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 April 7, 2012
The unstoppable US economic spiral: Recession/depression/inflation
Excerpt GEAB N°60
Leap 2020
16th December, 2011
In fact, the United States ends 2011 in a state of weakness unmatched since the Civil War. They practice no significant leadership at international level. The confrontation between geopolitical blocs is sharpening and they find themselves confronted by almost all the world’s major players: China, Russia, Brazil (and in general almost all of South America) and now Euroland (1). Meanwhile, they cannot control unemployment where the true rate stagnates at around 20% against the backdrop of an unabated and unprecedented reduction in the labour force (which has now fallen to its 2001 level (2)).
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Posted in Financial crisis | Tagged: dollar collapse, End of empire | Leave a Comment »
Posted by seumasach on March 27, 2012
The Hindu
27th March, 2012
Defending the move by the BRICS nations — Brazil, Russia, India, China and South Africa — to set up a bank, China said the developing world had been left with few options, stressing the need for governments to allocate the initial seed money for the initiative.
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Posted in Currency Wars, Financial crisis, Multipolar world | Tagged: brics bank, BRICS(Brazil-Russia-India-China-South Africa) | Leave a Comment »
Posted by seumasach on March 27, 2012
FIN 24
25th March, 2012
SOUTH Africa will this week take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies.
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Posted in Financial crisis, Multipolar world | Tagged: brics bank, BRICS(Brazil-Russia-India-China-South Africa), new financial architecture | Leave a Comment »
Posted by seumasach on March 22, 2012
Jeremy Warner
Telegraph
22nd March, 2012
Here’s my favourite graphic from the Office for Budget Responsibility “Economic and fiscal outlook”, published with Wednesday’s Budget, showing the scale of the fiscal challenge still to come in the UK.
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Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on March 22, 2012
Poor Richard’s Blog
21st March, 2012
What would you do if you came across someone on the street that had not had anything to eat for several days? Would you give that person some food? Well, the next time you get that impulse you might want to check if it is still legal to feed the homeless where you live. Sadly, feeding the homeless has been banned in major cities all over America. Other cities that have not banned it outright have put so many requirements on those that want to feed the homeless (acquiring expensive permits, taking food preparation courses, etc.) that feeding the homeless has become “out of reach” for most average people. Some cities are doing these things because they are concerned about the “health risks” of the food being distributed by ordinary “do-gooders”. Other cities are passing these laws because they do not want homeless people congregating in city centers where they know that they will be fed. But at a time when poverty and government dependence are soaring to unprecedented levels, is it really a good idea to ban people from helping those that are hurting?
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Posted in Financial crisis | Tagged: economic collapse | Leave a Comment »
Posted by seumasach on March 20, 2012
Chris Cook
Asia Times
21st March, 2012
On the evening of Friday, March 16, Reuters broke the news that Saudi Arabia was chartering 11 Very Large Crude Carrier (VLCC) tankers to deliver some 22 million barrels of crude oil in the last few days of March and early April.
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Posted in Financial crisis | Tagged: oil speculation | Leave a Comment »
Posted by seumasach on March 19, 2012
Belfast Telegraph
19th March, 2012
Further job losses in the banking sector are on the way, a report said today, after the eurozone debt crisis, compensation costs and higher taxes have slashed the combined profits of the UK’s five biggest banks.
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Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on March 17, 2012
PressTV
17th March, 2012
The police have arrested 15 anti-Wall Street protesters in the US city of St. Louis, Missouri.
St. Louis city officials said the police arrested the protesters at Compton Hill Reservoir Park on Friday.
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Posted in Financial crisis | Tagged: occupy, Occupy Wall Street | Leave a Comment »
Posted by seumasach on March 13, 2012
The UK and its banks
1. We give them cheap money and lots of it.
2. We bail them out if inspite of this they become insolvent ignoring that they caused the insolvency.
3. Now the banks raise mortgage rates to ensure a profit
4. We add to it by guaranteeing loans so that they can make low risk profits.
This is one of the most one-sided deals in history is it not?
The UK’s economic weakness is now worse than in the 1930-34 Great Depression as we see stagflation continue
Shaun Richards
Mindful of Money
12th March, 2012
I wish today to examine the UK economy as recent data and information have as a minimum challenged the consensus that had built up about it as 2012 has opened. The consensus in the media has been that we have found some solid economic growth and that inflation will soon be in line with the Bank of England’s target of 2% for Consumer Price Inflation. Many articles have treated the latter as a certainty.
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Posted in UK economy | Tagged: hyperinflationary depression | Leave a Comment »
Posted by seumasach on March 13, 2012
Developed markets are too dependent on consumption and credit, and may be running “the wrong model of growth,” said Gallo, who believes that China and India are on the right path even though they have a long way to catch up with the West.
“They have real income growth, we don’t,” Gallo said.
CNBC
13th March, 2012
Developed economies are still experiencing an economic “hard landing” after the credit crunch, despite data showing small increases in gross domestic product, and investors should worry more about the West than about China, which is managing its slowdown, a currency strategist told CNBC.com on Tuesday.
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Posted in Financial crisis | Tagged: Destruction of real economy | Leave a Comment »
Posted by seumasach on March 3, 2012
Matt Taibi
Rolling Stone
2nd March, 2012
It looks like Bank of America might have started circling the drain before the Occupy movement even had a chance to launch its campaign against the company. For weeks now there have been ominous signs of trouble at the bank, and yesterday we heard yet another dark piece of news.
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Posted in Financial crisis | Tagged: Bank of America, financial fraud, no more bailouts-put banks into receivership, no more wars!-no more bailouts! | Leave a Comment »
In These New Times 