Tuesday, December 6, 2016

Tuesday roundup (12-06-2016)

EU ON THE BRINK: Eurozone economy growth just 0.3% in Q3 as foreign trade hits the bloc: EUROPE'S economy grew by just 0.3 per cent in the third quarter of the year, as foreign trade turned against the bloc, it was confirmed today. (The Express)

Italy preparing to take controlling stake in Monte dei Paschi - sources (Reuters) Italy’s Banca Monte dei Paschi to Meet Eurozone Banking Regulator: Italy’s government crisis threatens to derail the bank’s recapitalization plans (The Wall Street Journal)

Italy’s Vote (National Review)

[In Canada, the Toronto City] Council must close $91 million budget gap as staffing and services cuts recommended: While Mayor John Tory's allies called the 2017 budget affordable, critics say its the most unfair budget in the city's history. (The Toronto Star)

[In the United States, the state of Rhode Island or] RI facing $112M budget deficit next year (WPRI)

Transamerica plans [about 800] layoffs, including 35 in Baltimore (The Baltimore Sun)

     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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