Wednesday, December 7, 2016

Wednesday roundup (12-07-2016)

ECB under pressure amid anemic growth: The European Central Bank's governors are meeting Thursday to debate their future monetary policy. Recent developments in the US and Italy seem to suggest the lender may extend its already huge stimulus program. (Deutsche Welle) ECB Haunted by Ghost of Christmas Past as Stimulus Choice Nears (Bloomberg)

Italian PM Renzi resigns, president to consult with parties (Reuters)

Mark Carney says Britain is creating a generation 'like those who lived through the Great Depression' (The Business Insider)

How Australia's household debt binge has left the country vulnerable as economy shrinks (The Telegraph) Is Australia headed for its first recession in 25 years? (CNNMoney)

More Canadians going bust as consumer debt surges 3.6% (The Canadian Press) Canadians' average debt load now up to $22,081, 3.6% rise since last year: Total consumer debt load now at more than $1.7 trillion (The Canadian Broadcasting Corporation)

[In the United States, President-elect Donald] Trump’s Pick of EPA Foe to Lead Agency May Spark Senate Fight (Bloomberg) Scott Pruitt, Donald Trump's choice to lead the EPA, is a literal stenographer for the oil and gas industry (The New York Daily News)

Amazon's Grocery Would Eliminate Thousands Of Jobs (Forbes)

Mylan eyes up to 3,500 layoffs in post-M&A cost-cutting drive (FiercePharma)

SunPower to cut 2,500 jobs on top of previous cuts (USAToday)

     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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