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 13, 2012
While Fitch saw the size of the loss as manageable, “the magnitude of the loss and ongoing nature of these positions implies a lack of liquidity,” the ratings agency said.
13th May, 2012
New York/London: JPMorgan Chase & Co lost $15 billion in market value and a notch in its credit ratings on Friday while a chorus of regulators and politicians reacted to its surprise $2 billion trading loss by demanding stiffer oversight for the banking industry.
Posted in Financial crisis | Tagged: fall of the house of Morgan | Leave a Comment »
Posted by seumasach on May 12, 2012
11th May, 2012
The City trader at the centre of a $2bn trading loss at JP Morgan Chase had returned to his home in Paris on Friday as the repercussions of the loss spread across the markets.
Posted in Financial crisis | Tagged: fall of the house of Morgan | Leave a Comment »
Posted by seumasach on May 11, 2012
JP Morgan chief reveals $2bn trading loss caused by ‘sloppiness’
11th May, 2012
JP Morgan Chase, America’s biggest bank, issued a surprise trading update after US markets had shut on Thursday, admitting it had incurred $2bn (£1.2bn) of trading losses in the past six weeks.
Posted in Financial crisis | Tagged: financial collapse | Leave a Comment »
Posted by seumasach on April 30, 2012
Vijay Prashad
1st May, 2012
Last Thursday. the delegates at the United Nations Conference on Trade and Development (UNCTAD) came to the closing ceremony. It was delayed by a few hours because the final document needed to be translated. A short delay was acceptable. Far worse would have been deadlock on the final declaration. It would have delivered a victory to those who want to see UNCTAD’s ability to continue doing its work curtailed.
Posted in Financial crisis, Multipolar world | Tagged: BRICS(Brazil-Russia-India-China-South Africa), global north v. global south, global south, United Nations Conference on Trade and Development (UNCTAD) | Leave a Comment »
Posted by seumasach on April 30, 2012
“how we get our banks lending, how we make sure the money goes into infrastructure, how we make it easier for businesses to employ people, how we boost our exports, how we make sure that manufacturing and the rebalancing in our economy takes place”, adding: “All of those things are on the table.”
Cameron continues to raise the same problems without presenting any solutions. Britain is engulfed in a downward spiral, adrift without leadership. In this context, the Eurozone, which we have failed to destroy despite all our efforts, provides a convenient scapegoat.
29th April, 2012
David Cameron on Sunday held out the prospect of the UK economy being dragged down for years, as he predicted the euro crisis was “nowhere near half complete” and warned the single currency may yet break up. He also admitted efforts to move the UK economy away from dependence on the City and the public sector were not going fast enough.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on April 29, 2012
Telegraph
28th April, 2012
Fears for a slide in property values emerged after new figures revealed last week that the UK has “double-dipped” into a fresh downturn.
Posted in UK economy | Tagged: bankrupt Britain, housing slump | Leave a Comment »
Posted by seumasach on April 28, 2012
27th April, 2012
The final-salary pensions shortfall of the FTSE 350 companies has swollen from £20bn at the end of March 2011 to £80bn at the end of last month, according to pensions firm Hymans Robertson.
Posted in UK economy | Tagged: dwindling pensions | Leave a Comment »
Posted by seumasach on April 25, 2012
24th April, 2012
The high-stakes game of lost-and-found for the missing $1.6 billion MF Global funds apparently reached a conclusion on Tuesday.
Posted in Financial crisis | Tagged: financial fraud, MF Global | Leave a Comment »
Posted by seumasach on April 22, 2012
Paul Craig Roberts
Americans, the British, and Western Europeans are accustomed to thinking of themselves as the representatives of freedom, democracy, and morality in the world. The West passes judgment on the rest of the world as if the West is God and the rest of the world are barbarians in need of chastisement, invasion, and occupation. As readers know, from time to time I raise questions about the validity of the West’s extreme hubris.
Posted in Financial crisis | Tagged: End of empire, financial fraud | Leave a Comment »
Posted by seumasach on April 22, 2012
The challenge for the Government will be to persuade the country that there are some potential bright spots in the economy, particularly in the services, retail and manufacturing sectors.
As this article reveals, it is not so much about persuasion as data management: lies, damned lies and statistics The economy is in a death spiral but this reality must be kept out of the public domain at any cost: the victims suffer in silence. Three things will expose the terrible reality: a run on the pound, a run on UK government bonds and a run on the banks.
21st April, 2012
The Chancellor will enter Tuesday morning’s Cabinet meeting armed with the knowledge of whether or not the economy shrank in the first quarter of the year. The rest of the world will have to wait a further 24 hours until 9.30am on Wednesday to find out.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on April 21, 2012
21st April, 2012
Food banks were almost unheard of just a few years ago – now they are being opened in the UK at the rate of one every four days.
Posted in UK economy | Tagged: food banks, poverty in britain | Leave a Comment »
In These New Times 