Thursday, December 1, 2016

Thursday roundup (12-01-2016)

Italy on the BRINK: 'No' vote in Renzi's referendum could spark euro economic APOCALYPSE: ITALY’S banks are on the brink of financial meltdown if citizens vote 'No' in the upcoming constitutional referendum, which could trigger a Greek-style meltdown impossible for Europe to contain. (The Express) Italy’s exit from the Eurozone is almost inevitable – whichever way it votes this weekend (City AM)

Pension funding deficits 'nearly a third of UK GDP' [The Press Association via] (The Daily Mail)

If [United States President-Elect Donald] Trump Doesn't Do This, We Will Have The Great Depression 2.0 by John Mauldin (Forbes)

Trump Treasury pick made millions after his bank foreclosed on homeowners: Steven Mnuchin's OneWest filed to take a 90-year-old woman's house after a 27-cent payment error. (Politico)

Mattis Is Reportedly Trump's SecDef Pick. Why That Would Be Very Comforting. (Slate) [versus] Mattis appointment as Defense secretary would signal wartime posture (USAToday) Jim ‘Mad Dog’ Mattis Once Wrote A Letter On The Importance Of Reading, And It’s A Must Read (The Daily Caller)

Expect billions more in student loan losses than we thought: Gov't watchdog (Yahoo! Finance)

6 million Americans have stopped paying their car loans, and it's becoming a 'significant concern' (The Business Insider)

Dollar General hurt by deflation, Wal-Mart & food stamp decline: Both Dollar General and Wal-Mart have made price investments (Marketwatch)

Kroger Co. (KR) growth tamed by deflation (WCPO) Lower food prices weigh on Kroger's profit forecast (Reuters)

Pennsylvania's budget hole is getting incrementally deeper (Penn Live)

Rolls-Royce to Cut Another 800 Jobs at Ailing Marine Business (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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