12th November, 2011
The head of China‘s biggest ratings agency, Dagong Global Credit Rating, is warning that it may downgrade the US’s sovereign debt rating again because of Washington’s failure to tackle the federal budget deficit.
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.
From European Chaos to New World Order
Posted by seumasach on November 10, 2011
An Interview with Franck Biancheri:From European Chaos to New World Order
5th October, 2011
-Looking ahead, national integration is the trend and likely outcome of the current European mess.
-The Breton-Woods Dollar reserve system will be replaced by a completely new monetary order between 2012-2014.
-Look for a transnational referendum to pass overwhelmingly taking Europe into a new era of transnational leadership and law.
-Be sure to visit: http://www.franck-biancheri.eu/ and http://leap2020.eu/
Posted in Battle for Europe, Financial crisis, Multipolar world | Tagged: new financial architecture | Leave a Comment »
Trade deficit hits record high of £9.8bn as exports to EU slump
Posted by seumasach on November 10, 2011
10th November, 2011
THE gap between goods imported and exported in the UK hit a record high in September, official figures revealed yesterday.
Posted in UK economy | Tagged: UK trade deficit | Leave a Comment »
Advice to the G20 leaders to avoid a “tragic decade”
Posted by seumasach on November 9, 2011
Advice to the G20 leaders: The G20’s three strategic priorities in 2012/2014 to avoid a « tragic decade »
16th September, 2011
On March 29, 2009, Franck Biancheri signed an open letter in the Financial Times international edition from LEAP/E2020 to the G20 leaders who were going to meet in London the next week. In its introduction, this text predicted that if the three recommendations it contained were not implemented as soon as possible, rather than a crisis of three to five years, the world would sink into a crisis for more than a decade.
Posted in Financial crisis, Multipolar world | Leave a Comment »
First half of 2012: Decimation of the Western banks
Posted by seumasach on November 9, 2011
16th October, 2011
Click on above link to view charts and diagrams
As anticipated by LEAP/E2020, the second half of 2011 is seeing the world continuing its unstoppable descent into global geopolitical dislocation characterized by the convergence of monetary, financial, economic, social, political and strategic crises. After 2010 and early 2011 which has seen the myth of a recovery and exit from the crisis shattered, it’s now uncertainty that dominates the States’ decision-making processes just like businesses and individuals, inevitably generating increasing apprehension for the future. The context singularly lends itself: social explosions, political paralysis and / or instability, return to the global recession, fear over banks, currency war, the disappearance of more than ten trillion USD in ghost-assets in three months, widespread lasting and rising unemployment…
Posted in Battle for Europe, Financial crisis, UK economy | Tagged: Leap2020 | Leave a Comment »
Mervyn King maps out road to lower inflation
Posted by seumasach on October 26, 2011
This is quite amusing: Mervyn King’s claim of declining inflation is obviously based on anticipated deflationary pressures i.e. collapsing consumption. This fails to take into account the effect of QE on the value of the pound. It is likely to fall substantially especially once the rescue package for the Euro has gone through with the help of China. Our prosperity over the last 20 or 30 years has been dependent on the high value of the pound and its acceptability as a means of payment to cover permanent trade deficit, as well as the desirability of UK gilts. QE, or the bailout of the banks by any other name, must undermine these fragile foundations of our well-being. It will provoke an inflationary surge whilst doing nothing to enhance growth since none of it is being directed into rebuilding our productive base. The higher interest rates when they come will devastate the middle-class overnight.
25th October, 2011
The governor of the Bank of England has explained in detail his forecast that inflation to fall back to target levels over the next two years.
Posted in UK economy | Tagged: QE2 | Leave a Comment »
Engdahl on Occupy Wall Street
Posted by seumasach on October 15, 2011
Posted in Financial crisis | Tagged: Occupy Wall Street | Leave a Comment »
Britain in grip of worst ever financial crisis, Bank of England governor fears
Posted by seumasach on October 6, 2011
The TUC’s general secretary, Brendan Barber, said the decision to expand QE was the right one, but added: “While it is better than not doing anything, quantitative easing is no economic magic wand.
“We worry that it does more to help the finance sector than the rest of the economy and could fuel further inflation at a time when living standards are already being squeezed.”
That’s very perceptive of Barber to spot that QE aims to bail out the City whilst continuing the impoverishment of everyone else- yet he supports it!
Britain in grip of worst ever financial crisis, Bank of England governor fears
6th October, 2011
Sir Mervyn King expressed fears that Britain is in the grip of the world’s worst ever financial crisis after the Bank of England announced it was injecting £75bn into the ailing economy.
Posted in UK economy | Tagged: QE2 | Leave a Comment »
USTBonds: the monster spleen
Posted by seumasach on October 5, 2011
Jim Willie
4th October, 2011
The USTreasury Bond rally over the last few months has been celebrated. Some call it a contradiction of the Standard & Poors debt downgrade of USGovt debt. Some hail the rally as proof that the USDollar remains respected as global reserve currency. Some regard it as a sign of bond market health in general. Some claim the US remains the safe haven. These are all errant views to the extreme, comments from cheer leaders to a system in deep deterioration, distractions from reality. The United States is stuck in a powerful recession, its huge federal deficits set to expand further, the fiscal austerity to be sacrificed, the turmoil in Europe rendering the US panorama more alluring and cute. The USTBond is in strong rally mode because theUnited States is in the process of systemic failure, leading ultimately to some form of official debt default. The Greek Govt Bond yield rises from its fractured insolvent ruined status. The USTreasury Bond yield falls from its fractured insolvent ruined status also. It is a Black Hole, attracting funds from productive chambers of the USEconomy and pulling them into the dark place loaded with deficits, defaulted debts, and decay of capital. Let us not celebrate the USTBond rally. Instead, work to end it before the expanding spleen removes all the blood from the body economic. The organ serves as a reservoir, whose size must be contained. Unfortunately, important factors prevent the bond rally from doing anything but consuming the entire nation and confiscating its wealth.
Posted in Financial crisis | Tagged: bond bubble, dollar collapse, Goldman Sachs, USTBs | Leave a Comment »
‘Occupy Wall Street’, US awakening
Posted by seumasach on September 27, 2011
27th September, 2011
“Occupy Wall Street” is a grassroots movement which aims at protesting and challenging the increasing social and economic inequality and political intolerance in the United States. The movement describes itself as a “leaderless resistance movement with people of many colors, genders and political persuasions.” The organizers of the movement say that the only thing which they have in common is that they constitute the 99% that will no longer tolerate the greed and corruption of the 1%. Journalists, political activists and citizens are the members of this popular movement, which has gained momentum after its advertisement was first published in July.
Posted in Financial crisis | Tagged: Occupy Wall Street | Leave a Comment »
In These New Times 