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.
Posted by seumasach on April 15, 2015
Oil-Rich Nations Are Selling Off Their Petrodollar Assets at Record Pace
In the heady days of the commodity boom, oil-rich nations accumulated billions of dollars in reserves they invested in U.S. debt and other securities. They also occasionally bought trophy assets, such as Manhattan skyscrapers, luxury homes in London or Paris Saint-Germain Football Club.
Now that oil prices have dropped by half to $50 a barrel, Saudi Arabia and other commodity-rich nations are fast drawing down those “petrodollar” reserves. Some nations, such as Angola, are burning through their savings at a record pace, removing a source of liquidity from global markets.
Posted in Financial crisis | Tagged: petrodollar sell-off | Leave a Comment »
Posted by seumasach on April 14, 2015
“The investment is a strategically important beginning for our exploration in the European market,” Li Huaizhen, Minsheng’s CEO, said in Shanghai
15th February, 2015
A Chinese investment firm has announced it is to invest £1bn in a homegrown development project to create a third financial district in east London.
Posted in UK economy | Tagged: Chinese soft power, End of empire, The Great British Sell-Off | Leave a Comment »
Posted by seumasach on April 12, 2015
How China grew desperate to conceal its power from the world
11th April, 2015
The creation of the prosaic-sounding Asian Infrastructure Investment Development Bank (AIIB) has landed the biggest blow to America’s superpower status in the post-war era.
Posted in Financial crisis, Multipolar world | Tagged: Chinese soft power, new financial architecture | Leave a Comment »
Posted by seumasach on April 12, 2015
12th April, 2015
Every man, woman and child in Britain is more than £3,400 in debt – without knowing it and without borrowing a single penny – thanks to the proliferation of controversial deals used to pay for infrastructure such as schools and hospitals.
Posted in Financial crisis, UK economy | Tagged: bankrupt Britain, private finance initiative | Leave a Comment »
Posted by seumasach on April 6, 2015
19th September, 2010
‘Britain’s ability to continue with nuclear weapons without US support becomes very slim to the point of invisibility”, the Conservative defence specialist Dr Julian Lewis MP admitted in 2005 when addressing a conference in Whitehall. Indeed, British nuclear weapons rely on “American goodwill” according to Colin Gray, a strategist favoured by both President Bush Snr and Mrs Thatcher.
Posted in Global peace process, UK economy | Tagged: End sanctions against Russia!Scrap Trident!, global demilitarization | Leave a Comment »
Posted by seumasach on March 23, 2015
Here is confirmation of China’s potential world leadership. From now on, China has internationalized its “soft power” and these institutions will become truly global in their scope. Why else would “developed countries” like Britain be so desperate to join them- to make sure they live up to our own exacting standards of financial probity?If capital investment coming into Britain comes through banks of which we are founding members things become a lot easier politically
20th March, 2015
The BRICS New Development Bank (NDB), the Asian Infrastructure Investment Bank (AIIB), and the Silk Road Fund are all international initiatives spearheaded by China over the past months that symbolize Beijing’s growing influence in providing development funding and potential new sources of financing for developing countries.
Posted in Multipolar world, UK economy | Tagged: Asian Infrastructure Investment Bank(AIIB), BRICS New Development Bank (NDB), Silk Road Fund | Leave a Comment »
Posted by seumasach on March 14, 2015
13th March, 2015
Overlooking US censure, the UK has announced its decision to join China’s Asian Infrastructure Investment Bank, becoming the first “major western country” to apply for membership.
“I am delighted to announce today that the UK will be the first major Western country to become a prospective founder member of the Asian Infrastructure Investment Bank, which has already received significant support in the region,” said UK Finance Minister George Osborne on Thursday.
Posted in UK economy | Tagged: China-UK comprehensive strategic partnership | Leave a Comment »
Posted by seumasach on February 26, 2015
“The performance was better than expected, comparing to a £9bn loss in 2013, in a boost to the Treasury’s hope of selling off part of its stake at some point.”
26th February, 2015
Royal Bank of Scotland lost £3.5bn last year, its seventh-consecutive year without a profit, meaning the bank has lost around £50bn in total since 2008, when it was bailed out.
Posted in UK economy | Tagged: bankrupt Britain, failing banks | Leave a Comment »
Posted by seumasach on December 18, 2014
18th December, 2014
A senior British energy official says the UK’s oil industry is “close to collapse” due to a recent dramatic fall in crude prices.
“It’s close to collapse. In terms of new investments – there will be none, everyone is retreating, people are being laid off at most companies this week and in the coming weeks,” said Robin Allan, the chairman of the independent explorers’ association Brindex.
He added that the plunge in oil prices pushed the industry into “crisis” and oil companies are cutting staff and investment to save money.
Posted in UK economy | Tagged: oil bubble, oil price war | Leave a Comment »
Posted by seumasach on December 16, 2014
15th December, 2014
The tumbling oil price has led to a trebling of insolvencies among UK oil and gas services companies so far this year, while £55bn of further oil projects reportedly under threat.
Posted in UK economy | Tagged: bankrupt Britain, oil bubble | Leave a Comment »
Posted by seumasach on December 16, 2014
The partnerships established with China by the British and Scottish governments are already bearing fruit. This is the one mitigating factor in bankrupt Britain meaning the coming crisis will be less apocalyptic than it would be otherwise. Britain has always depended on incoming capital flows. The difference now is that instead of these going into government bonds they are taking the form of FDI(foreign direct investment). This provides us with a chance to run down our debt as the Chinese cash in their sterling-denominated bonds for real assets, and to end our trade deficit as Britain becomes an export base for Chinese companies or manufactures here goods which we have up until now imported from China. I would also expect them to “recapitalise”, takeover, our banks once they have been bailed in. This is the context in which the commitment of all major parties to a balanced budget, guaranteed by financial devolution to the regions or constituent nations, must be understood. There are no buyers for UK government bonds and QE to infinity is impossible. It is also possible now to avoid the complete collapse of the pound and we may instead hope for an orderly devaluation within a new global financial system prior to eventual adoption of the Euro.
12th December, 2014
Chinese companies are growing in the UK at an unprecedented rate, adding a significant contribution to the UK economy through growth and employment, according to the Grant Thornton Tou Ying Tracker 2014 in collaboration with China Daily.
According to the Tou Ying 2014 Top 25 tracker which was released on Friday, the 25 fastest growing Chinese companies in the UK this year have generated 38 percent growth overall. Their combined turnover exceeded 25 billion pounds, and together they employ about 4,000.
Posted in UK economy | Tagged: new global financial architecture, The Great British Sell-Off, UK-China strategic partnership | Leave a Comment »