Thursday, July 14, 2016

Thursday roundup (07-14-2016)

[Global] Corporate defaults reach 100 — a 50% jump from this time last year: Of the defaults tallied so far in 2016, 67 are based in the U.S. (Marketwatch)

Eurozone to EXPLODE: Demand for referendums after Brexit 'puts currency on the brink': THE eurozone is set to be destroyed due to the poor economies of Greece and Italy, a leading economist has warned. (The Express)

Italy is nearing its Lehman moment: Officials are urgently seeking a bailout solution as stress in the Italian banking system worsens by the day (South China Morning Post)

Monte Paschi in talks with Atlante over bad loan sale - sources (Reuters) EU finance ministers get tough with Italian bank trying for third bailout: EU rules forbid troubled Tuscan bank Monte dei Paschi from receiving state aid, but its collapse would cause a political crisis for prime minister Matteo Renzi (The Guardian) JP Morgan ready to lend seven billion euros for Monte dei Paschi bad-loan deal: paper (Reuters)

Bank of England leaves UK interest rates on hold at 0.5%: Threadneedle Street surprises City with 8-1 vote to leave rate and QE unchanged despite collapse in business and consumer confidence (The Guardian)

China likely to repeat Japan’s lost decades with debt, unbalanced economy, [US] Senate hearing finds (Marketwatch)

[United States Presidential Candidate Donald] Trump [Reportedly] Chooses Indiana's Mike Pence as Running Mate (NBCNews) [But] Donald Trump Postpones [Actual] VP Announcement Due to Deadly 'Attack' in Nice (ABCNews)

Online prices are showing signs of deflation (CNBC)

3 Reasons Why The American People Are Numb To The “Economic Recovery” (The Huffington Post)

BAT to Cut 950 Jobs at German Cigarette Factory to Reduce Costs (Bloomberg)

     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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