Wednesday, November 30, 2016

Wednesday roundup (11-30-2016)

Italian banks hold nearly a third of euro zone's bad loans - ECB (Reuters)

[United States President-elect Donald] Trump announces he will leave business ‘in total’ — leaving open how he will avoid conflicts of interest (The Washington Post) Trump faces challenges in separating from business: legal experts (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, November 29, 2016

Tuesday roundup (11-29-2016)

How Italy’s referendum could spark a ‘systemic crisis’ in the eurozone: Italian banking sector set for new crisis, analysts warn (Marketwatch) Will Italy provoke a systemic financial crisis afterDecember 4? (The Huffington Post)

The Italian referendum result could be the beginning of the end for the eurozone: Italy was going to be in trouble again sooner or later. It was merely a matter of time, and the timing was never going to be good. Europe’s leaders should have taken evasive action months ago [Editorial] (The Independent) Chance of Italy leaving euro zone hits four-year high: survey (Reuters)

Italy's banks might need a €52 billion bailout (The Business Insider)

Failure to conclude bailout review main risk for Greek economy - cenbanker (Reuters)

Britain's borrowing binge continues as credit card debt hits record high (The Telegraph) Brexit hasn't hit Britain's 'appetite for debt': Buyers return to market as mortgage approvals recover in October (This is Money)

India's 'economic miracle' is built on debt, dispossession and now, monetary destruction (Ecologist)

Debt, interest rates and financial repression by Carmen M. Reinhart (Nikkei Asian Review)

[United States President-elect Donald] Trump is meeting with an ex-bank CEO who wants to abolish the Federal Reserve and return to the gold standard (The Business Insider)

Surprise: Trump’s Advisor on Wall Street Regulations is a Longtime Swamp-Dweller: Trump’s transition advisor for financial regulations works for a firm that is emblematic of the Washington revolving door. (Pro Publica)

Airbus Group to cut net total of 934 jobs (Reuters)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, November 28, 2016

Monday roundup (11-28-2016)

Growth stalling would be biggest risk to Europe's economy: ECB's Draghi (Reuters)

ECB’s Mario Draghi Warns of Risks of Prolonged Low Interest Rates: A lengthy period of low rates has created ‘fertile terrain’ for financial-market risks, the central bank chief says (The Wall Street Journal)

Greece Needs Debt Relief, Eurozone Central Banker Says (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, November 27, 2016

Sunday roundup (11-27-2016)

Italy Defies EU Imposed Austerity With Brussels-Baiting Budget (Agence France Presse)

Fears of multiple bank failures if Renzi loses referendum: Millions who face losses under EU ‘resolution’ system to decide prime minister’s fate (The Irish Times) Tens of thousands march in Rome to protest constitutional reforms put forward by embattled Italian premier Matteo Renzi (The Telegraph)

China's property frenzy and surging debt raises red flag for economy: Outstanding loans have risen sharply to 40% of GDP but analysts fear the end of the credit binge could trigger a crisis for the wider world (The Guardian)

[In the United States,] Wells Fargo seeks arbitration order in customer lawsuit (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.

Saturday, November 26, 2016

Saturday roundup (11-26-2016)

Kyle Bass on negative interest rates and gold [FoxBusiness via] (Youtube)



ECB's Coeure: Vital that Greece's bailout succeeds, fourth is not an option (Reuters) EU's Moscovici says Greek bailout review progressing well (Reuters)

Italy is poised to become next country to reject the establishment as shock poll finds referendum protest vote [on Dec. 4] is poised to beat the government (The Daily Mail)

November 2016: Unofficial Problem Bank list [in the United States] unchanged at 173 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, November 25, 2016

Friday roundup (11-25-2016)

Italy's vote could spark fresh eurozone financial crisis, warns European Central Bank: GROWING populism within the eurozone - and sweeping in from the Atlantic - could have devastating consequences for the bloc's future, the European Central Bank (ECB) has warned. (The Express) Italy votes, OPEC meets as risks keep coming (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, November 24, 2016

Thursday roundup (11-24-2016)

The Termination of Cash Approaching Rapidly by Martin Armstrong (Armstrong Economics blog)

ECB sees rising risks to euro zone financial stability, watching for Italian vote fallout (Reuters)

Austerity Rules Brexit Britain as Hammond Refuses to Splurge (Bloomberg)

How Donald Trump, debt and slowing construction industry threatens China’s economy (News AU) Why Trump’s Policies Will Probably Result in a Trade War with China (ZeroHedge blog)

Airbus Poised to Cut 1,000 Jobs in Drive to Streamline Business (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.

Wednesday, November 23, 2016

Wednesday roundup (11-23-2016)

These countries are saddled with the most debt per person, in one chart (Marketwatch)

Europe is shaking up its banking industry and post-Brexit Britain could get frozen out (The Business Insider) EU Commission proposes adopting global rules on bank capital, with tweaks (Reuters)

UK debt set to climb to levels not seen since 1964 following Brexit vote (CNBC) Britain’s debt mountain set to hit £2 trillion in the 2020s (The Telegraph)

U.K. Shelves Austerity in First Spending Plan Since ‘Brexit’ Vote (The New York Times)

Singapore Consumer Prices Remain in Deflation (Dow Jones Newswires) Is Singapore's economy headed for a technical recession? (CNBC)

China’s economic problems will come to a head in 2017: Faced with a heavy debt load, the Asian nation would find it difficult to absorb an eternal shock such as a U.S. trade war (Marketwatch)

These new plans for bank reforms in Europe could hit Wall Street lenders (CNBC)

     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, 11-23-16)

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 Americans who applied for unemployment benefits in mid-November leapt 18,000 to 251,000, but the increase comes just one week after initial claims fell to 43-year low in a reflection of a sharply improved labor market." (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.

Tuesday, November 22, 2016

Tuesday roundup (11-22-2016)

Greece to continue bailout talks, aiming to finish before December 5 (Reuters)

Over 1 in 5 Brazilians are jobless or underemployed in recession (Reuters)

Infrastructure spending: Economic panacea or debt enslavement for future generations? (The Financial Post)

     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, November 21, 2016

Monday roundup (11-21-2016)

Citi and JP Morgan top regulators' list of [global] banks posing systemic risk: HSBC and Barclays move down Financial Stability Board’s rankings, meaning they are required to hold less capital (The Guardian)

Former CEO Of UBS And Credit Suisse: "Central Banks Are Past The Point Of No Return, It Will All End In A Crash" (ZeroHedge blog)

The Big Short: is the next financial crisis on its way?: Steve Eisman saw the last crash coming and was portrayed in an Oscar-winning film. Now he believes Europe’s banks, especially Italy’s, are at risk (The Guardian)

Donald Trump victory shows power is slipping from the hands of 'the elites': France's Le Pen (CNBC)

The other PM set to lose his job after calling a referendum: Italy's December vote spells trouble for Matteo Renzi (This is Money)

Thankful for Deflation: Thanksgiving Dinner Price Drops [in the United States]: Thanksgiving dinner prices, on average, are expected to be cheaper than a year ago (The Wall Street Journal 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.

Sunday, November 20, 2016

Sunday roundup (11-20-2016)

UK's Hammond says budget options constrained by high debt (Reuters)

Rio Tinto cuts WA iron ore jobs, 500 expected to go (ABCOnline)

     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, November 19, 2016

Saturday roundup (11-19-2016)

Archbishop of Canterbury claims 'corruption and bureaucracy' in the EU have impoverished member countries with Greece being the 'clearest example' (The Daily Mail)

Bruegel Institute Chief: 4th Bailout Seems Inevitable for Greece (Greek Reporter)

[United States] Bank regulator imposes tighter restrictions on Wells Fargo: A federal banking regulator has imposed tighter restrictions on Wells Fargo & Co., requiring the banking giant to get advance approval from regulators before making a wide range of business decisions (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.

Friday, November 18, 2016

Friday roundup (11-18-2016)

Eurozone Recovery Remains Reliant on ECB Stimulus, Says Mario Draghi: President sends strong signal that the bank is likely to extend its easy-money policies next month (The Wall Street Journal)

Bank sector regulation should not be rolled back: Draghi (Reuters)

The Guardian view on India’s demonetisation: Modi has brought havoc to India (The Guardian) India's Rs 500 And 1,000 Demonetization Is Lowering Interest Rates And Also Inflation (Forbes) What India Did — Other Countries Will Do — BEWARE by Martin Armstrong (Armstrong Economics blog)

[United States President-Elect Donald] Trump’s National Security Choices Reinforce His Unapologetic Views on Terrorism (The New York Times)

Walmart has another bad quarter, thanks to food deflation (The New York Post)

Volkswagen to cut 30,000 jobs (Reuters) Volkswagen axes 30,000 jobs as it bids to recover from emissions cheating scandal: Car maker is grappling with huge car industry changes and a $15bn fine over Dieselgate (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, November 17, 2016

Thursday roundup (11-17-2016)

Europe at risk of collapse; France, Germany must lead - French PM (Reuters)

Who rules? Euro zone budget tensions surface (Reuters) Italy won't bend budget plan for EU, says Renzi advisor (Reuters)

EU bail-in inappropriate for systemic banking crisis: Juncker aide (Reuters)

THE EU’S MELTDOWN OVER TRUMP: European leaders fear a similar revolt of ‘deplorables’ over here. (spiked) Trump ideology may be echoed in fractured EU: Cohesion of European Union to face pressure in looming elections and referendums (The Irish Times)

Yellen: Rate hike [in the United States] 'appropriate relatively soon,' cites dangers in waiting (CNBC)

If Trump and Republicans dismantle Dodd-Frank, they’ll have many more problems to solve [Editorial] (The Washington Post)

After Running On Economic Populism, Republicans Want To Destroy The Consumer Financial Protection Bureau [proposed and established by Elizabeth Warren]: Business groups and congressional Republicans have yet to get the memo on Donald Trump’s swamp-draining agenda. (The Huffington Post) Americans could lose this important consumer watchdog under Donald Trump [Nov. 11] (The Washington Post)

Shortfalls grow for the insurance fund protecting millions of pensions (The Washington Post)

Falling food prices, warm weather hurt Wal-Mart sales (Reuters)

Pennsylvania government goes deeper in debt to treasury [= another $600 million] (The Associated Press)

AOL is laying off 500 employees in a restructuring with focus on mobile, data and video: There will be more changes next year if the deal to buy Yahoo is completed. (recode)

     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, 11-17-16)

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.)

"Initial jobless claims fell by 19,000 to 235,000, the government said Thursday." (Marketwatch)

Weekly Initial Unemployment Claims decrease to 235,000, 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, November 16, 2016

Wednesday roundup (11-16-2016)

EU Cracks Budget Whip Over Italy, Spain, France (Dow Jones Newswires) EU warns eight nations on budget deficit (The BBC)

Euro zone break-up fears back on the table with Italy expected to reject reforms (CNBC)

Germany rejects debt relief for Greece after Obama offers support (Reuters) Eurogroup to discuss debt relief for 'committed' Greece: Dijsselbloem (Reuters)

[In the United States,] Trump Team Continues to Prod JPMorgan’s Dimon to Accept Treasury Secretary Appointment (FoxBusiness) Billionaire investor Ross said to be Commerce pick (Politico)

Steve Bannon could be Wall Street's worst enemy (CNBC) This Is How Steve Bannon Sees The Entire World: The soon-to-be White House chief strategist laid out a global vision in a rare 2014 talk, one where he said racism in the far right gets “washed out” and called Vladimir Putin a kleptocrat. BuzzFeed News publishes the complete transcript for the first time. (BuzzFeed)

Fed's Kashkari unveils plan to tackle 'too big to fail' banks and funds (Reuters)

STATE OF ILLINOIS’ PENSION DEBT JUMPS TO $130 BILLION (Illinois Policy)

Illinois sees $13 billion bill backlog, $5 billion budget deficit in 2017 (Reuters)

State [of Connecticut] facing $1 billion budget deficit, but governor doesn’t expect big tax increases (Fox61)

First Solar to slash a quarter of workforce [= about 1,600 layoffs], expects $500 million in charges (Marketwatch)

Alarming Levels of Glyphosate Found in Popular American Foods (EcoWatch) Glyphosate: Unsafe on Any Plate (Food Democracy Now)

     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, November 15, 2016

Tuesday roundup (11-15-2016)

Dollar rise a threat to global financial stability: BIS (Reuters)

ECB's Constancio warns of political, economic risk from Trump's win (Reuters) ‘Trump's win poses DEADLY RISK to eurozone’ - Shock warning from European Central Bank: THE fragile eurozone could be blown apart by the economic policies of president-elect Donald Trump, the European Central Bank (ECB) has warned. (The Express)

[In the United States,] Ethics watchdogs call on Donald Trump to sever business ties (USAToday) Trump’s ‘blind trust’ is neither blind nor trustworthy by Richard Painter and Norman Eisen, former chief White House ethics lawyers for George W. Bush and Barak Obama, respectively (The Washington Post)

[Norway's] Postal service to cut another 550 jobs (News in English)

Boeing to cut 500 jobs in defence and space unit (Reuters)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, November 14, 2016

Monday roundup (11-14-2016)

This $30 billion hedge fund thinks that the EU could be close to a 'very painful' unravelling (The Business Insider)

Greece, Seeking Dose of Stability, Is Rattled by Trump’s Win (The New York Times)

Velocity of Trump-fueled Treasury selloff [following United States presidential election] has Wall Street spooked: Société Générale highlights the risks of a bond crash in 3 charts (Marketwatch) Trump dump of $1 TRILLION sparks knock-on fears for Italy and Portugal: EUROZONE disaster economies Italy and Portugal are facing a fresh financial crisis, after Donald Trump's win pushed up the cost of borrowing for the fragile countries. (The Express)

Trump’s Presidency Raises Questions on the Future of Wall St. Regulation (The New York Times blogs)

Fear rises that Bannon could bring the ‘alt-right’ into White House: Trump’s decision to appoint the Breitbart executive his chief strategist stokes warnings across the political spectrum. (Politico)

     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, November 13, 2016

Sunday roundup (11-13-2016)

Barack Obama calls for 'meaningful debt relief' for Greece: US president says it is in world’s interest for Greece to stay in eurozone and praises EU as ‘one of greatest political and economic achievements of modern times’ (The Guardian)

[United States President-Elect Donald] Trump Taps Reince Priebus As Chief Of Staff, Steve Bannon As Chief Strategist (National Public Radio)

     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, November 12, 2016

Saturday roundup (11-12-2016)

[United States President-elect] Donald Trump is about to face a rude awakening over Obamacare (The Washington Post blogs) GOP feuds over how to kill Obamacare: Some want a quick end, while others fear throwing 20 million people off their coverage virtually overnight. (Politico) Republicans To Attack Obamacare Through Regulation: “We could confirm someone on Jan. 20 who could come in immediately and could be working right now on rewriting rules and regulations.” (The Huffington Post)

     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, November 11, 2016

Friday roundup (11-11-2016)

Fears over global populist revolt push up Italy's debt costs (Reuters)

The Taming of [US President-elect Donald] Trump by Nouriel Roubini (Project Syndicate)

Trump outreach to Dimon for Treasury job may fall on deaf ears (Reuters)

State rep: Everything on the table for Dallas Police and Fire Pension fixes if city, system fail to agree (DallasNews) Texas the Pension Crisis Exposed by Martin Armstrong (Armstrong Economics 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.

Thursday, November 10, 2016

Thursday roundup (11-10-2016)

German FinMin urges reduction of high global debt levels (Reuters)

Trouble Ahead for the Global Economy (The American Enterprise Institute)

For Europe, Trump’s Election Is a Terrifying Disaster (The New York Times)

U.S. voters want leader to end advantage of rich and powerful: Reuters/Ipsos poll (Reuters) David Stockman: "The Jig Is Up: America’s Voters Just Fired Their Ruling Elites" by David Stockman (ZeroHedge blog)

Donald Trump's transition team unveils official website, Twitter account (CBSNews) Great Again (GreatAgain)  Transition 2017 (Twitter)

What Trump Means for the Economy: Donald Trump and congressional Republicans will be able to pass an agenda that puts middle-class Americans at risk. by Simon Johnson (Moyers & Company)

Liberal Warren throws down gauntlet to President-elect Trump (Reuters) Acceptance and Response (Calculated Risk blog)

Donald Trump advisors consider [JPMorgan CEO] Jamie Dimon for treasury secretary: Sources (CNBC)

Why Donald Trump's Election Is The Best Thing That's Happened For Banks In Years (Forbes) Warren Says She Would Work With Trump on Bank-Industry Policies (Bloomberg)

Trump’s conflicts of interest are without precedent in American presidential history (The Washington Post blogs) Trump's business empire poses unprecedented potential conflicts of interest (Reuters) Ethics laws don’t require Trump to give up control of his ‘unprecedented’ portfolio: President-elect Trump has no legal requirement to give up control of his business interests (Marketwatch)

Why We Need a New Democratic Party: The Democratic Party hasn't lived up to its promises to the working class for years. It's time to fix this. by Robert Reich (Moyers & Company)

     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, 11-10-16)

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 in early November fell by 11,000 to 254,000 and touched a one-month low, keeping the rate of layoffs near the lowest levels in decades." (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, November 9, 2016

Wednesday roundup (11-09-2016)

EU Slashes Growth Forecasts (Bloomberg)

EU Commission forecasts Italy to break deficit, debt targets (Reuters)

Spain's new government struggles to draw line under political paralysis (Reuters)

Trump's Election Gives Hope to Europe's Far Right (National Public Radio) Le Pen Says Trump Victory Bodes Well for Election in France (Bloomberg)

Islamist extremists celebrate Trump’s election win (The Washington Post)

Donald Trump's victory is nothing short of a revolution: An era that stretches back to Roosevelt has come to an end. America’s lawmakers must resist falling into line, and challenge the new administration at every turn (The Guardian) Donald Trump Is Elected President in Stunning Repudiation of the Establishment (The New York Times) AN AMERICAN TRAGEDY (The New Yorker)

Q&A: What does Donald Trump’s Presidential victory mean for the economy? (The Telegraph)

U.S. Faces a Startling New Political Reality After Donald Trump’s Victory (The New York Times) Trump Confounds The Pros, Connects With Just The Right Voters (National Public Radio) How Trump won: The revenge of working-class whites (The Washington Post blogs) Six reasons why Donald Trump won the White House (The Sacramento Bee) Donald Trump’s election spells doom for Barack Obama’s legacy (Quartz)

Here Is What Donald Trump Wants To Do In His First 100 Days (National Public Radio) Trump election raises big questions for ObamaCare, immigration, Supreme Court (FoxNews) Factbox: Top goals for President Trump, hurdles in front of him (Reuters)

Republicans keep control of Congress (CNN) Democratic Party in crisis: ‘It could get worse before it gets better,’ says one senior Dem aide. (Politico)

GM to lay off 2,000 workers at two U.S. plants due to slowing sales (Reuters)

Lloyds Banking Group to close 49 branches and cut 665 jobs: Mobile vans being launched to visit affected communities but unions say reductions will have impact on customers (The Guardian)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, November 8, 2016

Tuesday roundup (11-08-2016)

The Road to Ruin by James Rickards - Book Summary (Youtube)



Debt: Use It Wisely [The International Monetary Fund via] (The Big Picture blog)

Italy row with Brussels escalates, PM lashes 'diktats' (Agence France Presse) ‘Italy must obey’ Juncker threatens Italian PM as he scrambles to hold failing EU together: BRUSSELS bigwigs have warned Italy to respect pacts with the eurozone after the nation’s Prime Minister chose to support earthquake sufferers instead of balancing its books under EU regulations. (The Express)

Portugal still has work to do to boost our credit ratings: Economy minister (CNBC)

There's a £1.5 trillion reason why [Bank of England governor] Mark Carney cannot raise interest rates any time soon (The Business Insider)

Bank of England sets new rules to end bank bailouts (Reuters)

In Surprise Move, India Voids 500 And 1,000 Rupee Bills To Fight Corruption (National Public Radio)

Fed’s Evans says not confident U.S. central bank will hit its 2% target: Chicago Fed President Evans says December interest rate hike looks reasonable (Marketwatch)

Fate of 'too big to fail' rule and Sen Warren's consumer watchdog riding on Senate outcome (CNBC)

Elizabeth Warren Isn't the Only Risk to Bankers in a Democratic Senate: Sherrod Brown would take the helm of the Banking Committee if Democrats retake the Senate, a real possibility that poses a high risk to the biggest U.S. financial institutions. (TheStreet)

UK cheque clearing firm iPSL to cut jobs; union says 600 at risk (Reuters)

Why You Should Care About ‘Big Ag’ Companies Getting Bigger (Flatland 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, November 7, 2016

Monday roundup (11-07-2016)

The Eurozone IS at risk of collapse, admits its 'founding father' because too many economic basket cases have been allowed to join (The Daily Mail)

Warning as household debts [in the UK] rise to top £1.5 trillion (The BBC)

Whether Democrats or Republicans take the [United States] election on Nov. 8, Elizabeth Warren wins (Quartz)

Nikon to cut 1,000 jobs in Japan (Nikkei Asian Review)

     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, November 6, 2016

Sunday roundup (11-06-2016)

Euro founding father Otmar Issing warns about project's future: A founding father of monetary union has given a damning assessment of the euro bloc, saying that not incorporating an exit strategy was a mistake. (The BBC)

Volkswagen Emissions Scandal Inquiry Widens [in Germany] to Top Levels (The New York Times)

Greek prime minister reshuffles cabinet to boost bailout reforms: Alexis Tsipras says time has come to speed up measures agreed with the country’s international creditors (The Guardian)

Is China Repeating Japan’s Missteps?: Beijing may seem dynamic, but it’s heading down a path we’ve seen before. (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.

Saturday, November 5, 2016

Saturday roundup (11-05-2016)

How a Pillar of German Banking Lost Its Way: For most of its 146 years, Deutsche Bank was the embodiment of German values: reliable and safe. Now, the once-proud institution is facing the abyss. SPIEGEL tells the story of how Deutsche's 1990s rush to join the world banking elite paved the way for its own downfall. (Spiegel Online)

As China’s Economy Slows, a Look at What Could Happen [Oct. 18] (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, November 4, 2016

Friday roundup (11-04-2016)

Spain's new government vows to stick to deficit target (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.

Thursday, November 3, 2016

Thursday roundup (11-03-2016)

Forget America's Presidential Circus, A Crisis Is Brewing In Europe (Forbes)

‘Brexit’ Will Require a Vote in Parliament, U.K. Court Rules (The New York Times)

Bank of England drops planned UK interest rate cut (euronews)

Whoever becomes U.S. president will need to stop digging deeper into debt (The Globe and Mail of Toronto)

Fed will have little room to cut interest rates if recession hits: The US central bank should look at options including negative rates and higher inflation targets to stimulate the economy by Kenneth Rogoff (The Guardian)

CVS Health to cut 600 jobs: Cuts will come from corporate offices in Rhode Island, Illinois and Arizona over the next two months [The Wall Street Journal via] (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.

Is it a recovery yet? (Weekly report, 11-03-16)

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 at the end of October rose by 7,000 to a three-month high of 265,000, but the rate of layoffs in the U.S. remains extremely 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, November 2, 2016

Wednesday roundup (11-02-2016)

Italy's Renzi says will hike deficit if needed for earthquake relief (Reuters)

Over half a million in UK have their debt written off over 'unfair practices': Motormile pulled up by City watchdog for the way it pursued customers for recovering payday and car finance debts (The Guardian)

China debt risks stoke internal debate over lowering 2017 growth goal (Reuters)

Marvell Technology to cut 900 jobs, sell assets (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, November 1, 2016

Tuesday roundup (11-01-2016)

High public debt and the future [in the United States] (WIVB)

Thomson Reuters Cuts 2,000 Jobs Worldwide in Restructuring (Bloomberg)

Frontier [Communications] to cut 1,000 jobs nationwide (WHEC)

     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.