Thursday, August 10, 2017

Thursday roundup (08-10-2017)

REVEALED: Shock graph showing just how ECB has propped up DEBT ADDICTED Eurozone: THE eurozone has built up a dangerous addiction to debt, which is laid bare in a stark graph of the European Central Bank's (ECB) balance sheet. (The Express)

This Is What European Diplomats Really Think About Donald Trump: Interviews with six top officials paint a picture of a president who is regarded even by allies as erratic and limited, and whose shortcomings are compounded by the ongoing chaos beneath him in the White House. (BuzzFeed)

‘We’re at tipping point’ Italian MEP warns migrant crisis bringing EU to brink of collapse: A SENIOR Italian politician has warned that the European Union is once again hurtling towards the brink of collapse because of the renewed migration crisis and Brussels’ failure to effectively manage it. (The Express)

The euro zone’s third largest economy [= Italy] is causing major headaches for investors — and it might get a lot worse (CNBC)

[In the United States,] Trump reiterates warning to N. Korea: ‘Fire and fury’ may not have been ‘tough enough’ (The Washington Post) Deep Divisions Emerge in Trump Administration as North Korea Threatens War (The New York Times)

Trump Praises Putin Instead of Critiquing Cuts to U.S. Embassy Staff (The New York Times) Trump thanks Putin for expelling U.S. diplomats, infuriating State Department (Politico)

Trump couldn’t have picked a dumber fight [than with Senate Majority Leader Mitch McConnell] (The Washington Post blogs) Donald Trump is messing with the wrong man if he wants a legislative win (CNN)

With Bank Subpoenas, Mueller Turns Up the Heat on Manafort (Bloomberg) Former prosecutors: The FBI's raid of Paul Manafort's home was a clear sign they don't trust him (The Business Insider)

Trump’s Legal Team Is No Match for Mueller’s (Bloomberg Businessweek)

The debt ceiling train wreck [Editorial] (The Baltimore Sun)

Trump says he will declare opioid crisis a ‘national emergency’: 'We're going to spend a lot of time, a lot of effort and a lot of money on the opioid crisis,' Trump said Thursday. (Politico) Trump says opioid crisis is a national emergency, pledges more money and attention (The Washington Post)

The Congressional Map Has A Record-Setting Bias Against Democrats: And it’s not just 2018. (FiveThirtyEight)

Thousands of Asda workers face redundancy or reduced hours: UK’s third-largest supermarket targets staffing levels to cut costs after worst annual results since Walmart takeover (The Guardian)

South Jersey Company [Mortgate Lender PHH Corp.] Plans to Cut 2,250 Jobs (Philadelphia Business Journal)

     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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