Countdown to Financial Armageddon
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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
Curated by Nick Laight
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The Danger of Systemic Collapse Is Far Greater Today Than at Almost Any Time Since the Debt Crisis Began

The Danger of Systemic Collapse Is Far Greater Today Than at Almost Any Time Since the Debt Crisis Began | Countdown to Financial Armageddon | Scoop.it

The European Union is the biggest economy in the world — close to $15 trillion in GDP. When it sinks, so does the U.S. and much of the world.

European banks are roughly THREE times larger than U.S. banks. When they’re forced to cut their lending drastically, global capital shortages hit hard.

Most frightening of all, the U.S. has committed most of the same mistakes as Europe — the same kind of massive debts, deficits, and failed bailouts.

And now the European Union is crumbling, threatening a systemic collapse far larger than the near meltdown witnessed in the wake of the Lehman Brothers collapse in 2008.

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US Debt committee: Why $1.2 trillion isn't enough to stop the accumulated debt from growing faster than the economy

US Debt committee: Why $1.2 trillion isn't enough to stop the accumulated debt from growing faster than the economy | Countdown to Financial Armageddon | Scoop.it

Sometimes less is more. But when it comes to deficit reduction, if the debt committee aims only for the bare minimum of $1.2 trillion, it won't move the needle much on the country's fiscal predicament.

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US States Face Over $4 Trillion Total Debt

US States Face Over $4 Trillion Total Debt | Countdown to Financial Armageddon | Scoop.it

The total of U.S. state debt, including pension liabilities, could surpass $4 trillion, with California owing the most and Vermont owing the least, a new analysis says. The housing bust, financial crisis and economic recession caused states' tax revenue to plunge, and huge holes have emerged in their budgets over the last few years. Because all states except Vermont must end their fiscal years with balanced budgets, states have scrambled to cut spending, hike taxes, borrow and turn to the federal government for help.

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Is the €2 trillion rescue bid enough to save Europe?

Is the €2 trillion rescue bid enough to save Europe? | Countdown to Financial Armageddon | Scoop.it

George Osborne has admitted for the first time that Britain may have to provide billions of pounds more to bail out the eurozone as part of €2 trillion international efforts to shore up the single currency bloc and revitalise the flagging...

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Italy Sells €14.5Bn of Debt as Borrowing Costs Rise ... and still faces €55 billion of bill maturities before the end of the year.

A €1.9 trillion debt  -- more than Spain, Greece, Ireland and Portugal combined -- leaves Italy vulnerable to any advance in yields as it refinances maturing debt. Today's sale will help cover the redemption of €8 billion of bills on Sept. 30. Italy still faces €55 billion of bill maturities before the end of the year.

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On Brink of Failure, U.S. Debt Committee Says It's Gridlocked

On Brink of Failure, U.S. Debt Committee Says It's Gridlocked | Countdown to Financial Armageddon | Scoop.it

While Europe has all the attention, the US debt crisis is about to hit the headlines again (and for the wrong reasons)...

 

On the brink of failure, members of a special deficit-cutting committee blamed each other Sunday for the intransigence that has gridlocked the panel in its quest to cut the deficit by at least $1.2 trillion over the coming decade.

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Federal Reserve's $1.2 trillion emergency loans: who borrowed what and when

Federal Reserve's $1.2 trillion emergency loans: who borrowed what and when | Countdown to Financial Armageddon | Scoop.it

The US Federal Reserve offered emergency lending programs to help banks with cash. See an updated ranking of financial institutions that had the biggest loans.

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December deadline won't mark end of debt fight

December deadline won't mark end of debt fight | Countdown to Financial Armageddon | Scoop.it

WASHINGTON (Reuters) - December looms as the deadline for tackling a fiscal mess punctuated by a $14.8 trillion national debt. But it's December 2012, not 2011, that is really worth keeping an eye on

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SELLING THE FAMILY SILVER: Italy to Dispose of National Assets in Hope of Reducing Debt

SELLING THE FAMILY SILVER: Italy to Dispose of National Assets in Hope of Reducing Debt | Countdown to Financial Armageddon | Scoop.it

Italy's economy minister announced plans to make better use of state assets to ease the country's €1.9 trillion public-debt load and spur economic growth.

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