10th August, 2013
Food banks users have been doubled this summer as British households struggle to feed their children during school holidays, charity says.
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.
UK food bank users doubled during school holidays
Posted by seumasach on August 11, 2013
Posted in UK economy | Leave a Comment »
I warn you, Mr Carney – a housing bubble is coming
Posted by seumasach on August 11, 2013
10th August, 2013
Any politician suffering a little in the polls knows he or she needs only to tickle the public’s home-buying erogenous zones for a general feeling of warmth to flow from the voter to the MP.
Posted in UK economy | Leave a Comment »
Obama to urge congress to shutter Fannie, Freddie
Posted by seumasach on August 7, 2013
And so will these debts be financed via the bailout of the banks?
6th August, 2013
Buoyed by an improving housing market, President Barack Obama on Tuesday proposed a broad overhaul of the nation’s mortgage finance system, including winding down government-backed Fannie Mae and Freddie Mac. He declared that taxpayers should never again be left “holding the bag” for the mortgage giants’ bad bets.
Posted in Financial crisis | Tagged: dollar collapse, fannie and freddie, Obama agenda, Obama's realist turn | Leave a Comment »
Food poverty hits 18% of UK
Posted by seumasach on July 8, 2013
[This crisis is the result of rampant inflation whose roots lie ultimately in money printing(QE). We badly need a realistic assessment of inflation so that wages, benefits and pensions can be indexed.]
Government urged to act as food poverty hits 18% of UK
30th June, 2013
An estimated 18 per cent of the country were forced to skip meals, ask friends or family for food, rely on a food bank or go without so their kids could eat in the past year.
Posted in UK economy | Tagged: inflation, inflation index | Leave a Comment »
Mispricing risk
Posted by seumasach on July 8, 2013
How does it work when the “Masters of the Universe” – having accumulated Trillions of assets under management by adeptly playing a most-protracted market bubble – find themselves on the wrong side of rapidly moving markets?
Doug Noland
8th June, 2013
Bonds have been taken out to the woodshed, again.
US bonds were crushed on Friday on the back of stronger-than-expected payroll data.
Posted in Financial crisis | Tagged: bond bubble | Leave a Comment »
Council agrees position on bank resolution
Posted by seumasach on June 27, 2013
The main resolution measures would include:
– the sale of (part of a) business;
– establishment of a bridge institution (the temporary transfer of good bank assets to a publicly controlled entity);
– asset separation (the transfer of impaired assets to an asset management vehicle)
– bail-in measures (the imposition of losses, with an order of seniority, on shareholders and unsecured creditors).
These measures lay the basis for Eurozone control of a banking system purged of its bad bebts, the costs to be met by shareholders and bondholders rather than the taxpayer. It marks the end of the bailouts of the banks. It will be interesting to see the response of the British government: they will not be able to veto it.
27th June, 2013
The Council today1 set out its position on a draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms (11148/1/13 REV 1).
Posted in Battle for Europe, Financial crisis | Tagged: EU bank rescue rules, no more bombing!-no more bailouts!, stop the bailout | Leave a Comment »
Latent market risks
Posted by seumasach on June 26, 2013
“I believe that key Federal Reserve officials are begrudgingly coming to terms with the reality that the risks of ongoing huge QE outweigh the rewards.”
Doug Noland
24th June, 2013
It was a rout: emerging markets, Treasuries, municipal bonds, mortgage-backed securities (MBS), commodities and even some stocks. The hours leading up to Wednesday’s statement by the Federal Open Market Committee and Federal Reserve chairman Ben Bernanke’s press conference provided good television drama. CNBC’s Rick Santelli offered one of the better rants in a while: “Ben, what are you afraid of?” Mr Santelli returned minutes later with a provocative back and forth with Wall Street Journal Fed-watcher John Hilsenrath.
Posted in Financial crisis | Tagged: QE3, quantitative easing | Leave a Comment »
The very ugly truth about RBS
Posted by seumasach on June 23, 2013
James Ferguson
19th June, 2013
I wanted to talk to you today about a topic that is on everyone’s lips at the moment: the re-privatisation of RBS. Because I think there is a disturbing story here that is not being widely reported in the mainstream press. And it goes right to the heart of the economic problems that Britain will face over the next few years. It certainly affects your investments.
Posted in Financial crisis | Tagged: bankrupt Britain, economic collapse, failing banks | Leave a Comment »
Bond market collapse imminent?
Posted by seumasach on June 23, 2013
[The alternative to rising interest rates is more money printing culminating in dollar collapse. As it is China may continue to support bond markets as part of deepening US-China partnership: China will help rebuild US economy, US will abandon hegemonic pretensions and call off its attack dogs enabling demilitarization, the peace dividend. Possibly a revalued dollar could be incorporated into new global monetary system.]
“If The Yield Goes Significantly Higher The Market Is Going To Freak Out”
21st June, 2013
See also: It came in with the bond markets and it will go out with the bond markets
If yields on U.S. Treasury bonds keep rising, things are going to get very messy. As I write this, the yield on 10 year U.S. Treasures has risen to 2.51 percent. If that keeps going up, it is going to be like a mile wide lawnmower blade devastating everything in its path.
Posted in Financial crisis | Tagged: dollar collapse, End of empire | Leave a Comment »
Federal Reserve signals end to QE
Posted by seumasach on June 21, 2013
QE is unsustainable. As Michael Hudson said, it is a declaration of war against the rest of the world bringing inflation and instability almost everywhere. Its end heralds the crash, the writing off of the totally bankrupt financial sector and the beginning of reconstruction within a global, multipolar framework.
Violent sell-off in world markets after Federal Reserve signals end to QE
20th June, 2013
Stock markets worldwide plummeted on Thursday, after theFederal Reserve chairman, Ben Bernanke, rattled investors by signalling an end to America’s drastic recession-busting policy of quantitative easing.
Posted in Financial crisis | Tagged: dollar collapse, End of empire, failing banks | Leave a Comment »
Occupy arrests near 8,000
Posted by seumasach on May 25, 2013
Occupy Arrests Near 8,000 As Wall Street Eludes Prosecution
23rd May, 2013
Here’s a fact that may make your blood boil: Nearly 8,000 Occupy Wall Streetprotesters have been arrested in association with the activist movement, while not one banker has been prosecuted for the actions that lead up to the country’s financial meltdown.
Posted in Financial crisis | Leave a Comment »
In These New Times 