Thursday, March 31, 2016

Thursday roundup (03-31-16)

Eurozone inflation falters for another month (The Telegraph)

Spain Misses 2015 Deficit Goal [For Eighth Consecutive Year] Adding to Pressure for Cuts (Bloomberg) Spain deficit miss serves up financial headache for next government (Reuters)

UK current account deficit at new high (The BBC) Britain courts fate on Brexit with worst external deficit in history by Ambrose Evans-Pritchard (The Telegraph)

We [in the United States] Could Be In for Another Recession, and We’re Not Ready for It (New York)

Higher Education Is Morally and Financially Bankrupt by Charles Hugh Smith (of two minds blogs)

     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.

Is it a recovery yet? (Weekly report, 03-31-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"The number of Americans who applied for unemployment benefits in late March rose by 11,000 to 276,000 and hit the highest level in two months, but the pace of layoffs in the U.S. remains exceedingly low as companies steadily add new jobs." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, March 30, 2016

Wednesday roundup (03-30-16)

Flood of Central Bank Moves Can't Lift World Out of Rut (Bloomberg)

Eurozone Economic Confidence Falls to 13-Month Low (The Associated Press)

Euro zone 'flying on one engine': S&P (CNBC)

The U.S. Economy Has Stalled, Again (The Fiscal Times)

Americans are spending more, but earning less (CNNMoney)

U.S. judge strikes down MetLife designation of 'too big to fail' (Reuters) Metlife’s escape of ‘too big to fail’ label is defeat for Obama administration (The Washington Post)

Brazil's Budget Deficit Swells to Record as Economy Shrinks (Bloomberg)

Boeing plans to cut up to 8,000 airplane jobs: sources (Reuters)

State Street Corp. eyes 7,000 layoffs by 2020 (The Boston Globe)

BP to cut hundreds of jobs in Houston [= at least 500] (The Houston 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.

Tuesday, March 29, 2016

Tuesday roundup (03-29-16)




Cautious Yellen pushes back on Fed officials eying hike (Reuters)

     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.

Monday, March 28, 2016

Monday roundup (03-28-16)

The World Has 6 Options To Avoid Japan's Fate, And According To HSBC, They Are All Very Depressing (ZeroHedge blog)

These Are the 5 Biggest Risks That Could Break Up the European Union by John Mauldin (Forbes)

In Europe, States Challenge Austerity but Lack Cash to Spend (The Associated Press)

U.S. consumer spending, trade data signal sluggish growth (Reuters)

Bernie Sanders Continues To Dominate Caucuses, But He’s About To Run Out Of Them (FiveThirtyEight)

How the G.O.P. Elite Lost Its Voters to Donald Trump (The New York Times)

Trump the Technocrat: Advancing U.S. interests is more complicated than analyzing a profit and loss statement. (The American Conservative)

This Little-Discussed Organizational Issue Could Create Total Chaos at the Republican Convention (New York Magazine)

Many Republicans Won’t Back Trump, and Trump Voters Hate Cruz. Could a Downballot Wave for Democrats Be Coming? (Washington Monthly)

Fitch cuts Chicago's credit rating in wake of pension ruling (Reuters)

Years after the Great Recession, Chicago-area homeowners are still trying to recover (The Los Angeles Times)

     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.

Sunday, March 27, 2016

Sunday roundup (03-27-16)

The Seven Countries Most Vulnerable To A Debt Crisis by Steve Keen [they are: China, Australia, Sweden, Hong Kong, Korea, Canada, and Norway] (Forbes)

Farming in an Age of Drought (The Atlantic)

Why is Germany constantly clashing with the ECB? (CNBC)

Bernie Sanders Seizes 3 States, Sweeping Democratic Contests (The New York Times)

Al Jazeera announces 500 job cuts (CNNMoney)

     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.

Saturday, March 26, 2016

Saturday roundup (03-26-16)

March 2016: Unofficial Problem Bank list declines to 222 Institutions, Q1 2016 Transition Matrix (Calculated Risk blog)

     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.

Friday, March 25, 2016

Friday roundup (03-25-16)

French unemployment hits new record (France24)

Consumers prop up U.S. economy, but profits under pressure (Reuters)

[New Zealand's] Inland Revenue to cut 1500 jobs between 2018 and 2021 (Stuff)

     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.

Thursday, March 24, 2016

Thursday roundup (03-24-16)

Epic oil glut gets worse (CNNMoney)

Global concerns weigh on eurozone recovery: ECB (Agence France Presse)

$2.8 billion bank rescue hurts Portuguese budget deficit (The Associated Press)

Chancellor George Osborne running out of options to reduce UK budget deficit warn economists (International Business Times)

Scotland facing deficit three times greater than UK: Forecast from the Institute for Fiscal Studies says a collapse in oil prices has left a growing gap between Scottish spending and tax income (The Guardian)

Kuwait’s budget deficit to reach $73bn in three years (Arabian Business)

Junk territory: U.S. corporate debt ratings near 15-year low (CNNMoney)

Barney Frank takes on Bernie Sanders and the ‘too big to fail’ argument (PBSNewshour)



Notorious Big: Why the spectre of size has always haunted American politics. (The New Yorker)

Illinois Supreme Court strikes down Chicago pensions plan (The Associated Press)

     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.

Is it a recovery yet? (Weekly report, 03-24-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"The number of Americans who applied for unemployment benefits in the mid-March was little changed at 265,000, reflecting the low level of layoffs taking place across the economy." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, March 23, 2016

Wednesday roundup (03-23-16)

German government advisers trim economic growth forecast (The Associated Press)

U.S. Treasury chief: all Puerto Rico debt needs restructuring (Reuters)

In One Year The US Mining Industry Lost More Money Than It Made In The Prior Eight (ZeroHedge blog)

Primary results: Front-runners score key Western victories (CNN)

Layoffs loom large as Connecticut lawmakers join in call for concessions (New Haven Register)

Credit Suisse to slash another 2,000 jobs (The Telegraph)

     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.

Tuesday, March 22, 2016

Tuesday roundup (03-22-16)

Euro-Area Deflation Risks Persist Even as Markit Sees Growth (Bloomberg)

Portugal rolls back austerity, how far can it go? (Reuters)

Osborne refuses to apologise for disability benefits cut plan: Chancellor makes first Commons appearance since fiasco that sparked resignation of work and pensions secretary (The Guardian)

U.S. manufacturers still treading water, Markit shows: Flash PMI barely changed in March at 51.4, growth remains soft (Marketwatch)

Why Voters Will Stay Angry (Bloomberg)

How Ted Cruz’s New Senior Economic Adviser Paved The Way For The Financial Crisis (Think Progress)

Michigan Senate approves long-term Detroit schools bailout (Reuters)

Candy Maker Mars Adding GMO Labeling to Its Products (ABCNews)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety) Say "No" to GMOs (Non-GMO Project) THE GREAT GMA COVERUP INFOGRAPHIC (TheBoycottList) The Ultimate Guide to GMOs by Dr. Joseph Mercola (Mercola) GMO Free USA (Facebook) Millions Against Monsanto by OrganicConsumers org (Facebook)

     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.

Monday, March 21, 2016

Monday roundup (03-21-16)

These Eight EU Countries Are in the Budget Danger Zone: For the 28 members of the European Union, managing public finances comes down to a single all-important number: three (Bloomberg)

Concerns for growth as Eurozone consumer confidence edges down to 13-month low (CityAM) Eurozone Consumer Confidence Down for Third Straight Month: Draining of optimism from households threatens to stunt currency area’s already modest recovery (The Wall Street Journal)

Eurozone heading for a new crisis (Nikkei Asian Review)

Germany should leave euro zone: Mervyn King (CNBC)

How a ‘Brexit’ could cost U.K. £100 billion and a million jobs: Exit from EU would be a ‘serious shock’, CBI says (Marketwatch)

U.S. existing home sales tumble in warning sign for housing market (Reuters)

America's explosion of income inequality, in one amazing animated chart (The Los Angeles Times)

Alaska budget deficit just jumped $300M because of low oil prices, Walker administration says (Alaska Dispatch News)

U.S. Steel to Idle Two Plants, Cut Up to 770 Jobs Amid Oil Rout (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.

Sunday, March 20, 2016

Sunday roundup (03-20-16)

Interest rates are turning dangerously negative (The Business Insider)

Spain plans crackdown on regions to shrink deficit - minister (Reuters)

Chinese governor’s false claims highlight rampant deception (The Associated Press)

China shifts axed miners to lower-paid jobs in farming, cleaning (Reuters)

What Happens When Neither Political Party Answers to the Bottom 90%? America in Crisis: Our nation faces a massive crisis provoked by the loss of democratic representation. (Alternet)

Rhode Island lawmakers to consider GMO labeling (The Associated Press)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety) Say "No" to GMOs (Non-GMO Project) THE GREAT GMA COVERUP INFOGRAPHIC (TheBoycottList) The Ultimate Guide to GMOs by Dr. Joseph Mercola (Mercola) GMO Free USA (Facebook) Millions Against Monsanto by OrganicConsumers org (Facebook)

     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.

Saturday, March 19, 2016

Saturday roundup (03-19-16)

Central banks are already doing the unthinkable - you just don't know it (The Telegraph)

Eurozone debt will barely fall by end of decade - Moody's (The Irish Independent)

Unease Over UK Austerity Flares as Prominent Minister Quits (The Associated Press)

Up to 13 Million Americans Are at Risk of Being Washed Away: New research highlights a threatened coastal region where attitudes capture the nuances of the climate change debate. (Bloomberg)

Tiny Vermont brings food industry to its knees on GMO labels (The Associated Press) See yesterday's post (Economic Signs of the Times blog)

     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.

Friday, March 18, 2016

Friday roundup (03-18-16)

Global watchdog flags slow 'too big to fail' bank rule adoption (Reuters)

New ECB loans lift clouds over Italy's banks, sovereign debt (Reuters)

Soaring U.S. Debt Costs U.S. Trillions In Lost Growth — Does Anyone Care? (Investors Business Daily)

Study Finds Public Pension Promises Exceed Ability to Pay (The New York Times blogs)

Cheerios maker General Mills to label GMOs in U.S. products (Reuters)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety) Say "No" to GMOs (Non-GMO Project) THE GREAT GMA COVERUP INFOGRAPHIC (TheBoycottList) The Ultimate Guide to GMOs by Dr. Joseph Mercola (Mercola) GMO Free USA (Facebook) Millions Against Monsanto by OrganicConsumers org (Facebook)

SNC-Lavalin cuts 950 jobs: Montreal-based engineering company employs roughly 40,000 people worldwide (The Canadian Broadcasting Corporation)

     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.

Thursday, March 17, 2016

Thursday roundup (03-17-16)

Next Financial Crisis Could Overwhelm World's Defenses, IMF Says (Bloomberg)

Eurozone deflation ruins quantitative easing's first birthday (CityAM)

IMF warns high debt, bad loans and unemployment still pose risk [for Ireland] (The Irish Independent)

More than 8m UK adults have ‘problem debt’: Figures from the Money Advice Service show younger adults, larger families, single parents and renters particularly at risk (The Guardian)

To defend our [United States] democracy against Trump, the GOP must aim for a brokered convention [Editorial] (The Washington Post)

McKesson Falls After Saying It Will Cut 1,600 Jobs in U.S. (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.

Is it a recovery yet? (Weekly report, 03-17-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"The number of Americans who applied for unemployment benefits in the second week of March rose by 7,000 to 265,000, but the rate of layoffs taking place in the economy are still exceedingly low." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, March 16, 2016

Wednesday roundup (03-16-16)

UK's Osborne offers voters sweeteners ahead of EU referendum, says growth to slow (Reuters)

Fed Slows Down on Plans to Pursue Interest Rate Increases (The New York Times)

Obama nominates Merrick Garland to Supreme Court, sets up Senate showdown (FoxNews) Senate Republicans' refusal to consider Merrick Garland's Supreme Court nomination is dangerous obstructionism [Editorial] (The Los Angeles Times) GOP Supreme Court blockade showing early cracks: Just hours after Obama unveils his pick, some Republicans waver. (Politico) Republicans have repeatedly praised Merrick Garland (CNN)

Trump warns of riots, pulls plug on Republican presidential debate (Reuters) Hillary Clinton is now the presumptive Democratic nominee after big Tuesday wins (The Atlanta Journal-Constitution blogs)

Missouri primary too close to call; Trump, Clinton could face recount (United Press International)

No Bailout Nation: With no other option, voters tired of cronyism are supporting Sanders and Trump. (U. S. News & World Report)

Peabody Energy Warns of Possible Bankruptcy Filing (The New York Times blogs) World coal giant Peabody faces bankruptcy as industry implodes by Ambrose Evans-Pritchard (The Telegraph)

Regulation Alone Will Not Change Bad Behavior on Wall St. (The New York Times blogs)

Trinity Tank Car to lay off about 850 workers in Longview area (The Longview News-Journal of Longview, Texas)

Asda to cut up to 750 jobs: [UK] Supermarket chain will also close staff canteens as part of turnaround plan called Project Renewal (The Guardian)

     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.

Tuesday, March 15, 2016

Tuesday roundup (03-15-16)

World copying Japan’s slow-puncture economy: HSBC (CNBC)

Why the German far right’s big electoral win matters (Vox)

Italian treasury stake in Monte dei Paschi could rise to 7 percent: sources (Reuters)

Why Our Financial System Is Like the Titanic by Charles Hugh Smith (of two minds blog)

     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.

Monday, March 14, 2016

Monday roundup (03-14-16)

Global recession risk rises to 30pc this year, warn Morgan Stanley (The Telegraph)

Shipping rates hit new lows on excess supply (CNBC)

Obama to visit UK, warn on 'Brexit': Report (CNBC)

Saudi Arabia orders 5 percent cut in contract spending (Reuters)

Bank of Japan in a bind after negative-rates backfire: Policy makers could steal page from Draghi's ECB (Marketwatch) Souring mood, global headwinds keep Bank of Japan on edge as it debates policy (Reuters) Mario Draghi's Lesson for Kuroda: Loose Lips Sink Policy Ships (Bloomberg)

Layoff Warning Notices Sent To 45,700 State Of Connecticut Workers (Fairfield Daily Voice)

Avon Plans to Move Headquarters to U.K. and Cut 2,500 Jobs (Bloomberg)

FNB to cut 600 jobs, close branches: FNB plans to close branches and cut jobs in South Africa, with roughly 600 positions affected. (mybroadband)

Dish Network to cut 550 jobs in Alvin (The Houston Chronicle)

     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.

Sunday, March 13, 2016

Sunday roundup (03-13-16)

Osborne Warns of Spending Cuts [= Fresh Austerity] as U.K. Faces Uncertain Times (Bloomberg) The Chancellor’s pre-Budget plea to Sun on Sunday readers: Graft now, gain later: George Osborne tells us more cuts are needed to keep the UK No1 (The Sun)

China economy: Slow output fuels global economic recovery fears (The BBC)

GMO labeling debate [in the United States] puts food industry on defensive (The Chicago Tribune) This War Over GMOs Could Change Your Grocery Shopping Forever (Mother Jones)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety) Say "No" to GMOs (Non-GMO Project) THE GREAT GMA COVERUP INFOGRAPHIC (ArchiveOrg) The Ultimate Guide to GMOs by Dr. Joseph Mercola (Mercola) GMO Free USA (Facebook) Millions Against Monsanto by OrganicConsumers org (Facebook)

RBS to cut 550 jobs as part of plan to automate investment advice: Bank will limit face-to-face advice to people with more than £250,000 to invest in bid to cut costs after falling £2bn into red (The Guardian)

     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.

Saturday, March 12, 2016

Saturday roundup (03-12-16)

A disaster zone that's dominated by the Germans: Ex-Bank chief King's verdict on euro project (The Daily Mail)

Conservatives [in the United States] Face an Impossible Choice: They can back Trump, or run a candidate of their own—but either way, they’ll bring this era of American politics to a close. by David Frum, former speechwriter for President George W. Bush (The Atlantic)

Data: Will March 15 define the GOP primaries? (The Boston Globe) Don’t Sleep On Illinois And Missouri — They Could Help Make Trump Unstoppable (fivethirtyeight)

North Milwaukee State Bank, WI, First Bank Failure of 2016 [as posted on Economic Signs of the Times blog yesterday] (Problem Bank List)

     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.

Friday, March 11, 2016

Friday roundup (03-11-16)

IMF official says global growth forecasts could be cut again (Reuters)

Draghi’s Deadly Derangement (David Stockman's Contra Corner blog) The ECB — A Victim of its own Ignorance? by Martin Armstrong (Armstrong Economics) Now We Know Why the ECB Panicked [= "There is and has been no recovery"] (Alhambra Investment Partners)

Seeing Risks Everywhere, Osborne Offers U.K. No Austerity Relief (Bloomberg) UK's Osborne unlikely to hit budget goal by end of decade: Reuters poll (Reuters)

The World Economy Wreckers Of Beijing (David Stockman's Contra Corner blog)

China Is Facing a Ticking Demographic Time Bomb: Getting old isn't easy on an economy (Bloomberg)

China Steelmaker Wuhan to Cut Up to 50,000 Jobs (IndustryWeek)

Canadians’ debt burden still growing, hits record (Business News Network)

U.S. Continues To Import Deflation, And Not Just From Oil (Investors Business Daily)

More rain on the way after massive flooding in Southeast (CNN) Historic Flooding in Southern U.S., People Rescued From Rooftops and Trees (NBCNews)



Life and Times During the Great Depression (Visual Capitalist)

The Reason Why Dozens of Lobbyists Will Be Democratic Presidential Delegates (ABCNews) It's Not Just the Corrupt, Cronyist Republican Party That's Imploding--the Corrupt, Cronyist Democratic Party Is Imploding, Too by Charles Hugh Smith (of two minds blog)

Regulators shut down North Milwaukee State Bank (The Journal Sentinel of Milwaukee, Wisconsin) North Milwaukee State Bank of Milwaukee WI had a troubled assets ratio of 252.2 percent. (BankTracker)

Colgate-Palmolive Plans to Cut Up to 3,800 jobs (Fortune)

Williams Cos. announces 10 percent layoffs [= roughly 670 workers] during employee town hall (Tulsa World)

     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.

Thursday, March 10, 2016

Thursday roundup (03-10-16)

Global Liquidity Falls to 2008 Crisis Levels (Financial Sense)

Citi's Buiter: Central banks operating with 'pea shooter' (CNBC)

ECB cuts eurozone interest rate to zero to jump-start economy: European Central Bank also ramps up quantatitive easing programme in attempt to fend off deflation (The Guardian) E.C.B. Takes Bold Steps to Stimulate Eurozone Economy (The New York Times) ECB's Draghi plays his last card to stave off deflation by Ambrose Evans-Pritchard (The Telegraph) Expert: What the ECB is really doing [= bailing out bad banks] (CNBC)

Negative Interest Rates on 40% of Outstanding European Government Bonds (The Big Picture blog) Draghi Has Banking Chiefs Bemoaning ECB's Negative-Rate Push (Bloomberg) Why they’re talking about negative interest rates: Mayers: Negative interest rates are really already here. Check out your high interest savings account and subtract inflation. (The Star of Toronto)

Europe Could Face a 'Lost Generation,' Report Warns (Newsweek)

Whole of Europe risks spinning into crisis if leaders mishandle Brexit by Ambrose Evans-Pritchard (The Telegraph)

Greece will seek a break in bailout debt payments as part of negotiations with creditors expected in the spring (The Associated Press)

The Collapse Of Italy’s Banks Threatens To Plunge The European Financial System Into Chaos (The Economic Collapse Blog) Italian bad debt plan thrusts rating agencies in the spotlight (Reuters)

Will Portugal be next flashpoint in eurozone debt crisis? (Marketwatch) EU keeps close eye on fragile Portugal as it goes for growth (The Associated Press)

Bank of England urged to drop interest rates to ZERO by former committee member [David Blanchflower] (The Mirror)

China to ease commercial banks' bad debt burden via equity swaps - sources (Reuters)

US credit card debt balloons to $917B: What it means (CNBC) Americans Are Racking Up Credit Card Debt at a Jaw-Dropping Rate: After years of reining in credit card spending, Americans are saying "charge it" more than ever. (Alternet)

Deutsche Bank, HSBC Fight Fed's `Unfair' Too-Big-to-Fail Plans (Bloomberg)

Ex-Rabobank Traders Avoid Lengthy Prison Terms Over Libor (Bloomberg)

We need a student debt solution: former PIMCO boss (The New York Post)

Seeing Trump as vulnerable, GOP elites now eye a contested convention (The Washington Post) How Trump Could Be Blocked at a Contested Republican Convention (The New York Times) An Extremely Detailed Guide to What the Heck Might Happen at a GOP Contested Convention (Slate blogs)

Detroit schools are in financial crisis and won’t be able to pay teachers after April 8 (The Washington Post) Detroit schools to run out of cash April 8 without Lansing bailout (MLive) S&P says may cut Detroit school bond ratings due to cash crunch (Reuters)

IBM Job Cuts Affect 14,000 Workers, Analyst Firm Estimates (InformationWeek)

VW to cut thousands of office jobs [= about 3,000] in Germany: Scandal-hit German carmaker VW looks likely to slash thousands of office jobs in its home country. The measure will be part of a larger savings program as litigation and compensation costs keep hitting the company. (Deutsche Welle)

Glasgow City Council to cut 1,500 posts in next year (The BBC)

Anadarko cuts 1,000 jobs as oil bust gets more intense: Anadarko has resisted layoffs in previous slumps (The Houston Chronicle)

     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.

Is it a recovery yet? (Weekly report, 03-10-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"The number of Americans who applied for unemployment benefits fell by 18,000 in the first week of March, setting a five-month low of 259,000 and reflecting a low rate of layoffs in a steadily growing economy." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, March 9, 2016

Wednesday roundup (03-09-16)

Moody's warns global slowdown could spark sovereign downgrades (Reuters)

ECB seeks silver bullet against deflation: The European Central Bank (ECB) is running out of monetary policy options as it tries to prevent deflation. Neither ultra-low interest rates nor massive bond buying have worked. Is there anything else it can do? (Deutsche Welle) Pressure Is on Mario Draghi to Show ECB Has Tools to Boost Low Inflation: The eurozone isn’t a normal economy, which is why Thursday’s ECB meeting is seen as a make-or-break moment for the single currency, Simon Nixon writes (The Wall Street Journal) How low can Draghi go to lift the euro zone?: ECB chief is under pressure to deliver a convincing response to the global economic downturn this week [The Financial Times via] (The Irish Times) How low can they go? A guide to the ECB's rates meeting (The Associated Press)

We're worried that deflation could trigger a wave of unemployment across Europe [Aberdeen Asset Management via] (The Business Insider)

Greece, lenders resume bailout talks on fiscal gap, reforms (Reuters)

China’s debt binge: putting off the inevitable (The Economist blogs)

[In the United States,] CalPERS settles with Moody's for $130 million in ratings case (The Los Angeles Times)

Tuesday's Elections: 3 Trump Wins, Plus A Big Surprise From Sanders (National Public Radio)

Rubio Suffers Political Meltdown One Week Before Must-Win Florida: The Florida senator had a rough night on Tuesday. (Bloomberg)

Why Bernie Sanders’s win in Michigan matters so much (The Washington Post)

Societe Generale says to cut 550 jobs over five years (Reuters)

     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.

Tuesday, March 8, 2016

Tuesday roundup (03-08-16)

Banking Faces an Existential Crisis (BloombergView)

Act now to stop global crisis, IMF warns governments (The Telegraph) The IMF Is Sounding the Alarm. Is Anyone Listening? (The Wall Street Journal blogs)

'Gathering storm' for global economy as markets lose faith: The Bank of International Settlements warns that trouble has been brewing ‘a long time’ but central bank options are dwindling (The Guardian)

Draghi may have to throw money out of a helicopter (The Telegraph)

Banks Face Billions in Collateral Needs Under EU Swap Rules (Bloomberg)

EU Warns of Contagion From France, Italy Economic Weaknesses (Bloomberg)

The Collapse Of Italy’s Banks Threatens To Plunge The European Financial System Into Chaos (Real Independent News & Film)

Bank of England to prop up banks amid 'Brexit' fears (CNBC)

U.S. companies have enough liquidity for next 12 months, but face risk after that (Marketwatch)

Trump is the Symptom, Not the Disease (The Huffington Post)

Marco Rubio not ready to be president [Editorial] (The Tampa Bay Times) Some supporters of Rubio say bad strategy, poorly run campaign killing his chances (The Washington Post) Some Rubio advisers say get out before Florida (CNN) Huckabee: Marco Rubio Destroyed His Campaign Once He Tried To Beat Trump At His Own Game (FoxNews)

Decoding Hillary: The Truth Vs. What She Claims About Her Wall St. Record: Even when she tries to act tough on banks, Clinton can't hide her Wall Street ties. (Alternet)

How Wall Street’s top executives made it nearly impossible to rein in the financial sector (Raw Story)

     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.

Monday, March 7, 2016

Monday roundup (03-07-16)

Rising Global Debt and the Deflation Threat: Years of deficit spending and near-zero interest rates have led to massive borrowing but little growth. (The Wall Street Journal)

Economists at global bank body warn of risks from negative interest rates (CNNMoney)

"We're In The Eye Of The Storm" Rothschild Fears "Daunting Litany" Of Problems Ahead (ZeroHedge blog)

Eurozone Ministers Seek To End Greece Bailout Row (Agence France Presse) Lenders to return to Greece, pave way for debt talks - Dijsselbloem (Reuters)

Italy risks breaking EU fiscal rules even with all leeway granted - Eurogroup (Reuters)

The $5 Trillion Quandary as Negative-Yielding Japanese Debt Doubles (Bloomberg)

Japan central bank to cut next fiscal year's growth, price estimates (Reuters)

     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.

Sunday, March 6, 2016

Sunday roundup (03-06-16)

Faith in central banks' healing powers faltering: BIS (Reuters)

"There Is No Clear Way Out" - Richard Koo Says "The Price For QE Has Yet To Be Paid" (ZeroHedge blog)

The ECB’s Mario Draghi to the Eurozone’s Rescue Again: The pressure is on Draghi to prove the European Central Bank has tools left to fight deflationary forces, Simon Nixon writes (The Wall Street Journal) Why is eurozone inflation so persistently low?: Here's how oil prices, exchange rates, wages, and corporate investment affect inflation (Agence France Presse)

Germany rejects calls to give Greece more time for budget goals (Reuters) Grexit back on the agenda again as Greek economy unravels: After three emergency bailouts and the biggest debt restructuring in history, talk has again turned to the country dropping out of the currency union (The Guardian)

Super Saturday results show Rubio collapsing, Trump stoppable and Cruz gaining momentum (The Washington Post) Super Saturday Results (CNN) [However] Marco Rubio Wins Puerto Rico Primary (The New York Times) Puerto Rico Results Election 2016 (ABCNews) How Donald Trump broke Fox News' debate rules (CNNMoney)

Bernie Sanders gets 2 wins over Hillary Clinton -- but Clinton grabs the biggest prize of the night (AOL News) The Hillary Clinton-Bernie Sanders race is becoming very predictable (The Washington Post)

[Energy supplier] Npower to cut 2,500 jobs as losses deepen (The Telegraph)

     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.

Saturday, March 5, 2016

Saturday roundup (03-05-16)

Debt 'explosion' awaits unless policymakers defuse demographic timebomb, warns IMF chief (The Telegraph)

'The only game in town': eurozone to step up fight against stagnation (The Telegraph)

     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.

Friday, March 4, 2016

Friday roundup (03-04-16)

Ex-Bank of England chief: 'Debt will be at the heart' of the next crisis (The Business Insider)

Era of zero, negative interest rates could last for years: Barclays (Reuters)

Dry bulk shipper Golden Ocean sees lots of bankruptcies in coming months - CEO (Reuters)

Migrant crisis deepens: 'Do not come to Europe' (CNBC)

Deeper Negative Rates Could Squeeze Banks in Southern Europe Hardest: A greater proportion of floating-rate mortgage debt in Italy and Spain puts bank profitability under increasing pressure (The Wall Street Journal blogs)

[United States] Congressional watchdog to review Fed's bank oversight (USAToday) U.S. watchdog to probe Fed's lax oversight of Wall Street (Reuters)

The End of Big Banks?: "Too big to fail" may soon be a thing of the past. by Simon Johnson [Project Syndicate via] (Moyers & Company)

I voted for Trump to destroy the GOP by Bruce Bartlett, former Treasury official (CNBC) “My goal is to destroy the Republican Party”: Former Reagan adviser Bruce Bartlett explains his vote for Donald Trump: The GOP is "just a coalition of cranks, and racists and bigots and religious kooks" that will lose big with Trump (Salon)

GOP at war with itself (CNN) Taking a Stand—Sort Of—Against Trump at CPAC: Tensions over the Republican presidential front-runner are running high at the annual conservative gathering. (The Atlantic) Trump runs away from angry conservatives (The Washington Post blogs) Mitt Romney and John McCain Denounce Donald Trump as a Danger to Democracy (The New York Times) Romney Says He’s Not a Candidate — Don’t Believe Him (New York magazine) Mitt Romney's anti-Trump strategy may well double as a Romney nomination strategy (Vox) Conservative national security experts unite to oppose Trump (The Associated Press) Trump is ‘fundamentally dishonest,’ say GOP national security leaders in open letter (The Washington Post) Trump needs to unify the GOP to win in November. This week suggested he can’t. (Vox) The Republican Party is already dead – they just don’t know it yet (The American Thinker)

Bill Clinton’s Secretary of Labor Puts Endorsement Behind Sanders: Robert Reich backs Bernie's plan to break up banks: 'He understands politics' (Observer)

My Case Against Hillary Clinton: As Is, She Could Set Up Progressives for Electoral Disaster: She's not the candidate of economic fairness, peace or a genuine progressive agenda. She's also not more electable. (Alternet)

DuPont Plucks a Top USDA Official to Lead "Government Affairs Strategies" (Mother Jones)

Brazil’s economy heading for depression after slumping 3.8% in 2015 (euronews)

     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.

Thursday, March 3, 2016

Thursday roundup (03-03-16)

Negative Rates Strain Financial System (Bloomberg)

Services sector slowdown [in the UK] prompts speculation of more Bank of England stimulus: Markit/CIPS survey snapshot of the sector described as 'exceptionally weak' (The Independent) Struggling services growth could force an interest rate cut from Bank of England (The Evening Standard)

It's Official: Canada Has Sold All Of Its Gold Reserves (ZeroHedge blog)

Brazilian economy's steep slide raises specter of depression (Reuters)

Broadcom to cut 1,900 jobs globally (Reuters)

     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.

Is it a recovery yet? (Weekly report, 03-03-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"The number of Americans who applied for unemployment benefits rose by 6,000 to 278,000 in the last week of February, but the overall pace of layoffs still hovered near postrecession lows." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.