Tuesday, June 13, 2017

Tuesday roundup (06-13-2017)

Global credit crunch WARNING issued on debt bubble as current trends mirror 2008 crash: WARNING signals have been felt today after a key credit indicator mirrored the same pattern experienced ahead of the financial crisis of 2008, in a eerie sign that the global economy is heading for another downturn. (The Express)

France at 'extremely high risk' of MISSING deficit target warns French PM: FRANCE is likely to miss its deficit target for this year because of the previous government's lax spending, prime minister Edouard Philippe said. (The Express)

One in 10 in serious debt [in the UK] 'have no bed' (The BBC)

[In the United States,] Trump disapproval rating hits new high in daily Gallup poll (CNBC)

Lost in the Trump chaos: House Republicans vote to gut financial protections: Dangerous moves to unravel post-crisis financial protections cannot break through the Trump scandal bubble (MediaMatters) Elizabeth Warren: 'Too Big to Fail Banks' Now Even Bigger (The Wall Street Journal blogs)

Trump knocks House health care bill as too harsh: The president offered no detailed directives, but pressed for a deal. (Politico) Republicans are closer to killing ObamaCare than you think (TheWeek) [versus] Senate GOP reins in expectations for killing Obamacare: Some Republican lawmakers are growing worried about their tight time frame for overhauling health care. (Politico) Senate GOP won't release draft health care bill ["We aren't stupid"] (Axios)

11 States Sue Trump's DOE Over Stalled Energy-Use Limits: New York, California and nine other states are suing the Trump administration over its failure to finalize energy-use limits for portable air conditioners and other products. (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.

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