Thursday, December 22, 2016

Thursday roundup (12-22-2016)

The great Ponzi scheme of eurozone banking is on the brink of collapse (This is Money)

Italy poised to bail out Monte dei Paschi di Siena as rescue deal fails: Government assistance for bank could have political consequences for Democratic party and Matteo Renzi (The Guardian) Paschi Drops Private Fund-Raising, Paving Way for State Rescue (Bloomberg)

What is wrong with Italy’s economy? [Centre for European Reform via] (The Big Picture blog)

Rocked by Brexit, UK consumer confidence ends the year in the doldrums: Report (CNBC)

US justice department accuses Barclays over mortgage mis-selling: Attorney general alleges ‘irresponsible and dishonest’ practices by UK bank in selling home-loan bonds before financial crisis (The Guardian) U.S. Sues Barclays Over Mortgage Securities in Rare Step: Justice Department suit over precrisis practices is unusual, following string of big-bank settlements (The Wall Street Journal)

U.S. inequality keeps getting uglier (CNNMoney)

James Rickards says Donald Trump can’t stop the next financial crisis: To avoid it, we’d have to break up the big banks and ban most derivatives, and bank lobbyists will stop that, he says (Marketwatch)

Elizabeth Warren watchdog [= the Consumer Financial Protection Bureau] under siege (CNNMoney)

FCC Republicans vow to gut net neutrality rules “as soon as possible”: Pai and O'Rielly also promise not to enforce disclosure rules on small ISPs. (ArsTechnica)

     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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