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 22, 2012
Paul Craig Roberts
Americans, the British, and Western Europeans are accustomed to thinking of themselves as the representatives of freedom, democracy, and morality in the world. The West passes judgment on the rest of the world as if the West is God and the rest of the world are barbarians in need of chastisement, invasion, and occupation. As readers know, from time to time I raise questions about the validity of the West’s extreme hubris.
Posted in Financial crisis | Tagged: End of empire, financial fraud | Leave a Comment »
Posted by seumasach on April 22, 2012
The challenge for the Government will be to persuade the country that there are some potential bright spots in the economy, particularly in the services, retail and manufacturing sectors.
As this article reveals, it is not so much about persuasion as data management: lies, damned lies and statistics The economy is in a death spiral but this reality must be kept out of the public domain at any cost: the victims suffer in silence. Three things will expose the terrible reality: a run on the pound, a run on UK government bonds and a run on the banks.
21st April, 2012
The Chancellor will enter Tuesday morning’s Cabinet meeting armed with the knowledge of whether or not the economy shrank in the first quarter of the year. The rest of the world will have to wait a further 24 hours until 9.30am on Wednesday to find out.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on April 21, 2012
21st April, 2012
Food banks were almost unheard of just a few years ago – now they are being opened in the UK at the rate of one every four days.
Posted in UK economy | Tagged: food banks, poverty in britain | Leave a Comment »
Posted by seumasach on April 7, 2012
The unstoppable US economic spiral: Recession/depression/inflation
Excerpt GEAB N°60
16th December, 2011
In fact, the United States ends 2011 in a state of weakness unmatched since the Civil War. They practice no significant leadership at international level. The confrontation between geopolitical blocs is sharpening and they find themselves confronted by almost all the world’s major players: China, Russia, Brazil (and in general almost all of South America) and now Euroland (1). Meanwhile, they cannot control unemployment where the true rate stagnates at around 20% against the backdrop of an unabated and unprecedented reduction in the labour force (which has now fallen to its 2001 level (2)).
Posted in Financial crisis | Tagged: dollar collapse, End of empire | Leave a Comment »
Posted by seumasach on March 27, 2012
27th March, 2012
Defending the move by the BRICS nations — Brazil, Russia, India, China and South Africa — to set up a bank, China said the developing world had been left with few options, stressing the need for governments to allocate the initial seed money for the initiative.
Posted in Currency Wars, Financial crisis, Multipolar world | Tagged: brics bank, BRICS(Brazil-Russia-India-China-South Africa) | Leave a Comment »
Posted by seumasach on March 27, 2012
25th March, 2012
SOUTH Africa will this week take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies.
Posted in Financial crisis, Multipolar world | Tagged: brics bank, BRICS(Brazil-Russia-India-China-South Africa), new financial architecture | Leave a Comment »
Posted by seumasach on March 22, 2012
Jeremy Warner
22nd March, 2012
Here’s my favourite graphic from the Office for Budget Responsibility “Economic and fiscal outlook”, published with Wednesday’s Budget, showing the scale of the fiscal challenge still to come in the UK.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on March 22, 2012
21st March, 2012
What would you do if you came across someone on the street that had not had anything to eat for several days? Would you give that person some food? Well, the next time you get that impulse you might want to check if it is still legal to feed the homeless where you live. Sadly, feeding the homeless has been banned in major cities all over America. Other cities that have not banned it outright have put so many requirements on those that want to feed the homeless (acquiring expensive permits, taking food preparation courses, etc.) that feeding the homeless has become “out of reach” for most average people. Some cities are doing these things because they are concerned about the “health risks” of the food being distributed by ordinary “do-gooders”. Other cities are passing these laws because they do not want homeless people congregating in city centers where they know that they will be fed. But at a time when poverty and government dependence are soaring to unprecedented levels, is it really a good idea to ban people from helping those that are hurting?
Posted in Financial crisis | Tagged: economic collapse | Leave a Comment »
Posted by seumasach on March 20, 2012
Chris Cook
21st March, 2012
On the evening of Friday, March 16, Reuters broke the news that Saudi Arabia was chartering 11 Very Large Crude Carrier (VLCC) tankers to deliver some 22 million barrels of crude oil in the last few days of March and early April.
Posted in Financial crisis | Tagged: oil speculation | Leave a Comment »
Posted by seumasach on March 19, 2012
19th March, 2012
Further job losses in the banking sector are on the way, a report said today, after the eurozone debt crisis, compensation costs and higher taxes have slashed the combined profits of the UK’s five biggest banks.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on March 17, 2012
PressTV
17th March, 2012
The police have arrested 15 anti-Wall Street protesters in the US city of St. Louis, Missouri.
St. Louis city officials said the police arrested the protesters at Compton Hill Reservoir Park on Friday.
Posted in Financial crisis | Tagged: occupy, Occupy Wall Street | Leave a Comment »
