest Britain's vote to leave the European Union (EU). (The Express)

Britain May Need to Cut Rates, Bank of England Chief Says (The New York Times)

Brexit: 5 charts that show the vulnerability of the UK economy: There was fragility even before the political and economic earthquake of the Brexit vote (The Independent)

This economist thinks China is headed for a 1929-style depression: Andy Xie is among the loudest voices warning of an inevitable implosion (Marketwatch)

Japan fell deeper into deflation in May (The Financial Times)

[In the United States,] Bipartisan Disapproval Follows Bill Clinton's Meeting With Loretta Lynch (National Public Radio)

How Democrats Moved Left on Wall Street: Populist economic appeals are now mainstream. That doesn’t mean words will translate into action. (The Atlantic)

Trump Duly Slapped, Elizabeth Warren Returns to What She Does Best: Wall Street will hate it. (Mother Jones)

‘God-awful’ toxic blue-green algae blooms close beaches, force Florida to declare state of emergency (The New York Daily News)

Leoni to cut 1,100 jobs at on-board power supply unit [Reuters via] (The Economic Times of India)

Boehringer slashes 724 jobs off U.S. sales payroll to boost R&D spending (FiercePharma)

     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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