Tuesday, June 21, 2016

Tuesday roundup (06-21-2016)

Spanish PM admits anti-austerity Podemos could see shock victory in this weekend's elections (The Telegraph) Polls show Spain's left-wing bloc could clinch majority [June 19] (Reuters)

[In the United States,] Yellen Confirms Fed Has "Legal Basis" To Pursue Negative Rates (ZeroHedge blog)

Yellen: Recession Unlikely, but Long-Run Growth Could Be Slow: Fed chief says slow productivity growth seen in recent years could continue (The Wall Street Journal)

Hillary Clinton Can Pick Any Veep She Pleases: But her decision will tell us more than usual about what kind of president she wants to be. (The New Republic)

Michigan governor signs $617 million Detroit schools bailout: Detroit will have a new debt-free school district under a $617 million state bailout and restructuring measure signed into law by Gov. Rick Snyder (The Associated Press)

PCH to cut 1,500 jobs, with majority of cuts to happen in China (SiliconRepublic)

RBS planning to cut 900 jobs to reduce costs: sources (Reuters)

     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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