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 March 13, 2012
The UK and its banks
1. We give them cheap money and lots of it.
2. We bail them out if inspite of this they become insolvent ignoring that they caused the insolvency.
3. Now the banks raise mortgage rates to ensure a profit
4. We add to it by guaranteeing loans so that they can make low risk profits.
This is one of the most one-sided deals in history is it not?
The UK’s economic weakness is now worse than in the 1930-34 Great Depression as we see stagflation continue
Shaun Richards
Mindful of Money
12th March, 2012
I wish today to examine the UK economy as recent data and information have as a minimum challenged the consensus that had built up about it as 2012 has opened. The consensus in the media has been that we have found some solid economic growth and that inflation will soon be in line with the Bank of England’s target of 2% for Consumer Price Inflation. Many articles have treated the latter as a certainty.
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Posted in UK economy | Tagged: hyperinflationary depression | Leave a Comment »
Posted by seumasach on March 13, 2012
Developed markets are too dependent on consumption and credit, and may be running “the wrong model of growth,” said Gallo, who believes that China and India are on the right path even though they have a long way to catch up with the West.
“They have real income growth, we don’t,” Gallo said.
CNBC
13th March, 2012
Developed economies are still experiencing an economic “hard landing” after the credit crunch, despite data showing small increases in gross domestic product, and investors should worry more about the West than about China, which is managing its slowdown, a currency strategist told CNBC.com on Tuesday.
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Posted in Financial crisis | Tagged: Destruction of real economy | Leave a Comment »
Posted by seumasach on March 3, 2012
Matt Taibi
Rolling Stone
2nd March, 2012
It looks like Bank of America might have started circling the drain before the Occupy movement even had a chance to launch its campaign against the company. For weeks now there have been ominous signs of trouble at the bank, and yesterday we heard yet another dark piece of news.
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Posted in Financial crisis | Tagged: Bank of America, financial fraud, no more bailouts-put banks into receivership, no more wars!-no more bailouts! | Leave a Comment »
Posted by seumasach on March 3, 2012
Lying about the rate of inflation is OK when it comes to holding down wages- it’s a different matter regarding bank lending.
RBS raises mortgage rates as Halifax prepares to follow suit
Telegraph
3rd March, 2012
Halifax, which was Britain’s largest mortgage lender before the credit crunch, wrote to borrowers telling them that it was increasing the cap on its standard variable rate (SVR) from 3 percentage points above Bank Rate to 3.75 points in three months’ time.
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Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on February 25, 2012
Both banks raced headlong into Ireland in the run up to the 2008 crisis and have been left with loans that can no longer be repaid and in some cases on land that is no longer earmarked for development
Guardian
24th February, 2012
Lloyds Banking Group and Royal Bank of Scotland have taken a combined hit of almost £20bn from bad lending inIreland since they were they were bailed out by the taxpayer in October 2008.
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Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on February 19, 2012
This is yet another bailout- a handy 20 billion, but not enough to to prevent the inevitable: a run on the banks.
Telegraph
18th February, 2012
The British bank is understood to feel that the Chancellor’s loan guarantee scheme – which will see the Government loan money to UK banks to lend on to small and medium-sized companies – is not workable as it would prove to be too expensive under the structure being discussed.
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Posted in UK economy | Tagged: bailout, bailouts, bankrupt Britain, End of empire, financial collapse, no more bailouts-put banks into receivership | 1 Comment »
Posted by seumasach on February 18, 2012
The Resolution of the euro crisis will be the trigger of the dollar crisis
Bloomberg
18th February, 2012
Treasury notes fell for a third consecutive week amid speculation Greece will secure an aid package from European leaders, discouraging demand for the safest assets.
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Posted in Battle for Europe, Currency Wars, Financial crisis | Tagged: dollar collapse, End of empire | Leave a Comment »
Posted by seumasach on February 10, 2012
Craig Murray has hit the nail on the head. The official narrative is devoid of sense – it is merely a cover for the reality of further bailouts. We should be opposing QE i,e, bailout and, as a logical corollary, calling for the banks to be put through bankruptcy proceedings. This is the next step which must be taken if we are to avoid disaster. The state would have to take on some of the banks liabilities, having foolishly bought large shareholdings in some of them, and would have to guarantee deposits. The state itself would then be bankrupt and would have to negotiate a settlement with our creditors. Debt could be written off in exchange for our abandonment of our current aggressive foreign policy, our leaving NATO, and adoption of a policy of cooperation with our international partners. Like Scrooge buying a turkey for Bob Cratchet on Christmas Day, we would present the world with the long-awaited, ever more needed, peace dividend.
Craig Murray
10th February, 2012
The headlines all say that the Bank of England has pumped another £50 billion into the economy in the third round of quantitive easing. In fact, the money will not get far into the economy. It is given to the banks and other financial sector companies, and evidence from the previous £250 billion worth of quantitive easing is that almost all of it will stay there, being very handy stuff with which to fund massive salaries and bonuses.
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Posted in UK economy | Tagged: bankrupt Britain, Craig Murray, End of empire, no more bailouts-put banks into receivership, peace dividend, QE3, Quantitive Easing | Leave a Comment »
Posted by seumasach on February 8, 2012
Clydesdale and Yorkshire Banks staff face uncertain future after Australian owner announces UK operations shake-up
This is Money
8th February, 2012
The future of more than 8,000 workers at Clydesdale and Yorkshire Banks have been thrown into doubt after the pair’s Australian owner announced a major shake-up of UK operations.
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Posted in UK economy | Tagged: bankrupt Britain, financial collapse | Leave a Comment »
Posted by seumasach on February 5, 2012
Liam Halligan
Daily Telegraph
28th January, 2012
First Romney learnt that, having “won” the opening Iowa caucus, he actually lost on a recount. In the South Carolina primary, he was trounced by Newt Gingrich after a lacklustre debate performance. Romney then bungled his personal tax return, insisting he wouldn’t make it public for months, then releasing it anyway.
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Posted in Financial crisis | Tagged: dead banks, full disclosure, no more bailouts-put banks into receivership, quantitative easing | Leave a Comment »
Posted by seumasach on February 4, 2012
Paul Craig Roberts
IPE
If you have any money and you want to understand the lies that “your” government tells you with statistics, subscribe to John Williams shadowstats.com.
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Posted in Financial crisis | Tagged: economic collapse, End of empire, financial collapse, financial fraud, institue for political economy, john williams shadow stats, paul craig roberts | Leave a Comment »
