Sunday, October 16, 2016

Sunday roundup (10-16-2016)

Euro is a 'house of cards' ready to collapse, key single currency architect warns: Professor Otmar Issing says the European Central Bank betrayed the principles of the currency project by bailing Greece out in 2008 (The Independent) Euro 'house of cards' to collapse, warns ECB prophet by Ambrose Evans-Pritchard (The Telegraph)

EU and IMF auditors to visit Athens as Greece's agony continues: Seven years into its worst post-war slump, eurozone’s weakest link is locked into debts of €330bn amid talk of fourth bailout (The Guardian) Greece's lenders to launch new review as Athens digs in on debt relief (Reuters)

Fears [in the UK] of a new debt binge after First Direct bank offers borrowers loans of up to £50,000 with no collateral (The Daily Mail)

     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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