In These New Times

A new paradigm for a post-imperial world

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.

Across Europe, protesters call for solidarity with Greece

Posted by seumasach on June 23, 2015

The moment is approaching when the bankruptcy of the financial sector, a dead weight on the overall economy , has to be addresses. This “bail-in” or de-facto bankruptcy process will itself be painful, resulting in the wipeout of billions in shares and paper securities but it is the indispensable basis for reconstruction of the real economy.

GEAB(source-Deutsche Welle)

22nd June, 2015

Brussels and Amsterdam have joined London, France, Germany and Italy in hosting mass rallies in support of cash-strapped Greece. Demonstrators said the financial sector must take responsibility for the damage it caused.

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Fed tantrum sets off biggest exodus from emerging markets since 2008

Posted by seumasach on June 13, 2015

Telegraph

12th June, 2015

Investors are withdrawing money from emerging markets at the fastest rate since the global financial crisis, raising the risk of a ‘sudden stop’ in capital flows as the US Federal Reserve prepares to turn off the spigot of cheap dollar liquidity.

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Dollar no more

Posted by seumasach on May 3, 2015

Sputnik

30th April, 2015

In early 2014, Justin Yifu Lin, the former World Bank Chief Economist, blamed the dominance of the US dollar for global economic crises and said it should be eliminated as the world’s reserve currency. According to Lin, the solution would be to replace the national currency with a global currency.

In the recent months, several countries, including Russia, China, India and Turkey, have decided to ditch the US dollar in their foreign trade, often paying for products in gold or other agreed on currencies.

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Britain’s fragile finances are a political no-go area

Posted by seumasach on May 3, 2015

Liam Halligan

Telegraph

2nd May, 2015

Aren’t financial assets “simply pumped up by printed money?” Don’t share prices “need to adjust downward by something like 50pc?” Is it “really the case that if Greece leaves monetary union, other countries won’t follow?” It must “surely be wrong to try solving a debt problem by taking on even more debt?”

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The dwindling US economy

Posted by seumasach on May 2, 2015

Paul Craig Roberts

Institute For Political Economy

29th April, 2015

The announcement today (April 29) of a barely positive GDP first quarter 2015 growth rate of 0.2 percent (two-tenths of one percent) is an intentional exaggeration.

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The great sell-off of petrodollar assets

Posted by seumasach on April 15, 2015

Oil-Rich Nations Are Selling Off Their Petrodollar Assets at Record Pace

GEAB(Source: Bloomberg)

April, 2015

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.

 

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China ploughs £1bn into Docklands

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

Telegraph

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.

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AIIB “biggest blow to America’s superpower status in the post-war era”

Posted by seumasach on April 12, 2015

How China grew desperate to conceal its power from the world

Telegraph

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.

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Crippling PFI deals leave Britain £222bn in debt

Posted by seumasach on April 12, 2015

Independent

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.

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Let’s clear away the Trident delusion

Posted by seumasach on April 6, 2015

Dan Plesch

Independent

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.

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A look at the new China-led financial institutions

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

Deutsche Welle

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.

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