Wednesday, July 27, 2016

Wednesday roundup (07-27-2016)

When it comes to debt, Charles Dickens offers good financial advice (The Spectator blogs)

How a Currency Intended to Unite Europe Wound Up Dividing It [interview with Nobel laureate economist Joseph E. Stiglitz] (The New York Times)

Deutsche Bank profit tumbles 98% (Marketwatch) The world's riskiest bank is in trouble (CNNMoney) Deutsche Bank, Facing Criticism, Surveys Limited Options (The New York Times blogs) Deutsche Bank's CEO just said something that should frighten the bank's employees (The Business Insider)

Wary of euroscepticism, EU waives Spain, Portugal budget fines (Reuters)

Italy’s Renzi Goes Toe-to-Toe with the EU over Italy’s Troubled Banks (The Huffington Post) On the Italian and Eurozone Doomsday Scenario (The Cato Institute)

Britain's RBS warns customers of possible charges on deposits (Reuters) Massive blow to millions of bank customers as HSBC threatens negative interest and Santander plots to slash the rate on Britain's favourite current account (The Daily Mail)

PM Abe's plan for $265 billion stimulus puts pressure on BOJ to ease (Reuters)

China shadow banking assets grew 30 percent in 2015 - Moody's (Reuters)

China’s debt problem may be worse than expected, Moody’s warns (CNBC)

[Meanwhile] China says downward pressure on economy still "relatively big" - state radio (Reuters)

[In the United States,] Fed holds rates steady; leaves September hike on table (USAToday) Fed rate hike dithering signals still struggling economy (CNBC)

U.S. durable goods orders data points to weak business spending (Reuters) [Plus] Restaurant Recession Could Signal Tough Times for U.S. Economy: Flagging U.S. restaurant sales could be a harbinger for broader economic peril. (US News & World Report)

Clinton makes history, wins Democratic presidential nomination (FoxNews)

Charming Bill Spins Myth of Love and Change: Clinton attempts to wash away decades of scandal, power and corruption with a yarn and a smile (LifeZette)

Hillary’s Choice: Why Tim Kaine Isn’t a ‘Safe’ Pick: The Virginia senator represents an all-clear signal to potential donors in high finance. by Nomi Prins (Moyers & Company blogs) [versus] Wall Street Starting to Worry That Hillary May Lose by Martin Armstrong (Armstrong Economics blog)

The Trouble For Democrats That’s Not Spelled With a Capital T-R-U-M-P: While the party has been making history at the national level, it's losing ground in the states. (Moyers & Company blogs)

Bart Naylor on Mega Banks That Are Too Big to Fail, Too Big to Jail, Too Big to Manage And Too Big to Regulate [July 19] (Corporate Crime Reporter)

     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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