Wednesday, July 13, 2016

Wednesday roundup (07-13-2016)

Germany becomes second G7 nation to issue 10-year bond with negative yield (Reuters)

Amid Brexit debacle, another EU crisis emerges: Southern Europe (Marketwatch)

Italian banks could spark next euro financial crisis (The Australian Broadcasting Corporation)

Theresa May becomes new British Prime Minister (CNN)

CREDIT SUISSE: Forget what everyone else says — all signs point to Brexit Britain being in a recession (The Business Insider) World’s largest money manager warns Brexit is pushing U.K. into recession: BlackRock warns Brexit also will put a break on global growth (Marketwatch)

Bank of England poised to cut rates to cushion Brexit hit to UK (Reuters) Bank of England readies new blast of QE for post-Brexit Britain (Reuters)

Brexit: UK sells government debt at all time record low [negative] interest rate in wake of EU referendum result: Buyers were so keen to get hold of these assets they are effectively prepared to pay the UK government for the privilege of lending to it (The Independent)

CREDIT SUISSE: 'Mayday! Mayday!' — Britain's impending recession will kill nearly 500,000 jobs (The Business Insider)

Japan government advisers shun fiscal discipline, open door to new debt (Reuters)

China’s economy likely lost more momentum amid mounting debt: Capital Economics estimates China’s GDP grew 4.5% in second quarter (Marketwatch)

China’s ‘Predatory’ Devaluation Exporting Deflation (Breitbart)

Goldman Sachs note cites report that China's corporate debt is reaching the 'Ponzi stage' (The Business Insider)

Sagging corporate tax revenue pushes U.S. budget deficit higher (Marketwatch)

Warren's no-bankers push makes it into Dem platform: Tucked into the Democratic Party's draft policy platform is a pledge long promoted by Sen. Elizabeth Warren that could limit Wall Street's influence in a Hillary Clinton administration. (Politico)

CHICAGO’S TOTAL DEBT MORE THAN TRIPLES TO OVER $24B IN 2015: A new Chicago financial report shows the city’s total unfunded liabilities have jumped by over $17 billion, growing to nearly $24 billion in 2015 from $6.5 billion in 2014. (Illinois Policy)

     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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