Monday, December 5, 2016

Monday roundup (12-05-2016)

Renzi’s defeat is bad news for Europe (The Washington Post)

Rescue of Italian bank Monte Paschi in danger after Renzi's defeat (Reuters) Italy Just Handed the Global Economy Another Giant Variable (The New York Times blogs)

Who is Beppe Grillo and what is Five Star Movement? All you need to know about the biggest threat to Italy's status quo: The populist revolt won a resounding victory in Italy's referendum, driving Prime Minister Matteo Renzi to resignation, but what is the movement and who is behind it? (The Independent)

4 Bank Challenges for Italy’s Next Prime Minister (The New York Times blogs)

Eurozone Finance Ministers Agree to Some Debt Relief for Greece’s Bailout: Maturities extended and interest  rates locked on some Greek debt but no agreement yet on IMF participation (The Wall Street Journal) Euro zone grants Greece short-term debt relief; no deal with IMF (Reuters)

Give Ireland more budget flexibility, Noonan urges euro group: Minister argues for more room for investment spending as finance ministers meet (The Irish Times)

British households taking on more debt as almost half struggle to pay credit card bills on time (CityAM)

[United States President-Elect Donald] Trump Chooses Ben Carson to Lead HUD (The New York Times) Ben Carson, no fan of government or housing policy, draws fire as pick for HUD top spot: Others say retired neurosurgeon’s experience managing complex organizations will be enough (Marketwatch)

[New Mexico's] State budget deficit at $69 million this year, could be higher next year (NM Political Report)

American Apparel warns 3,500 Southern California workers of possible layoffs (The Los Angeles Times)

General Mills to cut up to 600 jobs in global restructuring: The food giant is eliminating the top international post and hundreds of jobs along with it in an effort to save money. (The Minneapolis Star Tribune)

     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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