Thursday, December 15, 2016

Thursday roundup (12-15-2016)

Italy prepared to pump 15 billion euros into ailing banks: sources (Reuters)

Italy’s biggest bank [Unicredit] unveils a recapitalisation plan: The new chief executive sheds bad loans, cuts costs—and asks shareholders for €13bn (The Economist)

Greece snubs lenders, approves Christmas bonus as Europe divided (Reuters)

France puts weight behind Greece in debt dispute (The Associated Press)

Bank of England leaves UK interest rates on hold at 0.25%: Monetary policy committee votes to keep rates unchanged, but warns of likely slowdown in growth next year (The Guardian)

[In the United States,] Baltimore schools face $129 million budget deficit (The Baltimore Sun)

[Massachusetts Governor Charlie] Baker avoids layoffs after 900 take buyouts: Earns $12 million in payroll savings this fiscal year and a projected $70 million in fiscal 2018. (Metro)

Toyota issues layoff notices for final 650 jobs in Northern Kentucky (The Dayton Business Journal)

     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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