22nd September, 2011
The need to reform multilateral credit bodies, particularly the International Monetary Fund, was highlighted at the UN on Tuesday by Argentine President Cristina Fernandez.
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.
Crime doesn’t pay!
Posted by seumasach on September 22, 2011
Cailean Bochanan
22nd September, 2011
NATO have been bombing Libya relentlessly for six months and have now announced a 90 day extension to their bombing campaign. On whose authority you may ask? NATO don’t ask for authority, they bomb their way to it. Anyway, having declared victory, they have pledged to continue the war. If you are happy with the logic of that, you won’t be interested in joining our anti-NATO protest. If NATO step up the bombiing when they have won, what will they do when they’re losing. The truth, of course, is that they haven’t won and must continue the campaign until all resistance to the puppet government, which they haven’t yet been able to install, is crushed. That is probably impossible since the Libyan people and the Libyan army are maintaining fierce resistance under the leadership of the dictator they are supposed to hate so much. At this moment, there is no functioning government in Libya and there isn’t likely to be until NATO and its “rebel’ allies enter into negotiations with Gaddafi or are definitively chased out of Libya.
Posted in Libya, UK economy | Tagged: glasgow libya protests, libya protests, NATO war crimes in Libya, Stop the bombing of Libya | 1 Comment »
QE2 launched as Titanic sinks
Posted by seumasach on September 22, 2011
The inevitable will happen: here comes the next bailout of the banks, euphemistically described as “quantitative easing”. Prepare for further falls in the value of the pound with attendant inflation leading eventually to a raise in interest rates and mortgage rates. Attempts to offload the crisis onto the euro zone will probably fail given emerging economies support for euro. The disastrous and reckless war against Libya only adds to our disarray. The British people can only save themselves by moving to stop the wars and stop the bailouts which finance them.
Bank of England minutes indicate more quantitative easing on the cards
22nd September, 2011
The Bank of England appears almost certain to expand its economic stimulus programme before Christmas, in an attempt to prevent the UK economy worsening.
Posted in Currency Wars, UK economy | Tagged: bailouts, no more wars!-no more bailouts!, QE2 | Leave a Comment »
US police nab anti-corruption protesters
Posted by seumasach on September 21, 2011
20th September, 2011
The US police have arrested at least seven more people in New York near Wall Street, attacking the protesters at the influence of corporations on American politics.
Posted in Financial crisis | Tagged: wall street protests | Leave a Comment »
Fourth quarter 2011: Implosive fusion of global financial assets
Posted by seumasach on September 19, 2011
16th September, 2011
As anticipated by LEAP/E2020 since November 2010, and often repeated up to June 2011, the second half of 2011 has started with a sudden and major relapse of the crisis. Nearly USD 10 trillion of the USD 15 trillion in ghost assets announced in GEAB N°56 have already gone up in smoke. The rest (and probably much more) will vanish in the fourth quarter of 2011, which will be marked by what our team calls “the implosive fusion of global financial assets”. It’s the two major global financial centers, Wall Street in New York and the City of London, which will be the “preferred reactors” of this fusion. And, as predicted by LEAP/E2020 for several months, it’s the solution to the public debt problems in some Euroland countries which will enable this reaction to reach critical mass, after which nothing is controllable; but the bulk of the fuel that will drive the reaction and turn it into a real global shock (1) is found in the United States. Since July 2011 we have only started on the process that led to this situation: the worst is ahead of us and very close!
Posted in Battle for Europe, Currency Wars, UK economy | Leave a Comment »
Peter Schiff: No ceiling for gold prices
Posted by seumasach on August 20, 2011
Posted in Financial crisis | Tagged: comex gold, gold | Leave a Comment »
Sterling no refuge as King eyes stimulus
Posted by seumasach on August 15, 2011
“The euro zone is an economy that, on aggregate, does look stronger than the U.K.,” Sara Yates, a London-based strategist at Barclays Plc, said last week by phone. Yates predicted that the pound would weaken to 95 pence per euro in three months. “Sterling looks more vulnerable. When you look at the fundamentals of the U.K. economy, it’s very weak.”
15th August, 2011
Britain’s allure as a haven is crumbling as global investors desert sterling amid the lowest inflation-adjusted bond yields on record and a faltering economy.
Posted in UK economy | Tagged: bankrupt Britain, End of empire | Leave a Comment »
WAKE UP AMERICA! – The Real U.S. Budget Problem
Posted by seumasach on August 15, 2011
WAKE UP AMERICA! – The Real U.S. Budget Problem: Defense & War Spending Equal 94% Of All Federal Income Tax Revenues
27th July, 2011
What’s missing from the debt-ceiling discussion, albeit nothing new to DB readers, is spending on wars and the pentagon. It’s not even being mentioned as a possibility in any of the competing debt plans, despite the following undeniably depressing and disgusting facts:
From Reddit:
I thought this kind of puts things in perspective. In 2010, the US government collected $898 billion in federal income tax revenues. The same year, we spent $847 billion on useless wars and national defense. That means that 94% of all federal income tax revenue is equivalent to what we spend on the Pentagon. Who out there thinks it was money well spent?
Also, just to piss you off a little bit more – defense spending is equivalent to 443% of what we collect in total corporate taxes.
One more link you need to see:
Posted in Drive to Global War, Financial crisis | Tagged: dismantle military-industrial complex, mic | Leave a Comment »
America: “A parasite on the world”
Posted by seumasach on August 13, 2011
Paul Craig Roberts
11th August, 2011
If Russian prime minister Putin’s recent description of America as “a parasite on the world” were reported by the US media, little doubt that most Americans would be infuriated. We are the virtuous people. Without us good guys to police the world there would be mayhem and wars everywhere, not merely the ones we started in the Middle East, Asia, and North Africa. Without the American white hats people everywhere would be starving and dying from natural disasters. It is us chosen ones who provide the rescue operations and good deeds. How dare the former KGB monster to slander our country!
Posted in Currency Wars, Financial crisis | Tagged: dollar collapse, End of empire | Leave a Comment »
Time for the radicals
Posted by seumasach on August 7, 2011
7th August, 2011
A financial system in which the face value flow of funds was vastly greater than the face value flow of goods traded is a bubble. The “bailout”, or payment of vast sums of ordinary people’s money to bankers to keep this crazed system going, could never make it sane.
Posted in UK economy | Leave a Comment »
Economic Dead End
Posted by seumasach on July 27, 2011
27th July, 2011
We have had a “natural rate” of economic growth of around 3% for a couple of hundred years. There have of course been peaks and troughs, but the trend has been consistent. If anyone wants to quibble with the precise 3% figure, that does not affect my argument.
Posted in UK economy | Tagged: End of empire | Leave a Comment »
In These New Times 