Monday, April 10, 2017

Monday roundup (04-10-2017)

French and Italian populists unprepared for trauma of euro exit: Paris or Rome leaving the currency would trigger a massive default by Wolfgang M√ľnchau [The Financial Times via] (The Irish Times)

Brussels SHOULD have punished Spain and Portugal for debts, says ECB: SPAIN and Portugal shouldn't have been let off the hook by Brussels after breaking economy rules that are in place to prevent a financial crisis, according to the European Central Bank. (The Express)

Gorsuch sworn into [the United States] Supreme Court, restores conservative tilt (The Associated Press) The Conservative Pipeline to the Supreme Court: With the Federalist Society, Leonard Leo has reared a generation of originalist élites. The selection of Neil Gorsuch is just his latest achievement. (The New Yorker)

4 senators have introduced a bill that could dramatically change the way Wall Street works [April 8] (The Business Insider)

Wells Fargo Rehires About 1,000 Staff in Wake of Account Scandal (Bloomberg)

‘People Just Flat-Out Lie’: Andrea Mitchell’s covered seven White Houses. Then came Trump. ‘I’ve never seen anything like this,’ she tells The Global Politico. (Politico)

Aerojet Announces Plans to ‘Relocate or Eliminate’ 1,100 Jobs in Sacramento (Sacramento Business Journal)

Raiffeisen plans to cut up to 950 jobs in Poland by end-2019 (Reuters)

2 Sisters [Food Group in the UK] plans 630 job cuts at ‘ageing’ chicken site (Food Manufacture)

     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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