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 October 21, 2015
Britain can’t ignore this reality
19th October, 2015
Who would have guessed just three years ago that the David Camerongovernment would be the author of the boldest change in British foreign policy since the second world war? That is exactly what is now unfolding.
Posted in Multipolar world, UK economy | Tagged: China-UK comprehensive strategic partnership, Chinese soft power, special relationship with China | Leave a Comment »
Posted by seumasach on September 7, 2015
6th September, 2015
It’s my overarching thesis that the world is in the waning days of a historic multi-decade experiment in unfettered finance. As I have posited over the years, international finance has for too long been effectively operating without constraints on either the quantity or the quality of Credit issued. From the perspective of unsound finance on a globalized basis, this period has been unique. History, however, is replete with isolated episodes of booms fueled by bouts of unsound money and Credit – monetary fiascos inevitably ending in disaster. I see discomforting confirmation that the current historic global monetary fiasco’s disaster phase is now unfolding. It is within this context that readers should view recent market instability.
Posted in Financial crisis | Tagged: End of empire, financial collapse | Leave a Comment »
Posted by seumasach on August 27, 2015
Eamonn McCann
27th August, 2015
As the China crisis ripples and rumbles across the world, markets everywhere have been afflicted by a bad case of the vapours. And when investors are anxious, they don’t invest. The diagnosis came from a qualified expert on Channel 4 News.
Posted in Financial crisis | Leave a Comment »
Posted by seumasach on August 27, 2015
26th August, 2015
At a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt. Some might not make it.
Posted in Financial crisis | Tagged: oil price crash, peak oil price | Leave a Comment »
Posted by seumasach on August 27, 2015
26th August, 2015
On Tuesday evening in “Devaluation Stunner: China Has Dumped $100 Billion In Treasurys In The Past Two Weeks,” we quantified the cost of China’s near daily open FX operations in support of the yuan.
Posted in Financial crisis | Tagged: dollar collapse | Leave a Comment »
Posted by seumasach on August 27, 2015
Seumas Milne
It may not yet be the moment to get in supplies of tinned food. That was whatGordon Brown’s former adviser during the 2008 crash, Damian McBride, suggested on Monday as stock markets crashed from Shanghai to New York and $1tn was wiped off the value of shares in one day. But seven years after the collapse of Lehman Brothers brought down the global financial system and plunged half the world into a slump, it’s scarcely alarmist to see the financial panic as the harbinger of a new crisis in a still crippled world economy.
Posted in Financial crisis | Tagged: economic collapse, financial crah | Leave a Comment »
Posted by seumasach on August 25, 2015
Paul Craig Roberts
Institute for Political Economy
23rd August, 2015
Are we witnessing the corruption of central banks? Are we observing the money-creating powers of central banks being used to drive up prices in the stock market for the benefit of the mega-rich?
These questions came to mind when we learned that the central bank of Switzerland, the Swiss National Bank, purchased 3,300,000 shares of Apple stock in the first quarter of this year, adding 500,000 shares in the second quarter. Smart money would have been selling, not buying.
Posted in Financial crisis | Tagged: central bank intervention | Leave a Comment »
Posted by seumasach on July 19, 2015
Cailean Bochanan
19th July, 2015
Just before the Greek referendum George Galloway tweeted:
“Greek Partisans will vote NO in Sunday’s referendum. There is European life after the Euro. No more bail-outs for bankers. Go for growth!”
Galloway would , of course, have been equally vehement in his opposition to the bail-out of the City of London in 2008. Well, actually, no. In statement made at the time he said:
“In the midst of this financial crisis which threatens us all, at last the government is taking action which may begin to shore up the banking system. I hope that it is not, as many in the City are saying, “too little, too late”. “It was essential the government propped up the banks’ capital base, it had to provide lending to banks that can’t borrow money from others to pay their debts. And we had to have a guarantee of bank debts, if we were not to see a full-scale financial panic and the collapse of the whole debit and credit system. But having put the money in, the government now needs to force the banks to pay the public back in return.”
Leaving aside the piety at the end this was simply a full endorsement of the bail-out. In an extraordinary but characteristic bit of sophistry Galloway was able to spin the bailout as a break from neoliberalism, as a break “from the outdated dogmas of free market economics.”
Posted in Battle for Europe, British economy, Financial crisis | Leave a Comment »
Posted by seumasach on July 11, 2015
11th July, 2015
The German government has argued that Greece could take a five-year “time-out” from the euro zone and have some of its debts written off if Athens fails to improve proposals it has made for a bailout.
Posted in Battle for Europe, Financial crisis | Leave a Comment »
Posted by seumasach on July 9, 2015
The idea that Obama is pushing Germany to bail out Greece in order to prevent Russia and China from doing so has become topical over the last few days. According to this article, Obama is not ding that but, rather, just sitting back again under the pretext of not wanting to alienate their main “ally against Russia”, Germany
Why Obama Is Leaving Greece To Fend For Itself Against Germany
8th July, 2015
WASHINGTON — The Obama administration is effectively sitting out the contentious talks over the festering economic crisis in Greece, despite increasingly extreme demands from the German government in the wake of last week’s Greek referendum.
Posted in Battle for Europe, Financial crisis | Tagged: Obama agenda | Leave a Comment »
Posted by seumasach on July 8, 2015
8th July, 2015
Chinese stock markets tumbled again on Wednesday as investors shrugged off a series of support measures by Chinese regulators, including the central bank’s first public statement in support of the market since it cut interest rates in late June.
Posted in Financial crisis | Leave a Comment »
In These New Times 