By Ambrose Evans-Pritchard(TELEGRAPH)
27/05/2008
German leaders are to propose a worldwide ban on oil trading by speculators, blaming the latest spike in crude prices on manipulation by hedge funds. Read the rest of this entry »
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.
Germany in call for ban on oil speculation
Posted by seumasach on May 27, 2008
Posted in Financial crisis | Tagged: oil speculators | Leave a Comment »
Iceland Facing Meltdown as the Credit Crunch Sinks its Currency
Posted by seumasach on May 23, 2008
The Euro is also the choice facing the Brits- although unlike the Icelanders the oligarchy has made sure no one is discussing this issue or even making reference to the sinking pound. Who will break ranks as inflation devours us?
May 22, 2008
Keith Fitz-Gerald(MARKET ORACLE)
Despite rising fast financially in the past few years, Iceland is feeling the chilly effects of the global credit crunch – so much so the fiercely independent island nation is considering European Union membership to save its tanking currency. A special report, jointly developed by U.K. affiliate MoneyWeek Magazine and our experts here at Money Morning, explores the pros and cons of Iceland’s potential EU membership. Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: euro | Leave a Comment »
Credit crisis hits Iceland
Posted by seumasach on May 22, 2008
By Jordan Shilton(WSWS)
22 May 2008
Since the beginning of the year, the Icelandic economy has been in turmoil, as the impact of the growing credit crisis is felt worldwide. Read the rest of this entry »
Posted in Financial crisis | Leave a Comment »
More on the real reason behind high oil prices
Posted by seumasach on May 22, 2008
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More on the real reason behind high oil prices
Part II
by F. William Engdahl
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Global Research, May 21, 2008
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As detailed in an earlier article, a conservative calculation is that at least 60% of today’s $128 per barrel price of crude oil comes from unregulated futures speculation by hedge funds, banks and financial groups using the London ICE Futures and New York NYMEX futures exchanges and uncontrolled inter-bank or Over-The-Counter trading to avoid scrutiny. US margin rules of the government’s Commodity Futures Trading Commission allow speculators to buy a crude oil futures contract on the Nymex, by having to pay only 6% of the value of the contract. At today’s price of $128 per barrel, that means a futures trader only has to put up about $8 for every barrel. He borrows the other $120. This extreme “leverage” of 16 to 1 helps drive prices to wildly unrealistic levels and offset bank losses in sub-prime and other disasters at the expense of the overall population. Read the rest of this entry » |
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Posted in Financial crisis | Tagged: peak oil | Leave a Comment »
New tipping-point in the global systemic crisis
Posted by seumasach on May 18, 2008
June/July 2008 – New tipping-point in the global systemic crisis: When the illusion that the crisis is under control fades away…
– Public announcement GEAB N°25 (May 16, 2008) –
16/05/2008
The spin-doctors have mastered the art of illusion but eventually reality must sweep all before it.-Ed. Read the rest of this entry »
Posted in Financial crisis | Tagged: economic collapse | 1 Comment »
Credit crisis makes Americans sell possessions
Posted by seumasach on May 13, 2008
Last Updated: 2:40AM BST 13/05/2008
Americans who have lost their homes in the property crisis are starting to lose their possessions too as even the cost of storage proves too much for them.
Auctioneers across the United States are conducting sales at self-storage facilities, selling off the contents of units belonging to people who have fallen behind with their payments.
Thousands of Americans have lost their homes in the sub-prime mortgage meltdown and many have turned to putting their belongings in storage ready for a day when they could buy another home.
There are 51,000 self-storage facilities across the US and business has been booming since the recession.
Ironically, many of the companies have tempted poorer customers with the same low “teaser” rates that prompted them to buy homes they later could not afford when the rates increased.
When a storage unit renter cannot meet their monthly payments, the facility’s owner is usually entitled to sell the contents – often for a knockdown price.
Blair Auction & Appraisal, which conducts auctions at self-storage facilities in the Mid-West, said it recently sold the contents of 45 units at one site in Detroit alone.
“If the site used to have 10 auctions, these days it has 15 or 20,” Wayne Blair, the company’s owner, told the New York Times.
Posted in Financial crisis | Tagged: Add new tag, Financial crisis | Leave a Comment »
Northern Rock, the Pound and the Euro
Posted by seumasach on January 7, 2008
Cailean Bochanan
21st September, 2007
On Monday night the government made the decision to guarantee deposits at northern Rock. This was hailed by some as an act which sacrificed shareholders and management whilst protecting depositors. What the government had really done was was to underwrite the beleaguered bank’s liabilities whilst leaving it to dispose of its assets as it pleases. Actually this is the kind of arrangement financiers have always favoured for quite obvious reasons. Meanwhile, the depositors , if they do take Darling’s word, will end up, at best with a reimbursement deeply eroded by inflation. True to form New Labour stands behind the British oligarchy. To defend his actions Darling, recalling his student days, may have come up with a slogan like this: defend the gains of the thatcherite revolution!
Posted in Financial crisis | Tagged: failing banks, financial collapse, stop the bailout | Leave a Comment »
In These New Times 