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 February 19, 2013
India is, not unnaturally, cautious in its dealings with the one-time great power
19th February, 2013
Manmohan Singh, the Indian prime minister, publicly challenged Mr Cameron to provide British help to a corruption investigation involving AgustaWestland helicopters.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on February 18, 2013
17th February, 2013
If the economy is improving, then why are many of the largest retail chains in America closing hundreds of stores?
Posted in Financial crisis | Tagged: economic collapse, End of empire | Leave a Comment »
Posted by seumasach on February 18, 2013
Peter Schiff
11th February, 2013
The financial world was shocked this month by a demand from Germany’s Bundesbank to repatriate a large portion of its gold reserves held abroad.
Posted in Financial crisis | Tagged: dollar collapse, End of empire | Leave a Comment »
Posted by seumasach on February 13, 2013
“You can not go on indefinitely. It’s as if you are running up an ever steeper hill.”
Exactly, Britain is hopelessly bankrupt. This analysis makes things look good: it hugely underestimates inflation and hugely overestimates our capacity to benefit from a falling pound to boost exports.
Mervyn King warns George Osborne the BoE can’t do much more as he urges reforms
13th February, 2013
The Governor of the Bank of England has piled pressure on George Osborne to deliver radical economic reforms in his Budget next month as he warned that monetary policy would not be able to buy the Chancellor much more time.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on February 10, 2013
Billionaires Continue To Dump U.S. Stocks, Traders Are Betting Against U.S. Economy!!
9th February, 2013
Despite the 6.5% stock market
rally over the last three months, a handful of billionaires are quietly dumping their American stocks . . . and fast.
Read more
Posted in Financial crisis | Leave a Comment »
Posted by seumasach on February 5, 2013
“I call the pound the dollar of Europe as we’re pretty much as bad as the Americans,”
2nd February, 2013
Of all the challenges facing Mark Carney when he swaps the keys of 234 Wellington Street, Ottawa, for the “Old Lady” of Threadneedle Street,the very real crisis facing sterling will be one of the things at the top of his agenda.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on January 31, 2013
The FSA has accused Britain’s largest banks of selling small businesses “absurdly complex products” and said that lenders will have to compensate thousands of customers.
31st January, 2013
More than 90pc of the complex interest rate derivatives sold by banks to small businesses could have been mis-sold, according to the findings of a review by the Financial Services Authority.
Posted in UK economy | Leave a Comment »
Posted by seumasach on January 22, 2013
23rd January, 2013
Britain’s coveted AAA credit status came under renewed pressure on Tuesday after official figures pointed to higher than expected public sector debts last month.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on January 18, 2013
18th January, 2013
On Friday the pound fell 0.2pc against the euro to hit a ten-month low of 1.192, while it fell for the six-consecutive day against the dollar, down 0.4pc to 1.592.
Posted in UK economy | Tagged: bankrupt Britain, run on pound | Leave a Comment »
Posted by seumasach on January 18, 2013
The bizarre privilege of consuming the world’s produce in exchange for a fiat currency whilst producing precious little in return has fallen to ourselves and the USA over the last forty years or so. Now we are moving towards non-consumer status as well as non-producer status, towards the collapse of the British economy such as it is. Accompanying this will be the fall of the pound and an inflationary spiral which will see essential goods priced out of the market.
18th January, 2013
As far as the City is concerned, it is game over. The depressed state of retail sales – not just in December but in the previous two months as well – means the UK’s national output shrank in the fourth quarter. That leaves the economy halfway towards a triple-dip recession and, with the snow falling, at the mercy of the weather in the first quarter of 2013.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on January 18, 2013
17th January, 2013
US “megabanks” with large toxic assets accumulated during the crisis should be split into smaller units, according to a senior Fed official. Thus they won’t be able to use the “too big to fail” excuse to get another government bailout.
Posted in Financial crisis | Tagged: failing banks, no more bailouts-put banks into receivership, no more bombing!-no more bailouts! | Leave a Comment »
In These New Times 