Author Archive
Posted by seumasach on September 24, 2008
By Barry Grey
WSWS
24 September 2008
At a hearing Tuesday, Democratic members of the Senate Banking Committee assured Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke that they would move quickly to pass legislation authorizing the Bush administration to launch a trillion-dollar-plus bailout of Wall Street.
While a number of senators from both parties sought political cover in the face of growing popular opposition to the taxpayer-funded bailout by making populist-sounding declarations, the basic tone was set by Charles Schumer, the Democratic senator from New York who heads the Joint Economic Committee of Congress.
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Posted in Uncategorized | Tagged: financial crash, Paulson, the bailout | Leave a Comment »
Posted by seumasach on September 24, 2008
“What Europe is telling Russia is that we want links with Russia, that we want to build a shared future with Russia, we want to be Russia’s partner,” Sarkozy said. “Why not build a continent-wide economic space which would unite Russia and Europe?” he asked.
Sarkozy Calls for Global Summit to Overhaul Financial System
French President Sarkozy called Tuesday for a summit to tackle the global financial crisis and urged world leaders to draw lessons from capitalist excesses in a speech before the UN General Assembly.
Deutsche-Welle
23rd September, 2008
In a hard-hitting speech before the UN General Assembly in New York on Tuesday, Sept 23, French President Nicolas Sarkozy demanded that those responsible for the global financial turbulence be punished and called for a “regulated capitalism.”
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Posted in Multipolar world | Tagged: EU-Russian relations | Leave a Comment »
Posted by seumasach on September 24, 2008
Press TV
24th September, 2008
Foreign ministers from the six major powers have called off talks to discuss further sanctions against Iran over its nuclear program.
US Secretary of State Condoleezza Rice and her counterparts from Russia, China, France, Britain and Germany were to hold the meeting in New York on Thursday to consider more pressure on Tehran.
“There is not going to be a P5-plus-one ministers meeting” on the sidelines of the UN General Assembly, State Department spokesman Sean McCormack told reporters on Tuesday.
The decision came after Russia complained of US plans to “punish” it, AFP reported.
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Posted by seumasach on September 24, 2008
Press TV
20th September, 2008
Press TV interviewed Paris-based financial analyst Max Keiser on the US financial meltdown on September 20. What follows are his free-wheeling comments on the US government bailout of Wall Street and the potential consequences for America.
“We have a treasury secretary in America – Hank Paulson. I’m afraid he’s gone insane. He’s become like the Colonel Kurtz of Treasury Secretaries. He’s gone native. He’s co-opted trillions of dollars of American taxpayers’ money and he’s playing hedge fund like a rogue trader. We have got a rogue trader in the Treasury Secretary’s office. He’s being aided and abetted by Ben Bernanke who’s been discredited as the entire Federal Reserve Bank has been utterly discredited. We’re looking at a possible inflationary depression in America and the worse is yet to come, much worse is yet to come.”
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Posted in Uncategorized | Tagged: financial collapse, Paulson | Leave a Comment »
Posted by seumasach on September 23, 2008
Thierry Meyssan
Voltairenet
22nd September, 2008
Translation at foot of each paragraph
Le slogan comparant l’attentat d’Islamabad et le 11-Septembre est plus réaliste qu’il n’y paraît. Ce carnage non-revendiqué sert en effet exclusivement les intérêts de l’OTAN : l’Alliance atlantique doit prendre le contrôle de toute urgence de la passe pakistanaise de Khybar pour approvisionner ses troupes en Afghanistan. Dans le cas où l’Alliance ne parviendrait qu’à rétablir partiellement sa logistique, Washington envisage de sacrifier les troupes alliées.
[The slogan comparing the Islamabad bombing to the September 11th attacks is more realistic than might appear. This unclaimed attack serves exclusively the interests of NATO: the Atlantic allinace must, as a matter of urgency, take control of thre Khyber Pass in order to supply their troops. If the Alliance can’t solve its logistical problems, Washington plans to sacrifice allied troops]
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Posted in Uncategorized | Tagged: "War on Terror", bombing of Pakistan, Marriot Hotel, Pakistan, Pakistan NATO Russia | 1 Comment »
Posted by seumasach on September 23, 2008
What was perhaps even more worrying for investors was an item in the small print of Hank Paulson’s rescue plan. It said that, separate to the $700bn markets rescue package, the US Treasury would plunder the Exchange Stabilisation Fund – the US currency reserves, established in the 1930s – in order to pay for an insurance scheme for the money markets.
“The Treasury has committed the nation’s FX reserves to supporting the money market industry,” said Chris Turner, head of foreign exchange strategy at ING. “That suggests to us that the dollar has fallen down the list of the administration’s priorities – a worrying development for foreign investors in the US.”
Edmund Conway
Telegraph
22nd September, 2008
Whether or not tomorrow’s accounts of today’s turmoil prove David Owen of Dresdner Kleinwort right; whether or not this is the beginning of the end of the dollar’s pre-eminence in the world’s central banks and foreign exchanges, the economic landscape has undoubtedly changed forever.
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Posted in Uncategorized | Tagged: exchange stabilisation fund, financial collapse | Leave a Comment »
Posted by seumasach on September 23, 2008
There are votes to be won in talking down this monstruous bit of legislation, but actually turning up to vote against it is a different matter. Can McCain win by adopting a radical posture against a piece of Republican legislation which will anyway be enacted.
Victoria McGrane
Politico
22nd September
Congress is poised to vote on the biggest government intervention in the financial markets since the Great Depression, but it’s unlikely that any of the three senators vying for the White House will be there – even though all three have talked of little else for over a week.
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Posted in Uncategorized | Tagged: fianacial collapse, McCain | Leave a Comment »
Posted by seumasach on September 23, 2008
Bail pout the American People, Not Wall Street!
An Economic Recovery Strategy for Protectionists, Dirigists, Mercantilists and Populists.
Webster G. Tarpley
Rense.com
WASHINGTON DC — The grand theft bailout now being rammed through Congress by Treasury Secretary Paulson, Federal Reserve Chairman Bernanke, and other officials of the Bush regime with the help of accomplices Pelosi, Majority Leader Harry Reid, and other parliamentarians is a monstrosity for the ages, combining every hideous feature of monetarism, elitism, oligarchism, and sheer feckless incompetence. It is to all intents and purposes a national suicide note of the United States of America, a contract with the devil that absolutely guarantees irrevocable national decline. For any person of goodwill there can be only one impulse at the present moment, and that is to stop this bailout — to block it, to sabotage it, to bottle it up, to load it with killer amendments, and to do everything legally possible to stop this insane design from
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Posted in Financial crisis | Tagged: financial collapse | 1 Comment »
Posted by seumasach on September 22, 2008
Ansar Abbasi
The News
21st September, 2008
SLAMABAD: Was there a top secret and mysterious operation of the US Marines going on inside the Marriott when it was attacked on Saturday evening? No one will confirm it but circumstantial evidence is in abundance.
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Posted in Uncategorized | Tagged: bombing of Pakistan, Marriot Hotel | Leave a Comment »
Posted by seumasach on September 22, 2008
Brown’s latest big idea has lasted less than 24 hours.
David Lawder and James Mackenzie
Yahoo
22nd September
WASHINGTON/PARIS (Reuters) – Group of Seven nations welcomed the $700 billion U.S. markets bailout plan on Monday and said they were prepared to step up international cooperation to protect the world’s financial and banking system.
But a day after Treasury Secretary Henry Paulson said he was “aggressively” encouraging other countries to put in place bailout packages of their own, there was little sign other G7 governments were prepared to follow Washington’s lead.
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Posted in Uncategorized | Tagged: financial collapse | Leave a Comment »
Posted by seumasach on September 22, 2008
Times
23rd September, 2008
The Pakistani President, Prime Minister and military chief of staff were due to attend a banquet at the Marriott Hotel in Islamabad, where bombers killed at least 53 people, but a last-minute change of venue saved them.
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Posted in Uncategorized | Tagged: "War on Terror", bombing of Pakistan, Marriot Hotel | 1 Comment »
