Wednesday, October 12, 2016

Wednesday roundup (10-12-2016)

Euro zone hopes to keep IMF in Greek bailout: ECB's Coeure (Reuters)

Unless we fix it, our debt will be a problem, says Greece (Reuters)

China Cities Face End of Fairy Tale as Default Risks Rise (Bloomberg)

More Chinese firms unveil debt swaps as Beijing struggles to reduce leverage (Reuters)

BOJ ready to act if global downturn threatens inflation goal: board member (Kyodo)

[In the United States,] Wells Fargo CEO John Stumpf is out (CNNMoney) Sen. Elizabeth Warren goes on tirade after Wells Fargo CEO John Stumpf retires (CNBC)

No One's Talking About The Most Important Issue: America's National Debt (Forbes)

Wikileaks Hack Reveals Hillary Campaign Desperate for Warren Endorsement: Warren gave Hillary personnel picks while the campaign fretted over Warren’s endorsement. (Legal Insurrection blog)

VW could cut 25,000 jobs over 10 years as workers retire (Reuters)

Daewoo Shipbuilding to Cut Workforce 24% [= 3,000 jobs] Amid Mounting Losses (Bloomberg)

Lloyds to Cut 1,340 Jobs in U.K. Under Plan to Boost Profits (Bloomberg)

BNP Paribas to cut [700] jobs, [100] branches in Italy: sources (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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