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 November 11, 2010
“The American working class has been destroyed. The American middle class is in its final stages of destruction. Soon the bottom rungs of the rich themselves will be destroyed.”
Paul Craig Roberts
10th November, 2010
If we cannot trust what the government tells us about weapons of mass destruction, terrorist events, and the reasons for its wars and bailouts, can we trust the government’s statement last Friday that the US economy gained 151,000 payroll jobs during October?
Posted in Financial crisis | Tagged: End of empire | Leave a Comment »
Posted by seumasach on November 9, 2010
9th November, 2010
Property-related borrowing and lending between financial institutions helped the collected debt of households, businesses and government balloon from roughly twice gross domestic product (GDP) in 1987 to around 5.4 times by 2009, when total debt stood at £7.5 trillion, according to the report.
Posted in UK economy | Leave a Comment »
Posted by seumasach on November 9, 2010
“The TARP-2 package might be required at least $1.5 trillion, motivated this time by securities violations, defective fraudulent MERS & REMIC devices, and contract fraud, when the specter of class action lawsuits, even with RICO claims, hangs overhead. These are felony crimes, a far cry from a declining market.”
Jim Willie
27th October, 2010
The mortgage & foreclosure scandal runs so deep that ordinary observers can conclude the US financial foundation is laced with a cancer detectable by ordinary people. The metastasis is visible from the distribution of mortgage bonds into the commercial paper market, money market funds, the bank balance sheets, pension funds under management, foreign central banks, and countless financial funds across the globe. Some primary features of the cancerous tissue material are mortgage bond fraud, major securities violations, absent linkage to property title, income tax evasion, forged foreclosure documents, duplicate property linkage to single mortgage bonds, NINJA (no income, no job or assets) loans to unqualified buyers, and more. In fact, more is revealed it seeems each passing week toward additional facie to high level and systemic fraud. The world is watching. The growing international reaction will be amplified demand for Gold, from recognition that the USDollar & USEconomy have RICO racketeering components extending to Wall Street banks and Fannie Mae mortgage repositories.
Posted in Financial crisis | Tagged: bailout, stop the bailout | Leave a Comment »
Posted by seumasach on November 8, 2010
8th November, 2010
The US Federal Reserve’s decision to pour more money into the economy is a form of indirect currency manipulation that could spark a global collapse, a Chinese state-run newspaper said on Monday.
Posted in Financial crisis | Tagged: Currency Wars, G20 summit | Leave a Comment »
Posted by seumasach on November 7, 2010
How the United States is Hyperventilating the World
Three monks were walking back from a Dharma teaching with their Master. As they arrived back
at their village they noticed a flag on a post, fluttering in the wind. The first student looks up says,
“I see a flag flapping.” The next student looks up and, trying to out-do the first, says, “No, I see
the wind flapping.” The third student even more sure of his superior understanding, glances up
and says, “I see the mind flapping.”
Then their Master looks up and says, “And I see mouths flapping!” [1]
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Posted by seumasach on November 7, 2010
The moment of truth is drawing near:another bailout will be required both in US and UK. This is the moment to stand and fight: we cannot go along with another bailout. There is a clear alternative: put the banks through bankruptcy! This is the only sensible solution as well as a great moment of revolutionary change. It would mark end of the system put in place with the establishment of the Bank of England in 1694 and the Federal Reserve in 1913. It would mark the end of the rule of finance and the epoch of perpetual war, colonialism and destruction. It would be the end of empire and the beginning of a world community of sovereign nation states. It would mark the refoundation or transformation of global institutions such as the UN. and the potential for a new direction for humanity.
Bank of America Closer to Tipping Point
Jonathan Weil
3rd November, 2010
It was only last April that Bank of America Corp. was making fools out of the doomsayers who had called for its nationalization a year earlier. Taxpayers had gotten their bailout cash back. Investors who bought its shares at the bottom were making a killing. Government leaders lauded the company’s rescues, both of them, as a great success.
Posted in Financial crisis | Tagged: End of empire, no bailout | 1 Comment »
Posted by smeddum on November 7, 2010
nov 5 2010
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Photo: EPA
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The World Trade Organization is sounding alarm over “currency wars” which pose the biggest threat to global economy. A statement to that effect was published on Thursday in a special report ahead of a G20 summit in Seoul next week. Read the rest of this entry »
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Posted by seumasach on November 5, 2010
5th November, 2010
The US central bank’s decision to buy additional government bonds in an effort to stimulate the economy is a breach of international agreements, German Finance Minister Schaeuble said on Thursday evening.
Posted in Financial crisis | Tagged: Currency Wars | Leave a Comment »
Posted by seumasach on November 5, 2010
Posted in Financial crisis, Multipolar world | Leave a Comment »
Posted by seumasach on November 5, 2010
5th November, 2010
The Federal Reserve this week said it will pump $600bn (£370bn) into the economy through debt purchases – effectively printing more dollars – to boost employment and growth.
Posted in Financial crisis | Tagged: Currency Wars | Leave a Comment »
Posted by smeddum on November 5, 2010
U.S.told to give “explanation” for new monetary policy
5th November, 2010
A senior Chinese foreign affairs official said on Friday that the United States should “give an appropriate explanation” for its latest relaxed monetary policy, urging the U.S. to take a responsible attitude as a major reserve currency issuing country. Read the rest of this entry »
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In These New Times 