In These New Times

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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.

China’s investors go on global property buying spree

Posted by seumasach on November 8, 2014

“London was the most popular destination for Chinese institutional investors, with a total of $2.3 billion (1.35 billion pounds), as efforts by the city to draw Chinese capital into major infrastructure projects spilt into residential and commercial markets, JLL said.”

…in first-half, London, U.S. most popular – JLL

Reuters

30th July, 2014

(Reuters) – China‘s institutional investment in property overseas rose 17 percent in the first six months of this year, with residential investment surging 84 percent, real estate services firm Jones Lang LaSalle (JLL) said on Wednesday.

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Dollar surges, euro crumbles

Posted by seumasach on November 8, 2014

Never mind the hype about the US economy! Is the dollar really rising “as the remaining doubts about the sustainability of the U.S. economy evaporates”? That is just funny, really hilarious. Who gains from the strengthening dollar? The same people who gain from the falling gold price. China is the beneficiary. As China collects it debt from buying up gold at rock-bottom prices which will later  surge in value, it also uses its vast accumulation of treasury bonds to buy up real assets such as real and industrial estate in the USA. Once China completes its treasury bond and gold purchases we will see the real ending of QE and a reset of the global financial system

..as Fed, ECB go separate ways

Fortune

25th September, 2014

Greenback at two-year high, as growing confidence in U.S. recovery meets expectations of new emergency measures to rescue Eurozone.

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Willem Middelkoop on The Big Reset

Posted by seumasach on October 31, 2014

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Deal reached on bank “bail-in directive”

Posted by seumasach on October 29, 2014

European Parliament

12th December, 2013

Parliament and Council Presidency negotiators reached a political agreement Wednesday on the draft bank recovery and resolution directive, the first step towards setting up an EU system to deal with struggling banks. This directive will introduce the “bail-in” principle by January 2016, thereby ensuring that taxpayers will not be first in line to pay for bank failures.

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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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