Monday, June 26, 2017

Monday roundup (06-26-2017)

World heading for financial crash as China on verge of ‘boom gone wrong’: A GLOBAL financial crash is brewing as China and other emerging markets are binging on debt, the world's central bank watchdog has warned. (The Express)

The Next Recession: We Are Witnessing The Largest Twin Bubbles In History (Forbes)

France to make public spending cuts as 2017 deficit to exceed 3 percent: finance minister (Reuters)

Italy bank rescue divides Europe (Reuters) Italy bank bailout anger as EU has 'one rule for Rome and another for others': ITALY will be allowed to break official European Union rules and stump-up billion of pounds worth of taxpayer cash for crumbling lenders to prevent a full-scale banking crisis. (The Express) Italy's Latest Bank Bailout Has Created A Two-Speed Eurozone (Forbes) Italy agrees to €17bn bailout of two more banks in biggest ever rescue plan: Depositors were at risk so the state had to stop in to to save Banca Popolare di Vicenza and Veneto Banca, Prime Minister Paolo Gentiloni said (The Independent) If you want something to worry about with a shorter fuse, watch Italy: Banks and government can’t bail each other out (Asia Times)

[The United States] Supreme Court Will Hear Travel Ban, Which Is Partly Reinstated (The New York Times) Supreme Court just handed Trump a huge victory on travel ban (CNBC) [versus] ACLU: Supreme Court decision allows for ‘only the narrowest’ travel ban (The Washington Post)

22 million fewer Americans insured under Senate GOP bill (CNNMoney) American Medical Association Comes Out Against Senate O’care Repeal Bill (Talking Points Memo)

Three GOP senators to vote against taking up healthcare bill without changes [= Susan Collins, Dean Heller, and Rand Paul] (The Hill)

Koch-backed group calls health fight in Congress 'humbling' (Politico)

John Dean: Frightened Trump Is In Over His head [The Verdict via] (Newsweek)

Where Trump Zigs, Tillerson Zags, Putting Him at Odds With White House (The New York Times)

Pennsylvania budget deadline looms with no clear way to bridge $3 billion deficit (The Morning Call)

     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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