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 smeddum on September 19, 2008
Irish Independent
This is the beginning of a new epoch, if you would a new times, the dog eat dog system is sharpening its teeth, streamlining its pyramid structure, leaving casualties everywhere. Yet there is fear that the system itself cannot hold, as chaos makes for much unpredictability. Commentaries are becoming sharper and sharper. Let us bring them to you here at inthesenewtimes.com
Ignorance might be bliss; but most of all, it is ignorance. It is the utterly sublime quality of not knowing, of not having the faintest clue – as in the case of Bernard Weiss, the deputy commissioner of the Berlin police. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, Ireland, nazis, wall street, Wall street crash | Leave a Comment »
Posted by smeddum on September 19, 2008
What Moral Hazard? Forbes
LONDON – It’s been bailout out after bailout for Wall Street banks that made ill-judged bets on the securities market, but the so-called moral-hazard theory, that banks will be all the more reckless for it, has been discarded by those watching overseas this past week. In Europe, where central bankers are typically hawkish and regulators keep an especially wary eye on state meddling in business, everybody seems glad for Fed interference. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, moral hazard, Western hypocrisy | Leave a Comment »
Posted by seumasach on September 19, 2008
This is a hint at the extraordinary costs of public backing for the nascent private banking cartel. The price of this will be payed by all of us through taxation, cuts and, above all, inflation as the pound goes on falling( we are an import dependent economy). The vultures and parasites who fleeced the world for so long have come home to roost and pick the imperial heartland to the bone.
Ashley Seager
Guardian
19th September, 2008
The public finances suffered yet another lurch into the red last month amid warnings of a record deficit this year that would force the next government to raise taxes or cut spending – or possibly both.
Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial collapse, UK government debt | 2 Comments »
Posted by smeddum on September 18, 2008
The Scent of Fear
AIG’s Rotten Paper Could Bring the House Down
by WILLIAM GREIDER The Nation
September 17, 2008
For the first time in this unfolding financial crisis, I felt personally scared by the news. Not about my money, but about the potential for catastrophe. The Federal Reserve’s lightning rescue of AIG has the smell of systemic fear. The house of global finance is on fire and everyone is running for the exits, no sure way to turn them around. What’s next? The question itself is ominous, because there are no good answers. Read the rest of this entry »
Posted in Financial crisis | Tagged: AIg, Banks in crisis, failing banks | Leave a Comment »
Posted by seumasach on September 18, 2008
“What is happening out there?” Mack asked in the company-wide email. “It’s very clear to me – we’re in the midst of a market controlled by fear and rumours, and short sellers driving our stock down.”
The whole thing does look choreographed: are we seeing a co-ordinated hit leading to a few selected players taking complete control? The principal players of the shady world of finance are coming to the fore: welcome to The Cartel!
The 73-year-old US investment bank Morgan Stanley became the latest financial titan to cast around for an alliance last night as fading confidence in Wall Street firms sucked its shares down by 24%.
Read the rest of this entry »
Posted in Financial crisis | Tagged: financial collapse, financial feudalism, Morgan Stanley, The Cartel | Leave a Comment »
Posted by seumasach on September 18, 2008
The last pocket of resistance has now folded. The policy is now confirmed: “Save the bankers, sink the pound”. The flight to safety has begun and the price of gold will rise dramatically.
Ashley Seager
Guardian
18th Septmber, 2008
The Bank of England yesterday reversed its decision to end an emergency lending scheme for banks next month, citing the turmoil in money markets this week since Lehman Brothers collapsed.
Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial collapse, Save the bankers, sink the pound! | Leave a Comment »
Posted by seumasach on September 17, 2008
17th September, 2008
BEIJING (Reuters) – Threatened by a “financial tsunami,” the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday.
Read the rest of this entry »
Posted in Financial crisis | Tagged: new financial order | Leave a Comment »
Posted by seumasach on September 17, 2008
John Hoefle
EIR
19th September, 2008
Immediately upon hearing of the action by Treasury Secretary Henry Paulson to have the United States government assume the liabilities of Fannie Mae and Freddie Mac, Lyndon LaRouche declared the move “tantamount to treason.”
“This is an un-Constitutional fraud,” he said, adding, “We’re going to hold these people accountable for this ‘tantamount to treason’ action.” If they do this, he said, “they are going to jail.”
For the past year, we have been warning that Paulson, Fed chairman Ben Bernanke, and the Plunge Protection Team were engaged in a systematic bailout of the bankrupt U.S. financial system, and, in doing so, were bailing out the global Anglo-Dutch Liberal system. Despite all the spin about “protecting homeowners,” this is a plan to save the parasites by transferring their losses to the taxpayers.
Read the rest of this entry »
Posted in Financial crisis | Tagged: financial collapse, financial feudalism | Leave a Comment »
Posted by seumasach on September 16, 2008
Gavin Finch and Kim-Mai Cutler
Sept. 16 (Bloomberg) — The cost of borrowing in dollars overnight more than doubled to the highest since 2001 as the collapse of Lehman Brothers Holdings Inc. and credit downgrades of American International Group Inc. led banks to hoard cash.
Read the rest of this entry »
Posted in Financial crisis | Tagged: credit seizure, LIBOR, overnight | Leave a Comment »
Posted by seumasach on September 16, 2008
Saj Karsan
Seeking Alpha
16th September, 2008
How can investors trust analysts who can’t tell the difference between a company that’s solvent and one that is worth virtually nothing to shareholders? We’ve seen other examples where analysts appear fraudulent in their recommendations. The latest example? That of Lehman Brothers (LEH).
Read the rest of this entry »
Posted in Financial crisis | Tagged: financial collapse, financial fraud | Leave a Comment »
Posted by seumasach on September 16, 2008
Mike Whitney
15th September, 2008
Bank of America is buying Merrill Lynch for $45 billion, AIG needs an emergency $40 billion bail-out from Uncle Sam to stay afloat, and Lehman Bros is kaput. Whew! The financial world has been turned upside-down overnight and the opening bell hasn’t even rung at the NYSE. It’ll be a rough day of trading ahead. Paul Krugman summed up the prevailing feeling of anxiety on Wall Street like this:
“Will the U.S. financial system collapse today, or maybe over the next few days? I don’t think so — but I’m nowhere near certain. You see, Lehman Brothers, a major investment bank, is apparently about to go under. And nobody knows what will happen next.”
Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financila collapse, Lehman | Leave a Comment »
In These New Times 