Tuesday, July 5, 2016

Tuesday roundup (07-05-2016)

Germany blasts European Commission for delaying sanctions against Spain and Portugal over public debts: 'If the commission wants to preserve its credibility on upholding budget rules, we have to approve sanctions against Spain and Portugal,' says Germany's EU Commisioner G√ľnther Oettinger (The Independent) [versus] Spain, Portugal Said to Face EU Sanctions for Budget Failings (Bloomberg)

Financial, political instability in Italy threatens fresh chaos for Europe (Reuters) Bad-debt warning triggers fresh fears for Italian banks: Bank orders Monte dei Paschi to shed €10bn loans [The Financial Times via] (CNBC) Italy Granted "Extraordinary " €150BN Bank Bailout Program To Prevent "Panic, Run On Deposits" [July 1] (ZeroHedge blog)

Here are the five biggest risks facing the UK economy (The Telegraph)

Russia to empty one of its sovereign funds next year - ministry proposal (Reuters)

China Bank Bailout Calls Grow Louder as Markets Seen Vulnerable (Bloomberg)

Yield Curve Shows 60% Chance of Recession [in the United States], Deutsche Bank Says (The Wall Street Journal blogs)

F.B.I. Director James Comey Recommends No Charges for Hillary Clinton on Email (The New York Times) FBI Rewrites Federal Law to Let Hillary Off the Hook by Andrew C. McCarthy, Former Chief Asst. U.S. Attorney (National Review)

Separating Social Security truth from fantasy (The Hill 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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