Tuesday, September 27, 2016

Tuesday roundup (09-27-2016)

IMF warns central banks could lose deflation fight (Agence France Presse)

Growing tide of protectionism threatens already weak outlook for global trade (The Washington Post) World Trade Set For Slowest Yearly Growth Since Global Financial Crisis: WTO cuts world trade growth forecast to 1.7% in 2016 (The Wall Street Journal)

Europe risks disintegrating at great human cost, Greece’s Varoufakis says (CNBC) Eurozone risks collapse into prosperous north and stagnant south, warns Varoufakis (The Telegraph)

Deutsche Bank collapse could BURY EU as stocks plunge FURTHER in day two CARNAGE: THE Eurozone's banking system could implode, dragging the euro down with it, if Angela Merkel's government allows Deutsche Bank to fail, experts have warned, as the bank's share price hit new lows in this morning's trading. (The Express)

France unlikely to achieve 2017 deficit target: fiscal watchdog (Reuters)

Finland becomes third euro zone country to record negative 10-year yield [after Germany and The Netherlands] (Reuters)

Greece passes new reforms for fresh batch of bailout aid (Reuters)

Italy cuts growth outlook, hikes deficit, reverses debt pledge (Reuters)

Spain is the 6th Eurozone country to join the 100% debt-to-GDP ratio club: Greece, Italy, Portugal, Cyprus, Belgium, and now Spain (NewEurope)

Saudi chops wage, benefit bill in delicate pursuit of austerity (Reuters)

[In the United States,] Massive Cuts Proposed as Parma [Ohio] City School Board Faces $15-Million Deficit (Cleveland Scene)

IRS to eliminate more than 7,000 jobs as fewer people file paper tax returns (The Washington Post)

[British plumbing and heating supplier] Wolseley to cut 800 jobs and shut 80 branches in the UK (The Telegraph)

     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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