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.
Posted by seumasach on July 19, 2012
Jim Willie
Golden Jackass
12th July, 2012
In recent public articles, the USTreasury Bond bubble was described, supported by Interest Rate Swaps to produce artificial demand and to create an illusion of a flight to safety in toxic USGovt Bonds. A Black Hole phenomenon was described, which will suck the capital life out of most assets, celebrate the USTBond rally, and accelerate the recession in the USEconomy. Numerous endgame signals were described, all alarming in their own right, not a single signal being from the realm of normalcy. Extreme danger is the warning. This week consider just a handful of danger signposts, all screaming loudly of systemic breakdown. They are all deeply disturbing signposts that complement the endgame signals with a scattered pox of symptoms on the landscape. The Jackass is firm and rigid in maintaining that ugly forecast made in late 2008, dismissed by many as foolish and off the mark. No longer. The USGovt debt default in the form of a massive forcible debt restructure is being considered by creditors in charge. The USEconomy is imploding, and Money Velocity is falling. The true protection in both an inflationary spiral and a deflationary spiral is GOLD. The current storm center has a mix of both, a fast rise in the monetary expansion coupled with a painful decline in the value of all things paper. Never overlook that home prices are a consequence of paper games, not the hard asset ploy. The USDollar is being pushed off its coveted throne as global reserve currency. A system based upon GOLD is coming, designed to manage trade settlement. The paper kings hope to impose a new and better paper bond vehicle, and a new and better paper banking depot, but they are failing miserably. They are on the extreme defensive. Their captains are cutting deals to stay out of prison. Justice might actually be served. Watch the LIBOR lawsuits, which will be a different kind of mushroom cloud.
Read full article
Posted in Financial crisis | Tagged: dollar collapse, End of empire | Leave a Comment »
Posted by seumasach on July 19, 2012
All this is part of the so-called flight to safety whereby alternative investment outlets are blocked off forcing funds into US/UK bonds as the least bad option. The systematic devaluation of the euro via quantitative easing, long sought by Wall Street and the City of London and now seemingly being carried out with the direct bailout of the Spanish banks without creditor or shareholder write-downs, is another pillar of this policy.
Paul Craig Roberts and Nomi Prins
Institute for Political Economy
14th July, 2012
According to news reports, UK banks fixed the London interbank borrowing rate (Libor) with the complicity of the Bank of England (UK central bank) at a low rate in order to obtain a cheap borrowing cost. The way this scandal is playing out is that the banks benefitted from borrowing at these low rates. Whereas this is true, it also strikes us as simplistic and as a diversion from the deeper, darker scandal.
Read the rest of this entry »
Posted in Battle for Europe, Currency Wars, Financial crisis | Tagged: libor scandal | Leave a Comment »
Posted by seumasach on July 10, 2012
Paul Craig Roberts
Global Research
9th July, 2012
In a recent column, “Can The World Survive Washington’s Hubris,” I promised to examine whether the US economy will collapse before Washington in its pursuit of world hegemony brings us into military confrontation with Russia and China. This is likely to be an ongoing subject on this site, so this column will not be the final word.
Read the rest of this entry »
Posted in Drive to Global War, Financial crisis | Tagged: dollar collapse, End of empire | Leave a Comment »
Posted by seumasach on July 7, 2012
Zen-Haven
7th July, 2012
They were hanging up the bunting in Mammoth Lakes this week, celebrating Independence Day in the traditional small-town fashion. First, locals queued up for an eat-all-you-can-eat “pancake breakfast”.
Read the rest of this entry »
Posted in Financial crisis | Tagged: End of empire, financial collapse | Leave a Comment »
Posted by seumasach on July 6, 2012
Guardian
6th July, 2012
The cost of Britain’s controversial private finance initiative will continue to soar for another five years and end up costing taxpayers more than £300bn, according to a Guardian analysis of contracts that were sanctioned by the Treasury.
Read more
Posted in UK economy | Tagged: bankrupt Britain, financial fraud | Leave a Comment »
Posted by seumasach on July 4, 2012
Telegraph
4th July, 2012
Activity in the sector, which accounts for three quarters of Britain’s economy, came to a virtual standstill according to the Markit/CIPS services PMI, reinforcing expectations that the Bank of England will announce on Thursday £50bn of fresh stimulus to boost the ailing economy.
Read more
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on July 4, 2012
WSWS
4th July, 2012
The Libor scandal, thus far focused on British-based Barclays bank, has revealed that global capitalism functions not as a free market, but as a rigged market controlled by contending groups of corporations, cartels and multi-billionaire speculators.
Read the rest of this entry »
Posted in UK economy | Tagged: bankrupt Britain, financial fraud, libor scandal | Leave a Comment »
Posted by seumasach on July 4, 2012
Independent
1st July, 2012
Senior Tories were dragged into the interest rate-fixing scandal last night as fresh evidence emerged that the banking industry denied there were any problems with “the integrity” of Libor five years ago.
Read more
Posted in UK economy | Tagged: bankrupt Britain, financial fraud, libor scandal | Leave a Comment »
Posted by seumasach on July 4, 2012
Independent
3rd July, 2012
The bankers at the heart of the Barclays interest rate-rigging
scandal could be prosecuted for fraud, an offence that usually
carries a prison sentence, it was disclosed yesterday.
Read more
Posted in UK economy | Tagged: bankrupt Britain, libor scandal | Leave a Comment »
Posted by seumasach on July 4, 2012
Revenge of a fallen titan: Ousted Barclays boss makes damning claims Bank of England and Labour ministers were involved in rigging interest rates
Daily Mail
4th July, 2012
Bob Diamond last night implicated large parts of the Establishment in the rate-fixing scandal.
In a spectacular act of revenge, the fallen financial titan turned on the Bank of England, Whitehall officials and the last Labour government.
Read more
Posted in UK economy | Tagged: libor scandal | Leave a Comment »
Posted by seumasach on June 15, 2012
I’m prepared to go further- I guarantee that it won’t kickstart the economy
Telegraph
15th June, 2012
The coordinated action by the Bank of England and Treasury will see billions offered to banks on condition they pass it on to businesses and households in the form of cheaper loans and mortgages.
Read more
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
In These New Times 