Friday, July 8, 2016

Friday roundup (07-08-2016)

IMF cuts growth predictions for eurozone over post-Brexit confusion: Uncertainty and lack of confidence expected in markets and economies across Europe as International Monetary Fund says warnings were ignored (The Guardian)

IMF Urges ECB to Expand QE If Inflation Doesn’t Revive (Bloomberg)

Gundlach: "When Deutsche Bank Goes To Single Digits People Will Start To Panic" (ZeroHedge blog) A Furious Italian Prime Minister Slams Deutsche Bank As Europe's Most Insolvent Bank (ZeroHedge blog)

[Italy's] Monte Paschi working with authorities to solve bad loans (Reuters) Italy PM's Tuscan nightmare: the fall of 'Daddy Monte' (Reuters) How Texas Demonstrates Why Italy's Banks Are Floundering: Six of Italy's biggest lenders have more non-performing loans than equity and reserves, while the worst of them is swamped three times over. (The Street) Bank of Italy says public money needed to help banks (Reuters)

Italy may trigger collapse of European economy (Pravda)

Austerity, not immigration, to blame for inequality underlying Brexit vote, argues Oxford professor: 'Almost all other European countries tax more effectively, spend more on health, and do not tolerate our degree of economic inequality' (The Independent)

     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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