Thursday, September 29, 2016

Thursday roundup (09-29-2016)

The 19 countries with the highest level of government debt (The Business Insider)

European Union is in 'worst period ever,' German minister warns (CNBC)

ECB's Easy-Money Policies Averted a New 'Great Depression,' Draghi Says (Dow Jones Newswires)

Some Deutsche Bank Clients [= about 10 hedge funds] Reduce Collateral on Trades (Bloomberg) Pressure is building for Germany to show it's ready to rescue Deutsche Bank (CNBC) Deutsche Bank -- The Meltdown Crisis by Martin Armstrong (Armstrong Economics blog)

Amid Deutsche Bank woes, rival German lender [Commerzbank] announces a major overhaul [= "a net reduction of 7,300 jobs"] (CNBC) Commerzbank Plans Job Cuts in Biggest Overhaul Since Bailout (Bloomberg)

German bank woes will dash Frankfurt’s great dream (The Telegraph)

[In the United States,] Wells Fargo’s Reaction to Scandal Fails to Satisfy Angry Lawmakers (The New York Times blogs)

Air Berlin to cut 1,200 jobs and halve airline fleet (The Local)

Novo Nordisk to ax 1,000 jobs in cost-cutting drive (Reuters)

     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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