Monday, October 31, 2016

Monday roundup (10-31-2016)

A perfect storm for the global economy (The American Enterprise Institute)

Euro zone growth still slow, October core inflation dips (Reuters)

European Banks Stuck With $1.3 Trillion of Bad Loans, KPMG Says (Bloomberg)

José Manuel Barroso cleared of ethics breach over Goldman Sachs job: Panel questions judgment of ex-European commission chief but says grounds were not sufficient to conclude he broke code (The Guardian)

Russia could miss some economic targets: Former finance minister said cutting budget deficit will be a tall order. (United Press International) Russia's FINANCIAL CRISIS: Moscow launches desperate austerity programme: RUSSIA has revealed a dramatic austerity programme in a desperate bid to shore up the economy and quell public anger, amid the country's worst financial disaster in years. (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.

Sunday, October 30, 2016

Sunday roundup (10-30-2016)

Air quality worsens in Greece as recession bites: The ban on diesel cars in Athens and Thessaloniki has been lifted and the price of heating oil has tripled. Hard-pressed Greeks have turned to burning logs – and other things (The Guardian)

Iceland elections leave ruling centre-right party in driving seat: Alliance of anti-establishment Pirate party and three left-of-centre parties falls five seats short of majority (The Guardian)

[In the United States, Washington DC] Metro General Manager Paul Wiedefeld’s budget raises fares, reduces service, cuts 1,000 jobs (The Washington Post)

Doubts About the Promised Bounty of Genetically Modified Crops (The New York Times)

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, October 29, 2016

Saturday roundup (10-29-2016)

How the politics of debt explains everything [Aeon via] (The Week)

Rajoy Takes Power in Spain Promising Dialogue and Job Creation (Bloomberg) Spain gets new government, but will it be able to govern? (The Associated Press)

[United States FBI Director] James Comey Broke with Loretta Lynch and Justice Department Tradition [in Friday's Clinton E-mail Announcement] (The New Yorker)

No clear path forward on Louisiana budget deficit [of at least $313 million] yet (The Times-Picayune of New Orleans)

October 2016: Unofficial Problem Bank list declines to 177 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, October 28, 2016

Friday roundup (10-28-2016)

France ekes out meagre growth, accepts may not meet 2016 target: Economy grows by just 0.2 % in the third quarter, new figures out today show (The Irish Times)

Iceland's Pirates head for power on wave of public anger (Reuters) How Hacker and ‘Pirate’ Birgitta Jónsdóttir Revolutionized Iceland’s Politics (Fortune)

Parent company of Luminant, TXU Energy expanding layoffs [to about 500, up from 158] (KLTV)

     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, October 27, 2016

Thursday roundup (10-27-2016)

Carmen Reinhart on Debt and the Global Economy (Youtube)



Negative-Yielding Debt [more than three-quarters of it has been issued by Japan, Germany, and France] (The Big Picture blog)

Eurozone lending up, but ECB may not be satisfied (Marketwatch)

China's slowing industrial profits show rising debt hampering economy (Reuters)

What a Hillary Clinton Presidency Means for Your Financial Future [in the United States]: Hint: It’s not looking good. by Nomi Prins (The Nation)

Inside the Trump Bunker, With 12 Days to Go: Win or lose, the Republican candidate and his inner circle have built a direct marketing operation that could power a TV network—or finish off the GOP. (Bloomberg)

Schools across the country are opting to cancel classes on Election Day: Polarizing campaign raises fear of violence at polling stations (Marketwatch)

Airbus Helicopters says plans to cut 582 jobs in restructuring (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, 10-27-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to 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 fell by 3,000 to 258,000" (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, October 26, 2016

Wednesday roundup (10-26-2016)

Swiss cenbank could cut [its negative interest] rates more if needed - SNB's Jordan (Reuters)

China capital flight flashes warning as authorities forced to prick property bubble by Ambrose Evans-Pritchard (The Telegraph)

China's Banks Are Running Out of Ways to Keep Profits Growing (Bloomberg)

Growth in [UK] debt fastest since the crash: Record low interest rates fuelling biggest credit binge in a decade (The Daily Mail) More than six million UK families struggle to survive after losing their jobs as they are on brink of debt and lack savings: Research found half of all UK households would be unable to pay the bills if they lost they unexpectedly lost their job (The Sun)

Trump calls for '21st century' Glass-Steagall banking law [in the United States] (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, October 25, 2016

Tuesday roundup (10-25-2016)

Euro zone releases 2.8 billion euro loan tranche to Greece (Reuters)

EU executive asks Italy to explain rising 2017 budget deficit (Reuters)

[Italian bank] Monte dei Paschi to Cut [2,600] Jobs [by 2019] and Close [500] Branches in Turnaround Bid (The New York Times blogs)

[In the United States,] Federal regulator launches broad review of banks' sales practices (The Los Angeles Times)

The biggest auto-scandal settlement in U.S. history was just approved [= $14.7 billion]. VW buybacks start soon (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.

Monday, October 24, 2016

Monday roundup (10-24-2016)

Canada's Record Household Debt Is Threatening Its Financial Stability (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, October 23, 2016

Sunday roundup (10-23-2016)

Italy tells EU not to reject its budget; criticizes Hungary (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.

Saturday, October 22, 2016

Saturday roundup (10-22-2016)

Quote of the Day:

"Well, the first thing you must understand if you’re about to enter into negotiations with the European Union is that the other side is not going to negotiate and you must be prepared for what happens when there are no negotiations." -- Yanis Varoufakis, former Finance Minister of Greece. (Youtube)

Fitch cuts Italy outlook on political uncertainty, weak growth [Reuters via] (CNBC)

28 Things Donald Trump Promises to Do as [United States] President (Breitbart)

     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, October 21, 2016

Friday roundup (10-21-2016)

Greek PM sees perpetual bailouts if creditors fail to ease debt (Reuters) Sovereign Debt Crisis is Percolating -- Greece Asks for Debt Relief by Martin Armstrong (Armstrong Economics blog)

Portugal preparing "systemic measure" for banks' bad loans - PM [Reuters via] (The Daily Mail)

Government borrowing [in the UK] rises to £10.6bn in September (The BBC)

[Canada's] Bombardier to cut 7,500 more jobs through 2018, mostly in rail (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.

Thursday, October 20, 2016

Thursday roundup (10-20-2016)

German Finance Minister Schäuble: Greece Needs Economic Overhauls: Easing of debt burden would reduce willingness to reform the country (The Wall Street Journal)

Portugal scraps more austerity but vows budget deficit cut (The Associated Press)

Within a Generation, Our National Debt [in the United States] Will Cost the Typical Family $12,000 (The Daily Signal)

California attorney general investigating Wells Fargo on allegations of criminal identity theft (The Los Angeles Times)

Ford's Kansas City Assembly Plant hit with [about 13,000] layoffs (Kansas City Business Journal)

Rail freight business DB Cargo to cut 900 UK jobs as coal and steel demand plunge (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.

Is it a recovery yet? (Weekly report, 10-20-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to 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 climbed 13,000 to 260,000 to match a six-week high, though the pace of layoffs in the U.S. remains 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, October 19, 2016

Wednesday roundup (10-19-2016)

Ireland’s debt still over €200bn despite fall in borrowing: CSO figures show Government ran a deficit of €1.27bn in first half of 2016 (The Irish Times)

Fed risks repeating Lehman blunder as US recession storm gathers by Ambrose Evans-Pritchard (The Telegraph)

Report: State public pension unfunded liabilities soar to $5.6 trillion (Watchdog)

Wall Street Is Starting to Talk About a Big Democratic Sweep in November: Will division in D.C. take a breather? (Bloomberg)

Elizabeth Warren's star is rising. Wall Street is worried (CNNMoney) Maybe Trump Won't Be Clinton's Biggest Problem (Bloomberg)

Everything We Know About the Latest James O’Keefe Video Sting (Time)

[UK building merchant] Travis Perkins to cut 600 jobs as plumbing slowdown prompts profit warning (The Telegraph)

[Canadian energy delivery company] Enbridge cutting 530 jobs in attempt to spur growth (The Globe and Mail of Toronto)

     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, October 18, 2016

Tuesday roundup (10-18-2016)

QE/ZIRP Is Crushing the Global Supply Chain, Product Quality and Profits by Charles Hugh Smith (of two minds blog)

Oil industry needs $10 trillion to meet coming demand, says OPEC’s Barkindo: OPEC Secretary-General sees a need to restore balance to oil market (Marketwatch)

Italian savers bank on post office to survive next crisis (Reuters)

There's a Reason Italy's Losing to Spain in the Recovery Stakes: The euro's mediterranean giants are taking different paths out of the crisis (Bloomberg)

China Sept new yuan loans surge to 1.22 trillion yuan, well above forecasts (Reuters)

[In the United States,] Undercover videos lead to Democratic operative's firing, force another to distance himself from DNC (The Business Insider) Democratic heads roll after video shows agitators planted at Trump rallies (The Washington Times) Dem operative 'stepping back' after video suggests group incited violence at Trump rallies (CNN) Trump rally disrupter was once on Clinton campaign’s payroll (The New York Post)

Undercover video has Dem operative fired, another resigns: The DNC responds to shakeups in the wake of undercover videos released by conservative activist James O'Keefe. CNN's Drew Griffin reports. (CNN) (Youtube)



‘Sometimes the Crazies Bite’: CNN Shows Undercover Video of Democrats Plotting Trump Protests [CNN via] (Youtube)



Rigging the Election - Video I: Clinton Campaign and DNC Incite Violence at Trump Rallies [#1 on Trending; contains obscene language] (Youtube)



Rigging the Election - Video II: Mass Voter Fraud [contains obscene language] (Youtube)



One More Way Student Loans Are Crippling the Economy: College debt leaves millions unable to save for retirement. (Money)

Rail freight group DB Cargo to shed 900 UK jobs: Planned cuts, blamed on a dramatic decline in markets such as coal and steel, represent more than a quarter of its workforce (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, October 17, 2016

Monday roundup (10-17-2016)

European zombies are haunting the economy (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.

Sunday, October 16, 2016

Sunday roundup (10-16-2016)

Euro is a 'house of cards' ready to collapse, key single currency architect warns: Professor Otmar Issing says the European Central Bank betrayed the principles of the currency project by bailing Greece out in 2008 (The Independent) Euro 'house of cards' to collapse, warns ECB prophet by Ambrose Evans-Pritchard (The Telegraph)

EU and IMF auditors to visit Athens as Greece's agony continues: Seven years into its worst post-war slump, eurozone’s weakest link is locked into debts of €330bn amid talk of fourth bailout (The Guardian) Greece's lenders to launch new review as Athens digs in on debt relief (Reuters)

Fears [in the UK] of a new debt binge after First Direct bank offers borrowers loans of up to £50,000 with no collateral (The Daily Mail)

     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, October 15, 2016

Saturday roundup (10-15-2016)

The Deadly Global War for Sand: Concrete. Glass. Silicon. Our civilization is built on the most important yet most overlooked commodity in the world: sand. And we are starting to run out. (Pulitzer Center on Crisis Reporting)

Deutsche Bank Reported to Mull Partial U.S. Retreat to Cut Costs (Bloomberg) Deutsche Bank considering changes to U.S. strategy: sources (Reuters)

Doom for Deutsche Bank as largest lender Qatar 'pulls plug on future equity': SINKING Deutsche Bank has been dealt a hammer blow today after its biggest backer pulled the plug on future equity, it has been claimed. (The Sunday 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.

Friday, October 14, 2016

Friday roundup (10-14-2016)

France must respect 3 pct of GDP deficit ceiling-Dombrovskis (Reuters)

Italy Debt Tops 150% of GDP Without Underground, Illegal Economy (Bloomberg)

Interfering EU chiefs tell Spain 'lower your debt or face the consequences': EUROCRATS have told Spanish officials their "bill" will quickly grow if they do not get their deficit in order, just months after threatening to deprive the country of cash through fines and funding freezes. (The Express) 'Economic bubble'? Spain nears 300 days without a govt (The Associated Press)

Portugal Cuts Economic Growth Forecasts, Sees Higher Debt Ratio (Bloomberg)

Resolving Europe’s Banking Crisis in Italy (Project Syndicate)

Goldman Sachs, JPMorgan, Morgan Stanley mull London exodus [Oct. 10] (CNBC) Nonperforming Loans in European Banks 10x that of U.S. Banks by Martin Armstrong (Armstrong Economics blog)

New Global Study Says US Runs a Big Risk as Long-Term Debt Skyrockets (The Fiscal Times)

FBI, DOJ roiled by Comey, Lynch decision to let Clinton slide by on emails, says insider (FoxNews)

Trump on sex assault allegations: 'I am a victim' (CNN)

[Brazil's] Petrobras Lowers Fuel Prices to Stunt Import Competition (Bloomberg)

Deutsche Bank considers thousands more job cuts - source [= 10,000] (Reuters)

Fujitsu to cut 400-500 jobs in Germany: Nikkei (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.

Thursday, October 13, 2016

Thursday roundup (10-13-2016)

Don't trust Italian growth forecasts, experience suggests (Reuters)

Deutsche Bank Said to Implement Hiring Freeze as CEO Cuts Costs (Bloomberg)

HP Plans Up to 4,000 Job Cuts Over Three Years Amid PC Slump (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, 10-13-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to 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 was flat at 246,000 in the first week of October as the rate of layoffs sank to a 43-year low." (Marketwatch)

Weekly Initial Unemployment Claims at 246,000, 4-Week Average Lowest Since 1973 (Calculated Risk blog)

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, October 12, 2016

Wednesday roundup (10-12-2016)

Euro zone hopes to keep IMF in Greek bailout: ECB's Coeure (Reuters)

Unless we fix it, our debt will be a problem, says Greece (Reuters)

China Cities Face End of Fairy Tale as Default Risks Rise (Bloomberg)

More Chinese firms unveil debt swaps as Beijing struggles to reduce leverage (Reuters)

BOJ ready to act if global downturn threatens inflation goal: board member (Kyodo)

[In the United States,] Wells Fargo CEO John Stumpf is out (CNNMoney) Sen. Elizabeth Warren goes on tirade after Wells Fargo CEO John Stumpf retires (CNBC)

No One's Talking About The Most Important Issue: America's National Debt (Forbes)

Wikileaks Hack Reveals Hillary Campaign Desperate for Warren Endorsement: Warren gave Hillary personnel picks while the campaign fretted over Warren’s endorsement. (Legal Insurrection blog)

VW could cut 25,000 jobs over 10 years as workers retire (Reuters)

Daewoo Shipbuilding to Cut Workforce 24% [= 3,000 jobs] Amid Mounting Losses (Bloomberg)

Lloyds to Cut 1,340 Jobs in U.K. Under Plan to Boost Profits (Bloomberg)

BNP Paribas to cut [700] jobs, [100] branches in Italy: sources (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, October 11, 2016

Tuesday roundup (10-11-2016)

Keiser Report: Bubble economy sins (Episode 977) [Interview with Jim Rickards, author of The Road to Ruin] (Youtube)



Europe Worries Portugal Is Prone to a Debt-Crisis Relapse: Souring investment climate, weak economic growth spark fears nation could need another bailout, as it did in 2011 (The Wall Street Journal)

Poor America: 7 In 10 Americans Have Less Than $1,000 In Savings (ZeroHedge blog)

We still haven’t recovered from the Great Recession (Vox)

Flooding after Hurricane Matthew swamps North Carolina towns (Reuters) Terrifying Photos From Hurricane Matthew: From Haiti to North Carolina, the storm left a trail of flooding and destruction. (Mother Jones)

Fujitsu to cut up to 1,800 UK jobs: Japanese technology firm to cut more than a tenth of UK workforce, affecting main sites including Belfast and Manchester (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, October 10, 2016

Monday roundup (10-10-2016)

Eurozone banks are in DEEP trouble: Wall Street top bankers issue warning to EU: EUROPE's biggest banks are vulnerable and pose a huge risk to financial stability, according to some of Wall Street's top bankers. (The Express)

Bayer chief promises no Monsanto GM crops in Europe (Agence France Presse)

Greece unlocks fresh bail-out funds as Athens completes demand checklist (The Telegraph) Sky-high debt, not just a Greek problem: Debt relief for Athens could benefit the entire South. [Commentary] (Politico)

[In the United States,] Buffett Calls Trump’s Bluff and Releases His Tax Data (The New York 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, October 9, 2016

Sunday roundup (10-09-2016)

China may be the one to bail out Deutsche Bank (The Business Insider)

China must wean itself off debt addiction if it is to avoid financial calamity, warns IMF chief (The Telegraph)

660K lose power in SC, NC; Duke Energy to rebuild electrical systems (WSPA)

Industry Insider Speaks Out About the Hazards of Industrialized Agriculture (Mercola)

     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, October 8, 2016

Saturday roundup (10-08-2016)

Italy must get all possible budget flexibility, but debt must fall: EU (Reuters)

A downgrade of Portugal's credit rating will affect all of Europe (The Business Insider)

Spain may grow more than 3.1 percent in 2016; will miss 2017 deficit goal (Reuters)

Hurricane Matthew economic damage nears $6 billion [in the United States] (USAToday) Hurricane Matthew's US Death Toll Rises to 9; Nearly 2 Million Without Power (ABCNews) Weakened Hurricane Matthew still deadly as it buffets U.S. Southeast (Reuters)

Trump recorded having extremely lewd conversation about women in 2005 (The Washington Post) The Violence of Donald Trump: Trump's leaked remarks about grabbing women are consistent with his history of alleged and admitted physical assaults (Rolling Stone) Lewd Donald Trump Tape Is a Breaking Point for Many in the G.O.P. (The New York Times)

Leaked Speech Excerpts Show Clinton at Ease With Wall Street and Free Trade [The New York Times via] (CNBC) In paid speeches, Hillary Clinton said she “represented” and “had great relations” with Wall Street: Excerpts of Clinton's paid Wall Street speeches, released by WikiLeaks, show her cozy relationship with big banks (Salon) Hillary Clinton’s Wall Street Speeches Have Leaked. No Wonder She Didn’t Want Them to Get Out. (Slate)

Big Food Strikes Back: Why Did the Obamas Fail to Take On Corporate Agriculture? (The New York 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.

Friday, October 7, 2016

Friday roundup (10-07-2016)

Europe May Finally End Its Painful Embrace of Austerity (The New York Times)

French budget deficit widens (Marketwatch)

U.S. job growth slows; markets bet on December rate hike (Reuters)

FEC Must Investigate Unprecedented Violations of Campaign Finance Laws by Clinton, Trump (The Campaign Legal Center)

Here's What Closing Sears and Kmart Would Look Like (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, October 6, 2016

Thursday roundup (10-06-2016)

ECB signals intention to push on with stimulus as growth sluggish (Reuters)

Deutsche Bank Said to Weigh Capital-Raising Options With Banks (Bloomberg) Deutsche Bank’s Long Shadow: The German bank's crisis will have serious effects on the eurozone. (US News & World Report)

Deutsche Bank is cutting 1,000 extra jobs in Germany (The Business Insider)

Nobel laureate Stiglitz sees Italy, others leaving euro zone in coming years (Reuters)

[United States] Senators Call for Criminal Investigation of Wells Fargo (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, 10-06-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to 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 fell by 5,000 to 249,000 at the end of September, showing an extremely low level of layoffs ..." (Marketwatch)

The US job market hasn't looked this good since the 1970s (The Business Insider)

Weekly Initial Unemployment Claims decline to 249,000, 4-Week Average Lowest Since 1973 (Calculated Risk blog)

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, October 5, 2016

Wednesday roundup (10-05-2016)

Quote of the Day:

"In terms of the average pace of GDP growth, this is the slowest expansion on record." -- Lakshman Achuthan, co-founder of the Economic Cycle Research Institute (CNNMoney)

Global Inflation Falls to Seven-Year Low: Big drops in the largest and most populous developing economies, particularly China and India (The Wall Street Journal)

Global debt hits all-time high of $152 trillion as IMF warns of world-wide economic stagnation (The Telegraph)

Forget too-big-to-fail, new concern is that many banks are too-weak-to-survive: Firms with over $11 trillion in assets would remain troubled even if interest rates rise, IMF says in new report (Marketwatch)

Euro zone business growth at 21-month low in September (Reuters)

Deutsche Bank Brings Too-Big-to-Fail Quandary Home to Merkel (Bloomberg) How Deutsche Bank Could Trigger a Global Financial Crisis (etfDailyNews)

Keiser Report: Haters or Losers (E974) [interview with Christopher Whalen] (Youtube)



Cypress Semiconductor to cut 8% of workforce [= about 500 jobs] (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, October 4, 2016

Tuesday roundup (10-04-2016)

IMF cuts forecast for U.S., advanced economies (USAToday)

Eurozone Producer Prices Fall in August: Fall suggests inflationary pressures remain weak (The Wall Street Journal) Disappointing Eurozone Producer Prices Underline ECB's Inflation Challenge: August producer prices slip more than expected, with energy prices leading the decline. (TheStreet)

EU appeals to Greece to meet bailout conditions by Monday (The Associated Press) EU Commission would like Greek debt deal by year-end (Reuters) FinMin sees dire consequences if there is no debt deal by year-end (eKathimerini)

Deflation sticking around grocery, headed to restaurants [in the United States] (SupermarketNews)

Ericsson to Cut 3,000 Jobs in Sweden as Network Demand Wanes [-- rumor posted here yesterday indicated 4,000 job losses were possible] (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.

Monday, October 3, 2016

Monday roundup (10-03-2016)

Negative-Yielding Bonds Jump to Almost $12 Trillion (Bloomberg)

China's bad-debt ticking time bomb (Nikkei)

This ‘bubble blind’ Fed is going to trigger another brutal recession [in the United States] (CNBC)

[Dutch bank] ING plan to cut 7,000 jobs, spend on digital draws union ire (Reuters) European Banks Cutting 20,000 Jobs as ING Joins Commerzbank (Bloomberg)

Ericsson 'to cut up to 4,000 jobs in Sweden' (Agence France Presse)

     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, October 2, 2016

Sunday roundup (10-02-2016)

Germany's Merkel cannot afford to bail out Deutsche Bank: media (Reuters) Some Deutsche Bank Clients Unable To Access Cash Due To "IT Outage" (ZeroHedge blog)

Chinese authorities need to guard against bad debt crisis (The Telegraph)

Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades [in the United States], The Times Found (The New York Times) The most shocking part of Donald Trump’s tax records isn’t the $916 million loss everyone’s talking about (The Washington Post blogs) Trump Foundation lacks the certification required for charities that solicit money (The Washington Post) HOW DONALD TRUMP’S COMPANY VIOLATED THE UNITED STATES EMBARGO AGAINST CUBA (Newsweek)

     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, October 1, 2016

Saturday roundup (10-01-2016)

It’s not just Deutsche. European banking is utterly broken (The Telegraph) The eurozone needs to get a grip of its banking crises (The Independent)

Deutsche Bank Charged Over Paschi Accounts as Legal Hits Mount (Bloomberg) Milan court orders trial over Monte dei Paschi trades: legal sources (Reuters)

[Germany's] Volkswagen reaches $1.2 billion settlement with U.S. dealers over emissions scandal (The Los Angeles Times) Inside the Lab That Smoked Out VW’s Emissions Scheme (Bloomberg)

[In the United States,] Illinois, Chicago should declare bankruptcy to fix fiscal woes, ex-FDIC chief says (Rock Island Today)

September 2016: Unofficial Problem Bank list declines to 177 Institutions, Q3 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.