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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.

Oil, currencies, finance, societies, the Middle East : Massive storm in the Western port!

Posted by seumasach on December 16, 2014

LEAP 2020

15th December, 2014

For almost two years, by combining various points of view (speculative, geopolitical, technological, economic, strategic and monetary…), we have continued to anticipate a major crisis in the entire oil sector.

Today, no one doubts the fact that we are actually at that point, and the GEAB must therefore anticipate the consequences of this veritable atomic bomb, which has begun to blow up all the old system’s pillars: everything which we have known, international currencies, financial markets, the US, the Western alliance, world governance, democracy, etc.

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Outsourced and unaccountable: this is the future of local government

Posted by seumasach on December 16, 2014

Guardian

15th December

Ignore the economists quibbling whether public spending is returning to the era of George Orwell. If you want to see the future of your local public services, it’s already here: in the north London suburb of Barnet. I visited last week – and it’s not pretty.

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PFI will ultimately cost £300bn

Posted by seumasach on December 8, 2014

“We’re sitting on a PFI debt time bomb, and the sheer scale of the burden paints a seriously grim picture for the future of our public services.”

Guardian

5th July, 2012

The cost of Britain’s controversial private finance initiative will continue to soar for another five years and end up costing taxpayers more than £300bn, according to a Guardian analysis of contracts that were sanctioned by the Treasury.

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Oil is crashing

Posted by seumasach on November 30, 2014

Business Insider

27th November, 2014

Crude oil just broke $70 for the first time since June 2010.

West Texas Intermediate crude futures sank below $70 after Thursday’s OPEC meeting resulted in the oil cartel announcing that it will not cut production.

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UK: Independent reveals extent of foreign takeover

Posted by seumasach on November 22, 2014

This is a tendency that can only intensify as Britain devolves control of finance. This effectively means we’re giving up our credit card since no regional or devolved administration is sovereign and will not be able to issue sovereign bonds as before. Nor will the UK government itself since it no longer controls its tax base. The SNP has already  pointed out that Scottish government borrowing will be within a context of a balanced budget rather than the traditional rolling over of debt and coverage of interest charges only. This end of  Keynesianism is accompanied, logically, by the demise of the Labour Party and the left.The UK is and has been for  years totally dependent on capital inflows. However, the form these take is changing: rather than going into government bonds they are going into direct investment and purchase of assets.

Revealed: How the world gets rich – from privatising British public services

Independent

20th November, 2014

Foreign governments are making hundreds of millions of pounds a year running British public services, according to an Independent investigation highlighting how privatisation is benefiting overseas – rather than UK – taxpayers.

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No more bailouts

Posted by seumasach on November 11, 2014

BoE chief says banks won’t be saved by taxpayers

RT

10th November, 2014

New rules are being proposed that will force creditors, not taxpayers, to carry the losses of banks deemed “too big to fail.” The plans come after Western taxpayers were asked to pay trillions of dollars to bail out banks in the 2008 financial crisis.

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New cultural exchange centre planned for Cumnock

Posted by seumasach on November 8, 2014

“All of this will help to support the Scottish Government’s China engagement strategy that is already forging important links with the world’s most populous country.”

With new devolved powers on the way I expect the SNP, now beyond question Scotland leading political force, to hit the ground running in opening up Scotland to incoming Chinese investment. Of course, the UK has been totally dependent on incoming Chinese investment anyway in the form of government bond purchase but this is unsustainable and is being replaced by direct investment in real and industrial estate, infrastructure and ultimately, re-industrialization. Scotland already has a five-year plan( a nice touch I think), its Five Year Strategy for Engagement between Scotland and the People’s Republic of China which envisages, for example, the following scenario:

China‟s Foreign Direct Investment has increased dramatically in recent years and has mainly involved the acquisition of mineral resources and energy. Whilst this mergers and acquisitions trend will continue, we expect more Chinese companies to become Global companies either through acquisition or by themselves through natural expansion.

To facilitate inward investment from such companies, we will position Scotland as the ideal European base for Chinese companies with a focus on our pro-innovation business environment.

Scotland has, and will continue to have, a range of high quality investment opportunities suitable for funding from China. These vary from the low carbon sector to 5-star tourism destination developments. SDI will build relationships with Chinese investment companies and entrepreneurs, utilising cultural opportunities, to fully promote these and help create further investment opportunities in Scotland.

SNP

15th October, 2014

A major investment that will see Glaisnock House in Cumnock transformed into a language and cultural centre for Chinese students and entrepreneurs has been welcomed today.

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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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