Friday, August 19, 2016

Friday roundup (08-19-2016)

Central bankers are doing something that hasn't happened in 5,000 years — and drastically changing the world economy (The Business Insider)

Italian Banks Continue to Lend to Stagnant Companies as Debt Pile Mounts (The New York Times blogs)

Bank of Ireland to charge for placing cash on deposit: Bank which is 14% owned by State to impose unprecedented levy on larger customers (The Irish Times)

[In the UK,] RBS’ biggest trading customers face negative rates (The Telegraph)

Japan's economic woes deepen as manufacturers' mood hits three-year low (Reuters)

27 years of economic pain for most Americans (CBSMoneywatch)

Trump campaign chairman Paul Manafort resigns (The Washington Post) Inside the fall of Paul Manafort: Donald Trump’s campaign chairman thought he could weather the scrutiny of his lucrative foreign political consulting. He was wrong. (Politico)

Louisiana floods slam struggling state economy (CNNMoney)

Louisiana flood victims praise Donald Trump for visiting damaged areas (The Los Angeles Times)

The $6 trillion public pension hole that we’re all going to have to pay for: Why your state’s public pension plan is in a much bigger hole than you already fear (Marketwatch)

Bank in Woodbury [in Georgia] fails Friday (The Atlanta Journal-Constitution) The Woodbury Banking Company of Woodbury GA had a troubled assets ratio of 296.4 percent. (BankTracker)

     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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