Wednesday, January 4, 2017

Wednesday roundup (01-04-2017)

Total global debt tops 325 pct of GDP as government debt jumps: IIF (Reuters) Global debt surges in 2016, faces rising interest: IIF (Agence France Presse)

Harvard Academic Sees [Global] Debt Rout Worse Than 1994 ‘Bond Massacre’ (Bloomberg)

'The EU will COLLAPSE in 2017' Shock warning from expert who predicted Brexit AND Trump: A PROFESSOR who foresaw Brexit and Donald Trump winning the US election has made another incredible prediction – the end of the EU in 2017. (The Daily Star) The EU is the 'biggest risk out there' – strategist warns of dangers of bloc's COLLAPSE: THE fall of the European Union is the "biggest risk" to the world's financial markets, a leading European strategist has warned. (The Express) Euro collapse by 2022: Member state WILL leave currency within five years, experts say: THE euro is at increasing risk of a bombshell exit by a member country, which could tip the single currency into meltdown, according to leading experts. (The Express)

Italy sees annual deflation for first time since 1959 (The Local)

UK credit binge approaching levels not seen since 2008 crash: Debt charities issue warning to government after unsecured consumer credit grew at fastest rate in more than 11 years (The Guardian) British shoppers splurge as debt grows at fastest pace since boom year of 2005 (The Telegraph) Warning as credit card debt hits a £66.7bn high: Families borrowing growing at the fastest rate for 12 years (The Daily Mail)

Final salary pension deficit of biggest listed firms in UK 'hits £137bn': Consultancy says combined deficit has trebled from £39bn in previous year despite stock market ending year on high (The Guardian)

[In the United States,] Illinois ends 2016 with $11 billion in unpaid bills (Madison-St. Clair Record)

Macy's is closing 68 stores, cutting 10,000 jobs (CNNMoney)

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

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