Friday, December 23, 2016

Friday roundup (12-23-2016)

The ECB is Insolvent Based on Their Standards by Martin Armstrong (Armstrong Economics)

Italy approves state bailout for world's oldest bank (CNBC) Paschi Seeks State Aid as Italy Sets $21 Billion for Banks (Bloomberg) Paschi’s Fatal Sin Brings Nationalization for Oldest Bank (Bloomberg)

Italy Bank Rescue Won’t Fill $54 Billion Hole on Their Books (Bloomberg)

Brace Yourself For Italy's Bankruptcy by John Mauldin (ZeroHedge blog)

Bank of Ireland dividend in doubt as risk profile is revised: Lender seeks to offset impact by in effect selling risk on €3bn of loans (The Irish Times)

U.S. hits Credit Suisse, Deutsche Bank with [more than $12 billion in] toxic debt penalties (Reuters) U.S. sues Barclays for alleged mortgage securities fraud (USAToday)

Donald Trump has £245m conflict of interest with Deutsche Bank: President-elect's business has large debt with troubled lender (The Independent)

California to Pay Billions More After Calpers Cuts Assumed Rate (Bloomberg)

     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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