Thursday, July 21, 2016

Thursday roundup (07-21-2016)

European Central Bank keeps interest rates at record low (The Associated Press) ECB's Draghi promises more eurozone stimulus if needed because of Brexit (euronews) Draghi Has Lost It Completely by Martin Armstrong (Armstrong Economics blog)

U.S.'s Lew urges Greece to stay on budget reform path (Reuters)

Why Italy’s banks could ignite a eurozone crisis: What you need to know about country’s banking woes (Marketwatch) Italy doesn’t have a banking crisis; it has a euro crisis: Italy’s biggest problem is slow growth since joining the euro (Marketwatch)

Turkey suspends European Convention on Human Rights in wake of coup: Erdogan ministers reassure public Turkey is not returning to martial law (The Independent) State of emergency must not roll back human rights in Turkey (Amnesty International)

[In the United States,] FBI arrests senior HSBC banker accused of rigging multibillion-dollar deal: Mark Johnson and a colleague allegedly defrauded clients and ‘manipulated the foreign exchange market to benefit themselves and their bank’ (The Guardian) Is Front Running Now a Crime? by Martin Armstrong (Armstrong Economics blog)

Trump caps stunning GOP run, accepts party's nod with jabs at his rivals (CNBC)

Inside Ted Cruz's ill-fated non-endorsement of Donald Trump (CNN) Ted Cruz’s Betrayal of Donald Trump Was Brilliant: If his bet pays off, he'll be the presumptive frontrunner in the 2020 primary. (The New Republic)

What's one thing Democrats and the GOP agree on? Restore Glass-Steagall: Yes, Republican presidential candidate Donald Trump and none other than Elizabeth Warren, his Twitter arch-nemesis, have agreed on a policy initiative (The Guardian)

Roger Ailes out as Fox News Chairman (ABCNews) Roger Ailes Stepping Down As Fox News CEO As Rupert Murdoch Takes Over Role: “There are people in tears,” says “Fox News Sunday” host Chris Wallace. “I shed mine a couple of days ago.” (The Huffington Post) Roger Ailes Resigns: A Timeline of His Downfall (Forbes) 21st Century Fox launching 'internal review' at Fox News following Gretchen Carlson lawsuit [July 6] (Politico) Roger Ailes accused of harassment by at least 20 women, attorneys say: Accusations against Fox News CEO have poured in since former host Gretchen Carlson filed a lawsuit, her legal team say, with some claims dating back decades (The Guardian) Sources: Megyn Kelly Told Murdoch Investigators That Roger Ailes Sexually Harassed Her (New York) Megyn Kelly Encouraged a Female Colleague to Testify Against Roger Ailes (New York)

General Mills to Cut 1,400 Jobs World-Wide (Dow Jones Newswires)

ConocoPhillips to shed 1,000 jobs (FuelFix blogs)

     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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