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 March 20, 2013
20th March, 2013
Bank of England policymakers have warned that more quantitative easing could lead to “an unwarranted depreciation of sterling” if markets interpreted the move as evidence that the central bank was abandoning its commitment to low inflation.
Posted in UK economy | Tagged: no more bombing!-no more bailouts!, QE3, quantitative easing | Leave a Comment »
Posted by seumasach on March 18, 2013
Paul Craig Roberts
Institute for Political Economy
14th March, 2013
Over a decade during which the US economy was decimated by jobs offshoring, economists and other PR shills for offshoring corporations said that the US did not need the millions of lost manufacturing jobs and should be glad that the “dirty fingernail” jobs were gone.
Posted in Financial crisis | Tagged: End of empire | Leave a Comment »
Posted by seumasach on March 6, 2013
If bankers leave the country, it would be no loss
Simon Jenkins
6th March, 2013
The peasants are revolting across Europe. They want bankers’ blood and mean to get it. Until now, public response to the credit crunch has been one of general bafflement and wrist-slapping. The banks persuaded the world it was all an act of fate. As it was, they were too big to fail and their leaders too saintly to atone for it. For four years, British banks were showered with nearly half a trillion pounds of public and printed money. They duly recovered and stayed rich, while everyone else went poor.
Posted in Battle for Europe, UK economy | Leave a Comment »
Posted by seumasach on March 4, 2013
“While American QE has so far amounted to 14pc of annual GDP, with the eurozone’s at 4pc, the Bank of England has made asset purchases (overwhelmingly gilts) out of money created ex nihilo to the tune of 26pc of our national income”.
Liam Halligan
2nd March, 2013
‘I’m sorry Liam, we’re losing you,” said John Humphrys on BBC Radio 4’s Today programme last week. “Oh what a shame, we can’t hear him,” the grand inquisitor continued. “It’s a very bad line.”
Explaining the implications of “negative interest rates” on the UK’s most influential news bulletin is tough at the best of times. Doing so when the communication link between you and the studio drops out, making you incommunicado 15 seconds after you’ve started speaking, makes the task more difficult still
Posted in UK economy | Tagged: QE3 | Leave a Comment »
Posted by seumasach on March 3, 2013
We will fight them on the beaches, we will protect our “banking talent” and continue to bail them out, we will oppose outrageous tax impositions and FTT— we will never surrender!
2nd March, 2013
As the British are often first to point out, Europe is responsible for some pretty odd rules. Brussels has banned bendy bananas, said water can’t be promoted as a rehydration product and even outlawed marketing prunes for the “maintenance of normal bowel function”.
Posted in UK economy | Leave a Comment »
Posted by seumasach on March 2, 2013
Paul Craig Roberts
Institute for Political Economy
1st March, 2013
Officially, since June 2009 the US economy has been undergoing an economic recovery from the December 2007 recession. But where is this recovery? I cannot find it, and neither can millions of unemployed Americans.
Posted in Financial crisis | Tagged: dollar collapse, End of empire, no more bombing!-no more bailouts!, stop the bailout | Leave a Comment »
Posted by seumasach on February 28, 2013
UK has been battling to stop the Basel III accord on capital requirements, fearing the impact on the City of London as the EU’s leading financial capital.
City of London interests- that’s what our anti-European stance is really about
28th February, 2013
European Union chiefs have agreed a package of financial laws that includes capping bankers’ bonuses at a maximum of one year’s basic salary.
Posted in Battle for Europe, UK economy | Leave a Comment »
Posted by seumasach on February 28, 2013
Asked on ITV Daybreak if the taxpayer would ever get back its money, RBS chairman Sir Philip Hampton said: “I don’t know. We’ll do our best”.
I know. The answer is no.
RBS boss admits ‘chastening’ year as losses breach £5bn
28th February, 2013
Stephen Hester, the boss of Royal Bank of Scotland, admitted 2012 had been a “chastening” year as losses at the bailed-out bank widened to more than £5bn – and still paid out more than £600m in bonuses.
Posted in UK economy | Leave a Comment »
Posted by seumasach on February 24, 2013
Ambrose Evans-Pritchard
“Systematically forecasting a disinflation that never materialises has exposed the bank to ridicule,” said Nomura, Japan’s biggest lender and a conduit for Asian investors.
Posted in UK economy | Leave a Comment »
Posted by seumasach on February 24, 2013
The bankrupt banks continue to be a drain on the UK economy- bailout time is approaching. Any further bailout, overt or covert, must be resisted and the only other alternative, bankruptcy proceedings effected
24th February, 2013
The Royal Bank of Scotland is to reduce the size of its investment bank by as much as £30bn and cut hundreds more jobs as the taxpayer-backed lender attempts to head off growing government pressure to close down the controversial division.
The lender will announce that it will reduce the size of the investment bank’s balance sheet, as well as scaling back the amount of capital allocated to the business and continuing its redundancy programme.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on February 20, 2013
QE or not to QE- that is the question. These latter-day financial Hamlets face a dilemma: to sink the economy or to sink the pound. In the end it amounts to much the same thing: in the final denouement Claudius(Mervyn King) drinks the poison but Hamlet(the real economy) is fatally wounded as well as just about everyone else.
20th February, 2013
Sterling fell sharply on the foreign exchanges after news that the governor of the Bank of England, SirMervyn King, voted for fresh stimulus to boost the UK economy.
Posted in UK economy | Leave a Comment »
In These New Times 