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 seumasach on May 25, 2013
EU Weighs Curbs on Banks’ Use of Client Assets as Collateral
24th May, 2013
Banks and brokers face a clampdown on using assets they hold for clients as collateral for their own trades as part of European Union moves to bolster market stability and rein in shadow banking.
Posted in Battle for Europe, Financial crisis | Leave a Comment »
Posted by seumasach on May 25, 2013
By making link between anti-EU feeling and defense of City interests explicit UKIP is making British politics much clearer. It remains for a new centre to emerge which both embraces Europe and puts the City in its place.
24th May, 2013
City firms – most notably the hedge fund, insurance and commodities sectors – are sick of the “unending blizzard” of regulation coming out of Brussels, says Mr Farage, who claims traditional City Conservative supporters are switching allegiance to UKIP.
Posted in UK economy | Leave a Comment »
Posted by seumasach on May 25, 2013
“At a time when finances are tight and taxpayers are squeezed, it’s only right that we crack down on those who pursue illegal means to avoid making any contribution to public coffers, and who put smaller competitors at a disadvantage,” said Conservative MEP Martin Callanan, in a direct challenge to British PM David Cameron to make tax evasion a priority in the UK
22nd May, 2013
In a period of record recession and unemployment, the EU has decided to recover a reported €1 trillion in tax revenue lost in loopholes and fraud, and has set a one year deadline to end banking secrecy.
Posted in UK economy | Leave a Comment »
Posted by seumasach on May 16, 2013
15th May, 2013
The Federal Reserve’s controversial quantitative-easing (QE) program has generated a new round in the “blame game,” and the Fed itself is now forecasting the end game for QE
Posted in Financial crisis | Tagged: QE3 | Leave a Comment »
Posted by seumasach on April 14, 2013
Paul Craig Roberts
Institute for Political Economy
13th April, 2013
I was the first to point out that the Federal Reserve was rigging all markets, not merely bond prices and interest rates, and that the Fed is rigging the bullion market in order to protect the US dollar’s exchange value, which is threatened by the Fed’s quantitative easing. With the Fed adding to the supply of dollars faster than the demand for dollars is increasing, the price or exchange value of the dollar is set up to fall.
Posted in Financial crisis | Tagged: german gold reserves, gold manipulation, gold short-selling | Leave a Comment »
Posted by seumasach on April 13, 2013
The Austrian finance minister has described Britain as “the island of the blessed for tax evasion and money laundering”, comparing British offshore banking to the Cypriot financial sector that is to be forcibly restructured as part of a eurozone bailout.
British offshore banking under fire in EU tax haven battle
12th April, 2013
Europe’s finance ministers meeting in Dublin today are pushing Austria hard to follow Luxembourg’s example in agreeing to reveal information on European banking depositors to EU tax authorities.
Posted in UK economy | Leave a Comment »
Posted by seumasach on April 9, 2013
“The volume of total UK exports fell again in February 2013 from January, so that export volumes have fallen by 7.5pc since the start of the year,” the ONS said.
It started badly and has now fallen away. Since the wealth supposedly generated by the financial sector will turn out to be a mirage only the real economy really matters. But falling exports despite a low pound confirms its near non-existence. Meanwhile imports hold up since we are completely dependant on them for our everyday survival.
Manufacturing rebound calms triple dip fears
9th April, 2013
Manufacturing output rose by 0.8pc, double economists’ forecasts, following January’s disastrous, weather-affected 1.5pc collapse.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on April 2, 2013
Time bomb to the next crash is ticking as debt sales surge
1st April, 2013
When dotcoms crashed, sub-prime imploded and banks collapsed it was not hard to find the markets’ Cassandras who had spotted the problem and either made millions betting against the bubble or written a book explaining how it was all going to go wrong.
Posted in UK economy, Uncategorized | Leave a Comment »
Posted by seumasach on March 29, 2013
27th March, 2013
FXstreet.com (San Francisco) – Egan-Jones, the independent agency, has decided to cut down its United Kingdom sovereign debt rating from AA- to A+.
Posted in UK economy | Leave a Comment »
Posted by seumasach on March 28, 2013
Britain resembles Cyprus in many ways. It is also dependent on its financial sector and its financial sector is also bankrupt and as what’s left of the real economy implodes the accumulation of bad debt accelerates. The solution is also similar: write down most of the debt and renegotiate Britain’s international status with a view to rebuilding the real economy through incoming investment.
Fasten your seat belts – a balance of payments crisis looms
Jeremy Warner
27th March, 2013
Whatever happened to the holy grail of a more balanced UK economy? Britain has been living substantially beyond its means for more than thirty years now. Spending more than we earn long pre-dated the Labour years. And it’s getting worse, not better.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on March 26, 2013
It’s either the banks or the real economy and Europe has just outlined a new approach completely divergent from that of the Anglosphere. In US/UK the survival of the banks is a categorical imperative and the means to achieve this is bailout without end via QE or money-printing. This statement from Europe signals that the banks are to allowed to go under or rather, implicitly, a new banking system, Euroland regulated and subordinate to general economic development is to created. This is a welcome development and any Anglo-Saxon schadenfreude regarding the inevitable pain accompanying it will prove to be misplaced. The QE approach is painless only to the banks: it has already seriously depleted deposits and can only lead to falls in both the pound and the dollar with devastating consequences for economies based on importing essential goods.
Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief
25th March, 2013
The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.
Posted in Battle for Europe, Financial crisis, UK economy | Tagged: bankrupt Britain, dollar collapse, failing banks, stop the bailout | Leave a Comment »
In These New Times 