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 June 11, 2009
Peter Lee
10th June, 2009
China’s fraught relations with the International Monetary Fund are driven by two conflicting agendas – the country’s effort to gain unimpeded access to resources in the developing world on bilateral terms, and its interest in using the IMF’s facilities as a international organization to issue Special Drawing Rights (SDR) assets to help Beijing diversify away from the US dollar.
Posted in Financial crisis | Tagged: End of empire, Financial crisis, Multipolar world, new global leadership, Obama agenda | Leave a Comment »
Posted by smeddum on June 11, 2009
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Posted by smeddum on June 10, 2009
Posted in Financial crisis | Tagged: China, Credit default swaps, Jim Willie, naked short selling, Plunge "protection" team, US treasuries bubble | Leave a Comment »
Posted by smeddum on June 9, 2009
Posted in Financial crisis | Tagged: Peter Schiff | Leave a Comment »
Posted by smeddum on June 8, 2009
The Biggest Victim of the Debt Crisis
by Martin D. Weiss, Ph.D.
Monday, June 8, 2009
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Just as we’ve been warning, the United States Treasury is the next and largest victim of this great debt crisis.
Right now, the Treasury’s finances are collapsing … its bond prices plunging … its interest rates surging.
Indeed, the Treasury’s financial crisis looms so large, it could wreck more havoc on the economy and deliver more pain to average Americans than the subprime mortgage disaster, the housing bust, the banking crisis, and the collapse of General Motors put together … Read the rest of this entry »
Posted in Financial crisis | Tagged: bursting bond bubble | Leave a Comment »
Posted by smeddum on June 8, 2009
Posted in Financial crisis | Tagged: no bailout | Leave a Comment »
Posted by smeddum on June 8, 2009
June 6, 2009
Worries are intensifying that Latvia’s financial crisis will spread to its Baltic Sea neighbors and to Eastern Europe, economists say. Read the rest of this entry »
Posted in Battle for Europe, Financial crisis, Uncategorized | Leave a Comment »
Posted by seumasach on June 5, 2009
Paul Craig Roberts
3rd June, 2009
Economic news remains focused on banks and housing, while the threat mounts to the US dollar from massive federal budget deficits in fiscal years 2009 and 2010.
Posted in Financial crisis | Tagged: Chinese soft power, End of empire, reserve currency status of dollar | Leave a Comment »
Posted by smeddum on June 5, 2009
JUNE 5, 2009,
China Willing to Buy Up to $50 Billion in IMF Bonds
WSJ
By ANDREW BATSON
BEIJING – China said Friday it is willing to buy as much as $50 billion in bonds issued by the International Monetary Fund, part of a deal made by the world’s major economies earlier this year to boost the resources the global agency has to combat financial crises. Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: BRIC, China, dollar decline, IMF | Leave a Comment »
Posted by smeddum on June 4, 2009
The rising long-term USTreasury Bond yield has captured attention. The breakout chart for the 10-year Treasury was pointed out here when it rose over 3.1%, hardly a high level. In the first week of May, a target of 3.5% was cited, one easily surpassed. It zoomed to 3.75%, enough to create some waves in the stock market distracted and preoccupied by nonsensical Green Shoots talk on the psychological side and by falsified bank balance sheets on the accounting side. Bigtime stress has come to the USTreasury complex, a story difficult to mask and conceal, since it is at the epicenter of the credit markets. Only on Wall Street can we hear lunacy of less bad economic statistics (framed in sophisticated second derivative arguments) amidst an absolute cavalcade of miserable news on the jobs front, home foreclosure front, and home price front. So the unemployed workers, dispossessed homeowners, and insolvent households will lead the nation on a recovery, while credit approval is much more strictly applied even to the creditworthy among us? Doubtful! Only on Wall Street can we hear of the banks undergoing a healing process when huge credit asset writedowns are replaced instead by convenient ‘Credit Value Adjustments’ as booked profits on their books.
Posted in Financial crisis, Uncategorized | Tagged: bursting bond bubble | Leave a Comment »
Posted by seumasach on June 3, 2009
Robert Wenzel
2nd June, 2009
The Federal Reserve appears to be increasingly nervous about the long term bond market. This is serious. How panicked are they? After leaking a story on Friday, they are back at it on Sunday.
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In These New Times 