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Archive for the ‘Financial crisis’ Category

The financial system established in England after 1688, based on usurious lending to the state by private bankers, is reaching its final blowout in the form of a series of devastating bubbles and a massive bailout of the financiers with public money. But the issuance of money doesn’t have to be in the hands of a private consortium: another credit system is possible.

Government issues first Islamic bond

Posted by seumasach on September 23, 2014

Gov.uk

14th August, 2014

The government has today (25 June 2014) cemented Britain’s position as the western hub for Islamic finance by becoming the first country outside the Islamic world to issue sovereign Sukuk, the Islamic equivalent of a bond.

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UK hints at next reserve currency

Posted by seumasach on September 17, 2014

To Issue Chinese Yuan-Denominated Bond

Zero Hedge

15th September, 2014

Yuanification continues around the world. As The USA attempts to corral its allies in a ‘broad coalition’, an increasing number of people – including domestic economic policy advisors – are shifting away from the USD as primary reserve currency. However, the move by British Chancellor of the Exchequer George Osborne, announced Friday, is likely the most notable yet in the world’s de-dollarization. As Xinhua reports, the British government intend to be the first nation (ex-China) to issue Renminbi denominated bond and to use the proceeds to finance the government’s reserves of foreign currency. Osborne described this dialogue outcome as “a historic moment” and a statement of British confidence in the potential of the RMB to become “the main global reserves currency”.

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City speculates on Chinese buyer for Balfour Beatty

Posted by seumasach on September 14, 2014

Global Construction Review

Rumours have been circulating in the City of London that an Asian company, possibly Chinese, may be interested in buying Balfour Beatty, the UK’s biggest contractor, since talks over a merger with Carillion broke down.

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The vulture funds that corner Argentina also come for Spain

Posted by seumasach on September 1, 2014

Jérome Duval, Fatima Fafatale

Voltairenet

1st August, 2014

 

The vulture fund NML Capital that, together with others, has Argentina on the edge of suspending payments, is already devouring the rotting flesh of the Spanish market. Elliott Management, the opportunistic fund of the serial U.S. speculator Paul Singer, has already pocketed a billion euros of Bankia’s failed credit and 300 million euros of Santander. It is estimated that it has paid hardly 50 million for both these portfolios, according to Auraree.com.

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BIS calls for market correction

Posted by seumasach on July 16, 2014

Did the “central banks’ central bank” just call for a stock-market collapse?

NotQuant

30th June, 2014

Don’t look now, but the Bank for International Settlements (BIS), which is often referred to as the “central banks’ central bank”, just advised the world’s central banks to stage a market collapse now rather than later.

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Germany gives green light for banking union plans

Posted by seumasach on July 11, 2014

To minimize the expense to euro zone taxpayers, European Union policymakers have drawn up a law under which shareholders, creditors and very large depositors will lose money first in the event of a bank failure.

For some reason many commentators fail to distinguish between bail-in, as is the case here,  and bailout, as we saw in US/UK in 2008. The above makes it clear.

Independent.ie

11th July, 2014

Germany’s cabinet has approved a package of draft laws which effectively give the go-ahead to Europe’s plans for banking union – the main confidence-building response to the crisis in the financial sector, a government source said yesterday.

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UK banks ‘still vulnerable to global shocks’

Posted by seumasach on June 13, 2014

The idea of bailing out the banks in perpetuity is totally devoid of realism. Neither the pound sterling nor the British people would survive such a policy. The only answer is to allow the banks to fail, to put them through bankruptcy.

HITC

Britain’s financial sector remains vulnerable to further global shocks and the Bank of England must be ready to rescue banks that run short of funds, Threadneedle Street warned on Thursday.

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Emerging dynamics of petro-yuan standard

Posted by seumasach on April 4, 2014

Jim Willie

Goldseek

4th April, 2014

The shocks will be many as the USDollar struggles and falls off the global financial stage in full view. The desperate maneuvers like in Syria and Ukraine should be seen as last ditch efforts to save a dying system. For two decades the USDollar has been defended by military means. Worse, for 50 years the USGovt has been a hidden nazi enclave of wicked fascists who have hidden behind their overt disdain for communism, with Kissinger the flag bearer, with Brzezinski the ideologue, with Papa Bush the executor, with narcotics and genetics and gold thefts their principal agenda. The official US support of fascist regimes includes a list of nations as long as your arm. Since 2008 when the Lehman kill was executed in order to rescue Goldman Sachs, when Fannie Mae was hidden under the USGovt roof to prevent its $trillion fraud from being exposed, and when AIG was tucked in the USFed basement closet for ample monetized rescues to patch the derivative black holes, the Anglo-American banking system has indeed been going through trials and tribulations, leading to its death throes. The climax of the banking system death process is upon us finally, the fibrillations of sudden illiquidity against the backdrop of relentless unforgiving insolvency so evident to those with eyes that function. Never before has the USGovt been so plain in its fascist ways, with abuses on domestic soil and installed nazi regimes on foreign soil. They kill economies systematically. They wage war relentlessly, using it as a business initiative. They control bank movements obsessively. They monitor human movement compulsively. In Kiev were seen the swastikas on armbands. The name Neo-Con is derived as a more palatable version of Neo-Nazi. The game is over for their captured gutted violated USDollar kingdom in a veritable killing field of nations.

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Posted in Currency Wars, Financial crisis, Multipolar world | Tagged: , , | Leave a Comment »

China’s poorest beat our best pupils

Posted by seumasach on February 18, 2014

The terrible truth about educational levels  is another aspect of contemporary Britain which we refuse to confront along with the real state of our banks, our infrastructure, our industrial base, our public health and so on.

Telegraph

17th february, 2014

British schoolchildren are lagging so far behind their peers in the Far East that even pupils from wealthy backgrounds are now performing worse in exams than the poorest students in China, an international study shows.

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2014, resumption of the of the global systemic crisis’ « normal » path

Posted by seumasach on February 17, 2014

LEAP 2020

16th February, 2014

The avalanche of liquidity from the Fed’s quantitative easing in 2013, allowed the world before’s tenets to wake up: indebtedness, bubbles, globalization, financialization… But all it took was a slight slowing down in the astronomical amounts injected by the US central bank every month for the rampant crisis, buried under these piles of liquidity, to reassert itself. As anticipated, the method of “resolving” the crisis by accentuating the excesses that caused it is ineffective, causing a crisis squared instead. All the same one can find an actual benefit: time is gained which everyone uses to their best advantage.

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US Fed Chair Janet Yellen reassures Wall Street

Posted by seumasach on February 13, 2014

The Federal Reserve had been purchasing $85 billion in Treasury and mortgage-backed securities per month, but it announced that it would reduce its monthly pace of purchases to $75 billion in January and to $65 billion in February. In her testimony, Yellen reaffirmed that another reduction in the pace of asset purchases is likely to be announced at the next policy meeting in March.

Yellen cannot continue a zero-interest rate policy and continue tapering QE. QE, the systematic devaluation of the dollar, still the world’s reserve currency, has led to rising prices globally and threatens to provoke a global revolt against US finical hegemony. That is why the Fed is tapering and why interest rates will rise at some point in the none too distant future.

US Fed Chair Janet Yellen reassures Wall Street on easy money policy

Andre Damon(WSWS)

RINF

US Federal Reserve Chair Janet Yellen reassured Wall Street in her first congressional testimony Tuesday that the Fed would continue its zero-interest-rate policies into the indefinite future.

Posted in Currency Wars, Financial crisis | Tagged: , , | Leave a Comment »

 
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