Author Archive
Posted by seumasach on November 17, 2010
Prof. Michael Hudson
Global Research
17th November,2010
Now that President Obama is almost celebrating his bipartisan willingness to renew the tax cuts for the super-rich enacted under George Bush ten years ago, it is time for Democrats to ask themselves how strongly they are willing to oppose an administration that looks like Bush-Cheney III. Is this what they expected by Mr. Obama’s promise to rise above partisan politics – by ruling on behalf of Wall Street, now that it is the major campaign backer of both parties?
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Posted in Financial crisis | Tagged: stop the bailout | Leave a Comment »
Posted by seumasach on November 17, 2010
The eurosceptics are sniping away as usual being too foolish to see that it’s UK banking that is on the line:
Sources close to Chancellor George Osborne made clear that the Government views the Irish crisis as much more important for Britain than the Greek bailout earlier this year – in which only members of the eurozone were forced to contribute.
One said: ‘It’s not in our interests to see Ireland get into trouble.’
The idiocy of the semi-nationalisation of the likes of RBS without first putting it through bankruptcy now becomes clear:
Royal Bank of Scotland is also under threat since the state-owned bank has £53billion of exposure to Irish loans, more than £40billion of which are underwritten by British taxpayers.
In other words, the bailout is automatic in this case
Daily Mail
15th November, 2010
Tory MPs today urged David Cameron not to allow British taxpayers’ money to be used to bail out crisis-hit Ireland.
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Posted in UK economy | Tagged: no new bailout | Leave a Comment »
Posted by seumasach on November 16, 2010
The “UK economy” is largely a fiction, a spending bubble which is coming to an end- it is already beyond stimulus and requires total reconstruction from the base. QE will be directed at purchasing the kind of “assets” that RBS is desperately hawking at knockdown prices and UK government bonds which China will likely be minded to ditch after Cameron’s comments in Beijing. As before the money will spread around the world in search of higher interest rates and returns in a final frenzy of parasitism.
Telegraph
16th November, 2010
The “most likely” outcome at the end of 2013 is that the UK’s real gross domestic product will remain about 6pc below its pre-crisis trend, said Martin Weale, a member of the Bank’s Monetary Policy Committee (MPC).
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Posted in UK economy | Tagged: no new bailout | Leave a Comment »
Posted by seumasach on November 16, 2010
RBS owns the Ulster Bank in Ireland and Lloyds offshoot HBOS went on a mad expansion spree in Ireland at the peak of the credit boom in 2005.
Now we can see why Cameron is so keen on an EU bailout of Ireland- with £143 bullion invested in Ireland, much of it directly into Ireland’s collapsing property market, it would be to a large extent a bailout of Britain’s banks. This is in any case inevitable given the collapse of our own economy and property market, but it would be a coup for the City if they could get the EU to cough up for a large chunk of it. The EU has yet to deal with the “British question”- the fact that they have left their western flank exposed to city of London financial operations. This could be an opportunity to do so. Interesting that after the rebuff of the Obama/Cameron offensive in Seoul, the focus turns immediately to the euro rather than to the infinitely more vulnerable pound and dollar.
Alex Brummer
Daily Mail
16th November, 2010
No one in Britain can look at the rapidly unfolding Irish financial crisis with any kind of calm because the UK and Irish banking systems – and the countries’ wider economies – are inextricably bound together.
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Posted in Battle for Europe, UK economy | Tagged: no new bailout | Leave a Comment »
Posted by seumasach on November 14, 2010
RBS’s Ulster Bank unit had 37.8 billion pounds of loans in Ireland, including 21.4 billion pounds of mortgages at the end of the third quarter, the bank said last week
Business Week
11th November, 2010
Nov. 11 (Bloomberg) — Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, dropped in London trading because of investor concern about 42.2 billion pounds ($68 billion) of loans to Ireland, according to MFGlobal Securities Ltd. analyst Shailesh Raikundlia.
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Posted in UK economy | Tagged: stop the bailout | Leave a Comment »
Posted by seumasach on November 14, 2010
Voltairenet
24th November, 2010
Associated Press agency said it had access to the minutes of Daood Gilani/David Headley’s hearings, a US national of Pakistani origin who was convicted in the 2008 Mumbai attacks, which left 168 people dead.
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Posted in Uncategorized | Tagged: "War on Terror", Terror in Mumbai | Leave a Comment »
Posted by seumasach on November 14, 2010
Jean-Claude Paye
Voltairenet
12th November, 2010
A grand renfort de trompettes, l’Union européenne vient d’adopter une réglementation des hedge funds pour encadrer le risque systémique qu’ils font courir à l’économie. En réalité, observe Jean-Claude Paye, la nouvelle directive est une passoire qui aura un effet inverse à celui qui est annoncé. Son objectif réel est de contrôler sommairement les fonds européens, tout en ouvrant la porte aux fonds états-uniens qui, eux, pourront spéculer sans limite au détriment des Européens.
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Posted in Battle for Europe | Tagged: hedge funds | Leave a Comment »
Posted by seumasach on November 14, 2010
Google
13th November, 2010
Detroit (AP)- Among the banks helping General Motors with its initial public stock offering next week are two identified by initials only: ICBC and CICC.
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Posted in Multipolar world | Leave a Comment »
Posted by seumasach on November 14, 2010
boston.com
12th November, 2010
President Obama’s hopes of emerging from his Asia trip with the twin victories of a free trade agreement with South Korea and a unified approach to spurring global economic growth ran into resistance on all fronts yesterday, putting Obama at odds with his key allies and largest trading partners.
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Posted in Currency Wars | Tagged: G20 summit, Obama agenda | Leave a Comment »
Posted by seumasach on November 14, 2010
Weep News
14th November, 2010
Dr Andrew Goldsworthy from the UK, has approved mass posting of his recent letters on smart meters addressed to his local MP.
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Posted in Studies and statements showing mobile phone health risk | Tagged: EM radiation health hazard | 1 Comment »
Posted by seumasach on November 14, 2010
Juan Cole
Middle East Online
14th November, 2010
The Asian Century?
Blocked from major new domestic initiatives by a Republican victory in the midterm elections, President Barack Obama promptly lit out for Asia, a far more promising arena. That continent, after all, is rising, and Obama is eager to grasp the golden ring of Asian success.
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Posted in Multipolar world | Tagged: Obama agenda | Leave a Comment »
