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 smeddum on May 20, 2009
By Glen Ford InformationClearingHouse
May 19, 2009 “BAR” — “Obama will be remembered more for his massive transfers of national wealth to the finance capitalist class, than as the first Black president of the United States.” Read the rest of this entry »
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Posted by seumasach on May 19, 2009
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Posted by smeddum on May 17, 2009
Want to get a sense of just how bad things are? Take a spin on Google Earth.
The latest issue of International Economy, edited by FP contributor David Smick, has a clever graphic showing the depth of the economic crisis, so I thought I’d share.
The above image, pulled today from Vesseltracker.com’s Google Earth file, shows container ships languishing off the Singapore coast. Welcome to the largest parking lot on Earth. International Economy explains: Read the rest of this entry »
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Posted by smeddum on May 17, 2009
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Posted by smeddum on May 16, 2009
Financial wizardry is just smoke and mirrors
IrishTimes
Friday, May 15, 2009
SERIOUS MONEY: THE AUTHOR L Frank Baum was born on this day in 1856. His most enduring work, The Wonderful Wizard of Oz , was published in 1900 and more than a century later remains a favourite among children, writes CHARLIE FELL
Baum’s seemingly-innocent fairytale is viewed by many as an allegory about the rise of the free silver movement in the 1890s and their demands for a bimetallic monetary standard that would ease the restrictions imposed on monetary expansion via the link to gold and help avoid a repeat of the severe depression of 1893. Read the rest of this entry »
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Posted by smeddum on May 15, 2009
| Trampled Green Shoots
By: Jim Willie CB, GoldenJackass.com |
| — Posted Thursday, 14 May 2009 | Source: GoldSeek.com The so-called ‘Green Shoots’ have been trampled by people walking to their Unemployment Insurance Offices to collect jobless claims in order to pay their bills. The so-called ‘Green Shoots’ have been trampled been people walking (or running) away from their homes as they are being foreclosed. The so-called ‘Green Shoots’ will continue to suffer from most water and nutrients heading to the Elite Gardens, diverted from those on Main Street. The so-called ‘Green Shoots’ have been killed off by a stubborn frost from the USEconomy. A prevailing sentiment and motivation has sadly and perversely entered into the public and financial sectors, with clear deceptive intention. The stretch of the data, the desperate misinterpretation the data, the false facade painted atop a USEconomy, such deceptions cannot stand even the most gentle taste tests and sanity checks. Then again, Wall Street and the USGovt (victim of the financial Coup d’Etat) must promote a positive sentiment in order to reinvigorate confidence. After all, the USDollar-based system depends upon trust and confidence, since no gold backs the financial foundation and debt permeates every crevice. Heck, not even much industry backs the USEconomy, the famed financially engineered miracle gone awry. The principal characteristic of a body that is bankrupt, deeply mired in debt, and must sustain itself by selling debt securities to foreigners is deception. One must struggle mightily to find much of any honesty in USGovt finance or US bank system accounting, economic statistics, or establishment of future prospects. Read the rest of this entry » |
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Posted by smeddum on May 15, 2009
Ambassador Serge Abou, head of the Delegation of European Commission to China
Peoples Daily
In winter last year we felt the chill in the relations between China and the European Union. In spring this year we are glad to see the relations blossom again. In a single month in May, China and the EU hold the highest level dialogue on their economic and trade relations and will have the summit on their comprehensive strategic partnership.
What will those mean for peoples of the both sides and the world as a whole?
The video should appear underneath this text HERE
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Posted by smeddum on May 15, 2009
OP-ED CONTRIBUTOR
The Almighty Renminbi?
NewYorkTimes
By NOURIEL ROUBINI
Published: May 13, 2009
THE 19th century was dominated by the British Empire, the 20th century by the United States. We may now be entering the Asian century, dominated by a rising China and its currency. While the dollar’s status as the major reserve currency will not vanish overnight, we can no longer take it for granted. Sooner than we think, the dollar may be challenged by other currencies, most likely the Chinese renminbi. This would have serious costs for America, as our ability to finance our budget and trade deficits cheaply would disappear. Read the rest of this entry »
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Posted by seumasach on May 14, 2009
“There is a big difference in practice between the levels of capital banks need to be stabilised… and those required to persuade banks to exhibit normal levels of risk-aversion. How big that gap is is impossible to say… but it looks as if it will be quite big.”
We have lost everything, unless we’re a bank, except that peculiarly Brit gift for understatement. Roughly speaking the above translates as: how much do we have to give banks in order that they lend something back to us? Quite a lot I’d say, old chap.
Mervyn King said although banks’ survival had been assured by recent bail-outs, they would not start lending freely unless more capital was pumped into their balance sheets.
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Posted by smeddum on May 14, 2009
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Posted by smeddum on May 12, 2009
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In These New Times 