Sunday, July 31, 2016

Sunday roundup (07-31-2016)

Abe’s Fiscal Plan [in Japan] Follows a Long Road of Packages That Failed (Bloomberg)

Get out your wallets, America: It might not be long before we’re bailing out “too big to fail” banks again: Despite assurances that things changed after 2008, banks are bigger, less transparent and riskier than ever (Salon)

Obama Signs Industry-Backed GMO Label Bill Into Law (EcoWatch) President Obama Signs GMO ‘Non-labeling’ Bill, Leaves Millions of Americans in the Dark (Center for Food Safety) 5 Ways to Help You Know if There Are GMOs in Food: A new law may require labeling only for some products (Consumer Reports) Sorry Bernie (Inquisitr)

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, July 30, 2016

Saturday roundup (07-30-2016)

[Republican] Donald Trump’s Path to Victory [in Race for President of the United States] (Breitbart)

Chicago's budget gap: $137.6 million (Crain's Chicago Business)

July 2016: Unofficial Problem Bank list declines to 196 Institutions (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, July 29, 2016

Friday roundup (07-29-2016)

Eurozone likely to get more stimulus as growth halves: It seems that the first quarter was another false dawn for the eurozone economy and that the European Central Bank will have more to do in the months ahead to shore up the recovery (The Associated Press)

Stress Tests Find Some Big European Banks Wanting (The New York Times blogs)  'European banking sector is challenged,' Barclays CEO warns (CNBC)

French second quarter growth unexpectedly grinds to a halt on weak consumer spending (Reuters)

ECB approves rescue plan for Italian bank Monte dei Paschi: sources (Reuters) World's oldest bank [= Monte dei Paschi] fares worst in EU stress test (CNBC)

Italy's deflation rate slows to -0.1%: Negative inflation stood at -0.4% in June (ANSA)

How slow is US economic growth? 'Close to zero' (CNBC)

Homeownership in the US has never been lower (The Business Insider)

Analyst: Overcapacity, deflation ["nearly unprecedented ... in recent industry history"] creating 'awful' conditions (SupermarketNews)

America’s Exploding Deficit by Martin Feldstein (Project Syndicate)

     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, July 28, 2016

Thursday roundup (07-28-2016)

How the pieces are falling into place for another global financial crisis: Efforts to fix banks’ debt woes suffer bad breaks by Satyajit Das [July 25] (Marketwatch)

Helicopter Money: Why Some Economists Are Talking About Dropping Money From the Sky (The New York Times) Are Central Banks Crazy Enough to Think Helicopter Money is the Answer? (Equities) 'Helicopter money' might weaken currencies more than QE as sky's the limit (Reuters)

IMF Failed to Push for Crucial Debt Relief in 2010 Greek Bailout, Auditor Says [Reuters via] (The Voice of America) Embarrassment for Christine Lagarde and IMF as Fund's own watchdog slams its eurozone record: The IMFs handling of the single currency emergency has been the cause of major internal discontent at the Fund and this verdict will be seen as a vindication of those criticisms (The Independent) IMF admits disastrous love affair with the euro, apologises for the immolation of Greece by Ambrose Evans-Pritchard (The Telegraph)

Portuguese Banks May be Brewing a Perfect Storm: The European country’s largest lenders face a slew of problems (The Wall Street Journal)

Japan still stuck in deflation in June (The Financial Times)

Lloyds to cut 3,000 jobs, close more branches after Brexit shock (Reuters)

Microsoft to cut 2,850 more jobs (Reuters)

World's Most Popular [Class of] Pesticide[s] Cuts Bee Sperm 39 Percent, Study Says [= neonicotinoids] (NBCNews)

     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, 07-28-16)

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 people who applied for unemployment benefits last week rose by 14,000 to 266,000 but remained extremely low, reflecting a still-growing economy in which companies are hiring at a steady clip." (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, July 27, 2016

Wednesday roundup (07-27-2016)

When it comes to debt, Charles Dickens offers good financial advice (The Spectator blogs)

How a Currency Intended to Unite Europe Wound Up Dividing It [interview with Nobel laureate economist Joseph E. Stiglitz] (The New York Times)

Deutsche Bank profit tumbles 98% (Marketwatch) The world's riskiest bank is in trouble (CNNMoney) Deutsche Bank, Facing Criticism, Surveys Limited Options (The New York Times blogs) Deutsche Bank's CEO just said something that should frighten the bank's employees (The Business Insider)

Wary of euroscepticism, EU waives Spain, Portugal budget fines (Reuters)

Italy’s Renzi Goes Toe-to-Toe with the EU over Italy’s Troubled Banks (The Huffington Post) On the Italian and Eurozone Doomsday Scenario (The Cato Institute)

Britain's RBS warns customers of possible charges on deposits (Reuters) Massive blow to millions of bank customers as HSBC threatens negative interest and Santander plots to slash the rate on Britain's favourite current account (The Daily Mail)

PM Abe's plan for $265 billion stimulus puts pressure on BOJ to ease (Reuters)

China shadow banking assets grew 30 percent in 2015 - Moody's (Reuters)

China’s debt problem may be worse than expected, Moody’s warns (CNBC)

[Meanwhile] China says downward pressure on economy still "relatively big" - state radio (Reuters)

[In the United States,] Fed holds rates steady; leaves September hike on table (USAToday) Fed rate hike dithering signals still struggling economy (CNBC)

U.S. durable goods orders data points to weak business spending (Reuters) [Plus] Restaurant Recession Could Signal Tough Times for U.S. Economy: Flagging U.S. restaurant sales could be a harbinger for broader economic peril. (US News & World Report)

Clinton makes history, wins Democratic presidential nomination (FoxNews)

Charming Bill Spins Myth of Love and Change: Clinton attempts to wash away decades of scandal, power and corruption with a yarn and a smile (LifeZette)

Hillary’s Choice: Why Tim Kaine Isn’t a ‘Safe’ Pick: The Virginia senator represents an all-clear signal to potential donors in high finance. by Nomi Prins (Moyers & Company blogs) [versus] Wall Street Starting to Worry That Hillary May Lose by Martin Armstrong (Armstrong Economics blog)

The Trouble For Democrats That’s Not Spelled With a Capital T-R-U-M-P: While the party has been making history at the national level, it's losing ground in the states. (Moyers & Company blogs)

Bart Naylor on Mega Banks That Are Too Big to Fail, Too Big to Jail, Too Big to Manage And Too Big to Regulate [July 19] (Corporate Crime Reporter)

     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, July 26, 2016

Tuesday roundup (07-26-2016)

[In Germany,] Commerzbank profits, capital down on higher risky assets (Reuters)

[In Italy,] Monte dei Paschi working on 5 bln euro cash call - source (Reuters) Italy races to secure privately-backed bailout of Monte Paschi: Plan believed to be to raise €5bn of further capital to avert nationalisation [The Financial Times via] (The Irish Times)

Why Italy’s Banks Are a ‘Doom-Loop’ Risk that Could Bury the Eurozone (Knowledge @ Wharton)

Bank of England hawk signals interest rate cut to tackle slowdown: Monetary policy committee member Martin Weale issues warning about British economy and says he would probably back stimulus measures (The Guardian) RBS fires warning shot to Bank of England over negative interest rates: State-backed bank says it may have to impose charges on deposits for 1.3 million business customers (The Week)

[In the United States,] Sanders, Warren Target Big Banks in DNC Keynote Addresses (American Banker)

‘Clinton Cash’ Dominates #1 on Facebook During Democratic National Convention (Breitbart) Clinton Cash - Official Movie Premiere (Youtube)



The Biggest GOP Names Backing Hillary Clinton—So Far: Some of the GOP’s best brains are now With Her. And, according to a source within the Clinton camp, highlighting Republicans who’ve crossed over will be a key fixture in campaign ads this fall. (The Daily Beast) How Donald Trump Broke The Conservative Movement (And My Heart): The conservatism of Goldwater, Reagan, and Buckley and its romantic notions of limited government dominated Republican politics for half a century. The rise of Trump marks a seismic shift for those of us for whom this wasn’t just a philosophy — it was an identity. (BuzzFeed)

Plutocracy, Then and Now - The Lesser of Two Evils (Jesse's Café Américain 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, July 25, 2016

Monday roundup (07-25-2016)

Italy pension funds urged to invest in bank rescue plan (Reuters)

Why big banks could be broken up [in the United States] no matter who wins the White House (CNBC)

Donald Trump's Treasury Wouldn't Resurrect Glass-Steagall – Here's Why (Money Morning)

‘Clinton Cash’ Movie Surpasses 500,000 Views in 48 Hours (Breitbart) Clinton Cash: "Devastating" Documentary Reveals How Clintons Went From "Dead Broke" To Mega Wealthy (ZeroHedge 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.

Sunday, July 24, 2016

Sunday roundup (07-24-2016)

Cash-Strapped Governments Enjoy a Windfall in Low Borrowing Costs: Plummeting bond yields are enabling some cash-strapped governments to reduce their deficits and potentially ease austerity measures (The Wall Street Journal)

Visco Says Italian Bad Loans No Systemic Risk as Amount Overdone (Bloomberg) Italy insists there's 'no banking problem' as stress tests loom large (CNBC)

Portuguese banks face potential big losses (The Financial Times)

Australia on sale: Retail price war raises specter of deflation [Reuters via] (CNBC)

500 jobs to go in $1 billion Woolworths restructure [in Australia] (The Business Insider)

     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, July 23, 2016

Saturday roundup (07-23-2016)

[In the United States, Democratic presidential candidate] Hillary Clinton selects Tim Kaine as her running mate (CNN) Holy Crap, Tim Kaine Just Killed It In His First Speech With Clinton: He spoke Spanish to the cheering crowds and delivered a healthy dose of humility in a diseased election year. In other words, Tim Kaine just took America by storm. (The Daily Beast)

The End Of A Republican Party: Racial and cultural resentment have replaced the party’s small government ethos. (fivethirtyeight)

     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, July 22, 2016

Friday roundup (07-22-2016)

Brexit Wreaks Havoc on U.K. Economy as Recession Risk Increases (Bloomberg)

[In the United States,] Tim Kaine Calls To Deregulate Banks As He Campaigns To Be Clinton’s VP: Who needs consumer protections when we have all these job creators? (The Huffington Post)

[Meanwhile,] Democratic Platform Grew More Liberal on Financial Regulation: Party looks to defend Consumer Financial Protection Bureau, backs a financial-transactions tax (The Wall Street Journal) 2016 The Democratic Platform (Democratic National Convention)

Lufthansa to Eliminate 700 Jobs at Engine-Maintenance Division (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.

Thursday, July 21, 2016

Thursday roundup (07-21-2016)

European Central Bank keeps interest rates at record low (The Associated Press) ECB's Draghi promises more eurozone stimulus if needed because of Brexit (euronews) Draghi Has Lost It Completely by Martin Armstrong (Armstrong Economics blog)

U.S.'s Lew urges Greece to stay on budget reform path (Reuters)

Why Italy’s banks could ignite a eurozone crisis: What you need to know about country’s banking woes (Marketwatch) Italy doesn’t have a banking crisis; it has a euro crisis: Italy’s biggest problem is slow growth since joining the euro (Marketwatch)

Turkey suspends European Convention on Human Rights in wake of coup: Erdogan ministers reassure public Turkey is not returning to martial law (The Independent) State of emergency must not roll back human rights in Turkey (Amnesty International)

[In the United States,] FBI arrests senior HSBC banker accused of rigging multibillion-dollar deal: Mark Johnson and a colleague allegedly defrauded clients and ‘manipulated the foreign exchange market to benefit themselves and their bank’ (The Guardian) Is Front Running Now a Crime? by Martin Armstrong (Armstrong Economics blog)

Trump caps stunning GOP run, accepts party's nod with jabs at his rivals (CNBC)

Inside Ted Cruz's ill-fated non-endorsement of Donald Trump (CNN) Ted Cruz’s Betrayal of Donald Trump Was Brilliant: If his bet pays off, he'll be the presumptive frontrunner in the 2020 primary. (The New Republic)

What's one thing Democrats and the GOP agree on? Restore Glass-Steagall: Yes, Republican presidential candidate Donald Trump and none other than Elizabeth Warren, his Twitter arch-nemesis, have agreed on a policy initiative (The Guardian)

Roger Ailes out as Fox News Chairman (ABCNews) Roger Ailes Stepping Down As Fox News CEO As Rupert Murdoch Takes Over Role: “There are people in tears,” says “Fox News Sunday” host Chris Wallace. “I shed mine a couple of days ago.” (The Huffington Post) Roger Ailes Resigns: A Timeline of His Downfall (Forbes) 21st Century Fox launching 'internal review' at Fox News following Gretchen Carlson lawsuit [July 6] (Politico) Roger Ailes accused of harassment by at least 20 women, attorneys say: Accusations against Fox News CEO have poured in since former host Gretchen Carlson filed a lawsuit, her legal team say, with some claims dating back decades (The Guardian) Sources: Megyn Kelly Told Murdoch Investigators That Roger Ailes Sexually Harassed Her (New York) Megyn Kelly Encouraged a Female Colleague to Testify Against Roger Ailes (New York)

General Mills to Cut 1,400 Jobs World-Wide (Dow Jones Newswires)

ConocoPhillips to shed 1,000 jobs (FuelFix 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, 07-21-16)

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 last week fell by 1,000 to 253,000, matching the second lowest level of a seven-year-old economic expansion that shows no signs of flagging." (Marketwatch)

Jobless Claims in U.S. Unexpectedly Decline to Three-Month Low (Bloomberg)

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, July 20, 2016

Wednesday roundup (07-20-2016)

After Brexit, EU consumer morale falls more than euro zone in July (Reuters)

Italy will DESTROY EU: Warning as Italian referendum to spark euro economic APOCALYPSE: ITALY is on the brink of financial and political meltdown as the leader of the Eurozone’s third-largest economy tinkers on the edge of career suicide, plunging the already beleaguered European Union into fresh chaos. (The Express)

     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, July 19, 2016

Tuesday roundup (07-19-2016)

EU court says bail-in legal but bank rescues need not hit investors (Reuters)

German business confidence falls to lowest level since November 2012 (CNBC)

The Italian job: Why Italy's lenders require €40bn bailout but its hands are tied by savers' obsession with buying bank bonds (This is Money)

WSJ: "A rate increase [in the United States] could come as early as September if economic data hold firm" (Calculated Risk blog)

It's official: Trump is Republican nominee (CNN)

Melania Trump on convention speech: 'I wrote it with as little help as possible' (Today) Speechwriters agog at Melania Trump plagiarism snafu: "My guess is their system is completely haphazard.” (Politico)

Forget Melania Trump. The Republican party platform is the circus we need to watch. (The Washington Post) The 2016 Republican Party Platform (GOP)

Glass-Steagall: Wall Street is not happy with Donald Trump: The GOP candidate’s pledge to bring back Glass-Steagall is an unwelcome surprise for the financial services industry. (CNBC) G.O.P. Joins Democrats Urging Glass-Steagall’s Revival. (Don’t Hold Your Breath.) (The New York Times) Wall Street Takes a Hit in Democratic Party’s Platform Draft [July 3] (Bloomberg)

Why Clinton could still tap Wall Street talent despite platform pledge: ‘Revolving door’ ban may not entirely rule out Wall Street veterans (Marketwatch)

Dallas-based Comerica Inc. to cut 800 jobs, close locations in move to save $160 million (The Dallas Morning News)

Construction firm Dunne Group folds with loss of 524 jobs: Failure of Scottish firm, which worked on London skyscrapers, leaves hundreds more subcontractors facing uncertain futures (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.

Monday, July 18, 2016

Monday roundup (07-18-2016)

EU's Moscovici urges Greece to stick to reforms for more debt relief (Reuters)

Analysts Fear Looming Italian Bank Failure (Breitbart)

Jobs and employment: Seven reasons the US picture is still weak (CNBC)

Debt Dangers: Why the U.S. needs to start reducing its national debt now. (US News & World Report)

CalPERS posts worst year since 2009, with slim returns (The Los Angeles Times)

Trump Calls for Restoration of Glass-Steagall, Echoing Warren (The American Banker) GOP Platform to Call for Breaking Up the Big Banks, Trump Campaign Says (New York)

DONALD TRUMP’S GHOSTWRITER TELLS ALL: “The Art of the Deal” made America see Trump as a charmer with an unfailing knack for business. Tony Schwartz helped create that myth—and regrets it. [-- "If Trump is elected President, he warned, 'the millions of people who voted for him and believe that he represents their interests will learn what anyone who deals closely with him already knows—that he couldn’t care less about them.'"] (The New Yorker) Donald Trump's Co-Author Regrets Writing The Art of the Deal and Says Trump Presidency Could 'End Civilization' (People)

     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, July 17, 2016

Sunday roundup (07-17-2016)

Debt is a 'financially-enhanced drug' (The Business Insider)

Diesel Emissions: EU Commission Has Known for Years about Manipluation: The European Commission insists that it knew nothing about diesel emissions manipulations perpetrated by Volkswagen and other automobile manufacturers. Documents obtained by SPIEGEL ONLINE show otherwise. (Spiegel Online)

The chief economist of the Bank of England said too few people are benefiting from the economic recovery (The Business Insider)

Japan flirts with helicopter money (The Financial Times)

Georgia Power announces [about 570] layoffs, opening new payment locations across state (WTVM)

     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, July 16, 2016

Saturday roundup (07-16-2016)

The diversity of life across much of Earth has plunged below ‘safe’ levels (The Washington Post)

Italy hires JP Morgan to hammer out €50bn bad bank bailout plan (The Telegraph)

Why Italy's banking crisis will shake the eurozone to its core (The Telegraph)

Turkey rounds up plot suspects after thwarting coup against Erdogan (Reuters) US-Turkish tensions rise after failed coup attempt (US News & World Report)

     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, July 15, 2016

Friday roundup (07-15-2016)

Eurozone pulls itself out of deflation in June - just (CityAM)

France's Hollande says Nice attack undeniably of terrorist nature (Reuters)

Italy is more dangerous than Brexit: Europe’s next crisis could be systemic (The Huffington Post)

Germany sees some leeway for Italian bailout of banks - source (Reuters)

Bank of Italy cuts Italy's growth outlook following Brexit (Reuters)

George Osborne’s austerity choked off the recovery: Brexit is his legacy: The former chancellor’s reputation lies in tatters after six years of punishing the poor and rewarding the rich prompted the referendum revolt (The Guardian)

[Military] Coup underway in Turkey amid reports of gunfire, explosions in major cities, police deaths (FoxNews) EU source says Turkey coup bid looks substantial, 'not just a few colonels' (Reuters)

White House: Budget deficit to rise to $600B (The Associated Press)

Donald Trump officially picks Mike Pence as his running mate (The Washington Post) Donald Trump just turned a key moment into a complete mess (once again) (The Washington Post) Pence 'very excited' to be Trump's No. 2 on GOP ticket (USAToday)

‘Trump’s First Mistake’ — Ann Coulter Not Impressed by Potential Veep Mike Pence (Mediaite) What Media Should Know About Trump’s Reported VP Pick, Indiana Gov. Mike Pence (Media Matters) Mike Pence & Donald Trump: 5 Fast Facts You Need to Know (Heavy)  5 things to know about Mike Pence (Marketwatch) Mike Pence Is A Fraud: His pliability and lack of courage probably make him a model candidate for the 2016 Republicans (The Federalist)  5 faith facts on Mike Pence: A ‘born-again, evangelical Catholic’ (Religion News Service)

Trump leads Clinton by 7 points: Rasmussen poll (The Hill blogs)

G.O.P. CONVENTION ORGANIZERS GROVEL FOR MONEY AFTER COMPANIES PULL THEIR SUPPORT: Just days before the Republican National Convention, Republicans are asking Sheldon Adelson for $6 million to cover the shortfall. (Vanity Fair)

     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, July 14, 2016

Thursday roundup (07-14-2016)

[Global] Corporate defaults reach 100 — a 50% jump from this time last year: Of the defaults tallied so far in 2016, 67 are based in the U.S. (Marketwatch)

Eurozone to EXPLODE: Demand for referendums after Brexit 'puts currency on the brink': THE eurozone is set to be destroyed due to the poor economies of Greece and Italy, a leading economist has warned. (The Express)

Italy is nearing its Lehman moment: Officials are urgently seeking a bailout solution as stress in the Italian banking system worsens by the day (South China Morning Post)

Monte Paschi in talks with Atlante over bad loan sale - sources (Reuters) EU finance ministers get tough with Italian bank trying for third bailout: EU rules forbid troubled Tuscan bank Monte dei Paschi from receiving state aid, but its collapse would cause a political crisis for prime minister Matteo Renzi (The Guardian) JP Morgan ready to lend seven billion euros for Monte dei Paschi bad-loan deal: paper (Reuters)

Bank of England leaves UK interest rates on hold at 0.5%: Threadneedle Street surprises City with 8-1 vote to leave rate and QE unchanged despite collapse in business and consumer confidence (The Guardian)

China likely to repeat Japan’s lost decades with debt, unbalanced economy, [US] Senate hearing finds (Marketwatch)

[United States Presidential Candidate Donald] Trump [Reportedly] Chooses Indiana's Mike Pence as Running Mate (NBCNews) [But] Donald Trump Postpones [Actual] VP Announcement Due to Deadly 'Attack' in Nice (ABCNews)

Online prices are showing signs of deflation (CNBC)

3 Reasons Why The American People Are Numb To The “Economic Recovery” (The Huffington Post)

BAT to Cut 950 Jobs at German Cigarette Factory to Reduce Costs (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, 07-14-16)

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 last week was unchanged at 254,000, offering more proof that the U.S. labor market remains sound despite a slower pace of hiring in 2016." (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, July 13, 2016

Wednesday roundup (07-13-2016)

Germany becomes second G7 nation to issue 10-year bond with negative yield (Reuters)

Amid Brexit debacle, another EU crisis emerges: Southern Europe (Marketwatch)

Italian banks could spark next euro financial crisis (The Australian Broadcasting Corporation)

Theresa May becomes new British Prime Minister (CNN)

CREDIT SUISSE: Forget what everyone else says — all signs point to Brexit Britain being in a recession (The Business Insider) World’s largest money manager warns Brexit is pushing U.K. into recession: BlackRock warns Brexit also will put a break on global growth (Marketwatch)

Bank of England poised to cut rates to cushion Brexit hit to UK (Reuters) Bank of England readies new blast of QE for post-Brexit Britain (Reuters)

Brexit: UK sells government debt at all time record low [negative] interest rate in wake of EU referendum result: Buyers were so keen to get hold of these assets they are effectively prepared to pay the UK government for the privilege of lending to it (The Independent)

CREDIT SUISSE: 'Mayday! Mayday!' — Britain's impending recession will kill nearly 500,000 jobs (The Business Insider)

Japan government advisers shun fiscal discipline, open door to new debt (Reuters)

China’s economy likely lost more momentum amid mounting debt: Capital Economics estimates China’s GDP grew 4.5% in second quarter (Marketwatch)

China’s ‘Predatory’ Devaluation Exporting Deflation (Breitbart)

Goldman Sachs note cites report that China's corporate debt is reaching the 'Ponzi stage' (The Business Insider)

Sagging corporate tax revenue pushes U.S. budget deficit higher (Marketwatch)

Warren's no-bankers push makes it into Dem platform: Tucked into the Democratic Party's draft policy platform is a pledge long promoted by Sen. Elizabeth Warren that could limit Wall Street's influence in a Hillary Clinton administration. (Politico)

CHICAGO’S TOTAL DEBT MORE THAN TRIPLES TO OVER $24B IN 2015: A new Chicago financial report shows the city’s total unfunded liabilities have jumped by over $17 billion, growing to nearly $24 billion in 2015 from $6.5 billion in 2014. (Illinois Policy)

     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, July 12, 2016

Tuesday roundup (07-12-2016)

The Debt-Deflation Theory of Great Depressions (The Big Picture blog)

Here's What Deutsche Bank's Huge Problems Mean for It and for the Global Economy: Deutsche Bank's stock has been hammered, and global banking experts have issued worrisome assessments of the bank's health. Here's what you need to know. (TheStreet)

Italy isn't the only European country with 'a systemic banking crisis' (The Business Insider)

Opting for credibility over leniency, EU presses for deficit sanctions: Europe's financial ministers have agreed to move towards unprecedented sanctions against Spain and Portugal for overshooting EU deficit limits. Both countries then immediately set out to convince the EU to reconsider. (DeutscheWelle)

Japan’s Abe Tells Bernanke He Wants to Speed Up End of Deflation (Bloomberg)

[In the United States,] Bernie Sanders Endorses Hillary Clinton at New Hampshire Rally (NBCNews)

Will 'Too Big to Fail' Ever Go Away? It Hasn't Yet.: The government's classification is a reminder of what led to the Great Recession. (US News & World Report)

     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, July 11, 2016

Monday roundup (07-11-2016)

Black Hole of Negative Rates Is Dragging Down Yields Everywhere: As developed-world rates slide, investors widen search for income, driving down yields in corporate bonds and emerging markets (The Wall Street Journal)

The Euro on the Brink of Disaster by Martin Armstrong (Armstrong Economics blog)

Deutsche Bank chief economist calls for 150 billion euros in EU bank bailout-Welt (Reuters) 'Extremely sick' Europe needs huge £128billion bailout to avoid financial crash: EUROPE is “extremely sick” and needs a multi-billion pound bail-out to survive a fresh financial crisis, leading EU bankers have warned. (The Express)

Italy won't see pre-crisis growth until mid-2020s: IMF (CNBC) IMF Urges Action on Italy’s Retail Investors’ Bank Bail-In (Bloomberg)

Spain, Portugal May Duck Deficit Fine as EU Looks to Fudge Rules (Bloomberg)

Greece: Banks & Bailout Still At Risk, Moody’s Says (Barron's blogs)

HSBC escaped US money-laundering charges after UK intervention: Chancellor George Osborne and a British banking regulator warned of ‘global financial disaster’ if bank were prosecuted, House report says (The Guardian)

Can The Democratic Platform Really Change The Future of American Banking? (The Huffington Post)

Seagate Expands Job Cuts to 6,500 as PC-Component Market Suffers (Bloomberg)

RWE Plans to Cut 2,300 Jobs by 2020: German utility has already cut over 1,000 jobs since March last year amid power glut [July 7] (The Wall Street Journal)

Microsoft confirms Finnish site closure and job cuts [of 1,500] (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, July 10, 2016

Sunday roundup (07-10-2016)

These 12 charts show why Italy's stagnant economy is poised to tear up the eurozone (The Business Insider)

China's soft inflation, grim global outlook point to more stimulus (Reuters)

This simple chart illustrates the frightening force driving the [United States] economy (Yahoo! Finance) Crazy - A Story of Debt, by Grant Williams (Youtube)



Wharton students to Trump: You do not represent us (CNBC) You Do Not Represent Us: An Open Letter to Donald Trump (Medium)

Oregon Senator slams 'Monsanto DARK Act 2.0,' calling it a special interest nightmare that abolishes consumers' right to know about GMOs (Natural News)

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, July 9, 2016

Saturday roundup (07-09-2016)

Another financial crisis? Soaring global debt since 2008 raises risk as world economy sputters (The Los Angeles Times)

Bank of England poised to slash interest rates to shore up economy (The Telegraph)

26 Million Americans Are Now "Too Poor To Shop" Study Finds (ZeroHedge blog)

Cuban economy minister details dire austerity measures (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.

Friday, July 8, 2016

Friday roundup (07-08-2016)

IMF cuts growth predictions for eurozone over post-Brexit confusion: Uncertainty and lack of confidence expected in markets and economies across Europe as International Monetary Fund says warnings were ignored (The Guardian)

IMF Urges ECB to Expand QE If Inflation Doesn’t Revive (Bloomberg)

Gundlach: "When Deutsche Bank Goes To Single Digits People Will Start To Panic" (ZeroHedge blog) A Furious Italian Prime Minister Slams Deutsche Bank As Europe's Most Insolvent Bank (ZeroHedge blog)

[Italy's] Monte Paschi working with authorities to solve bad loans (Reuters) Italy PM's Tuscan nightmare: the fall of 'Daddy Monte' (Reuters) How Texas Demonstrates Why Italy's Banks Are Floundering: Six of Italy's biggest lenders have more non-performing loans than equity and reserves, while the worst of them is swamped three times over. (The Street) Bank of Italy says public money needed to help banks (Reuters)

Italy may trigger collapse of European economy (Pravda)

Austerity, not immigration, to blame for inequality underlying Brexit vote, argues Oxford professor: 'Almost all other European countries tax more effectively, spend more on health, and do not tolerate our degree of economic inequality' (The Independent)

     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, July 7, 2016

Thursday roundup (07-07-2016)

World faces deflation shock as China devalues at accelerating pace by Ambrose Evans-Pritchard (The Telegraph)

Governments Keep Their Fingers Crossed by Martin Armstrong (Armstrong Economics blog)

Hedge funds banned from shorting three Italian companies amid fears it could detonate country's £300bn bad-debt time bomb (This is Money)

Italy’s teetering banks will be Europe’s next crisis (The Economist) Italy: Europe's next domino to fall? (CNNMoney) A Look Inside Europe's Next Crisis: Why Everyone Is Finally Panicking About Italian Banks (ZeroHedge blog)

Populist Politicians Take On Italy’s Massive Debt Pile: Unpaid bills stoke frustration over the country’s old guard. (Bloomberg) Populist, Eurosceptic Five Star Movement Now Most Popular Party In Italy (Breitbart)

Greece Won’t Reach Budget Targets After 2018, Tsipras Says: Greek leader calls for the country’s creditors to renegotiate fiscal program (The Wall Street Journal)

Spain and Portugal risk penalties after violating EU deficit rules (Agence France Presse)

Bank of England to cut interest rates next week according to financial markets (CityAM)

Two-thirds of UK students ‘will never pay off debt’ (The Financial 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.

Is it a recovery yet? (Weekly report, 07-07-16)

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.)

"Initial claims for unemployment benefits fell by 16,000 last week to a nearly three-month low of 254,000, showing no evidence of rising layoffs ahead of the key U.S. jobs report for June." (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, July 6, 2016

Wednesday roundup (07-06-2016)

Italy May Spur Pan-Europe Bank Crisis, SocGen Chairman Says (Bloomberg) Italy's deepening banking crisis could RIP the eurozone apart, warn experts: ITALY'S banking crisis threatens to collapse the eurozone's financial system and bankrupt the entire bloc, experts have warned. (The Express)

Japan Needs Fiscal Stimulus to End Deflation, Abe Adviser Says (Bloomberg)

[In the United States,] The 1% are recovering from 2008 recession while 99% are still waiting: In 2015, the income of the 99% grew by just 3.9% – ‘the best real income growth in 17 years’ – while the rich saw growth was twice that at 7.7% (The Guardian)

Fed minutes suggest rate hikes on hold until Brexit impact clearer (Reuters) Minutes show more vocal doves at the Fed: A more vocal group of Fed officials is pushing the next rate hike further off, minutes showed (Marketwatch)

     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, July 5, 2016

Tuesday roundup (07-05-2016)

Germany blasts European Commission for delaying sanctions against Spain and Portugal over public debts: 'If the commission wants to preserve its credibility on upholding budget rules, we have to approve sanctions against Spain and Portugal,' says Germany's EU Commisioner Günther Oettinger (The Independent) [versus] Spain, Portugal Said to Face EU Sanctions for Budget Failings (Bloomberg)

Financial, political instability in Italy threatens fresh chaos for Europe (Reuters) Bad-debt warning triggers fresh fears for Italian banks: Bank orders Monte dei Paschi to shed €10bn loans [The Financial Times via] (CNBC) Italy Granted "Extraordinary " €150BN Bank Bailout Program To Prevent "Panic, Run On Deposits" [July 1] (ZeroHedge blog)

Here are the five biggest risks facing the UK economy (The Telegraph)




Russia to empty one of its sovereign funds next year - ministry proposal (Reuters)

China Bank Bailout Calls Grow Louder as Markets Seen Vulnerable (Bloomberg)

Yield Curve Shows 60% Chance of Recession [in the United States], Deutsche Bank Says (The Wall Street Journal blogs)

F.B.I. Director James Comey Recommends No Charges for Hillary Clinton on Email (The New York Times) FBI Rewrites Federal Law to Let Hillary Off the Hook by Andrew C. McCarthy, Former Chief Asst. U.S. Attorney (National Review)

Separating Social Security truth from fantasy (The Hill 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.