Friday, July 1, 2016

Friday roundup (07-01-2016)

Taking Refuge in Dollar Could Expose World Economy to New Perils (The New York Times)

Austria Will Go to the Polls Again: In a move that could turn into the next blow to the EU after Britain's exit vote, Austria's highest court on Friday ordered a rerun of the country's presidential election. (The Associated Press)

Italian employers slash Italy growth outlook after Brexit vote [Reuters via] (CNBC)

UK's Osborne drops 2020 budget surplus target after Brexit vote (Reuters) Austerity measures to continue until the 2020s as George Osborne drops plans to clear deficit by end of decade (The Telegraph) This George is not for turning: austerity still in vogue for Osborne: His dream of a budget surplus by 2020 may now be dust, but state-reduction is still the name of the game for the chancellor (The Guardian)

Under fire after secret meeting, [United States Attorney General] Lynch to step back from Clinton probe (FoxNews) Lynch to accept recommendation of FBI, career prosecutors in Clinton email probe (The Los Angeles Times)

Gingrich, Christie lead Trump list of vice presidential options (Reuters)

Puerto Rico to default on $779m debt (The BBC) Puerto Rico's Problems Go Way Beyond Its Debt: The new law, PROMESA, staves off a financial emergency, but does little to fix the underlying troubles of the island and its people. (The Atlantic)

Micron to cut about 2,400 positions globally (The Idaho Statesman)

     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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