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Prof. Michael Hudson 5th April, 2009 See also: The European Revolution Begins
Iceland is under attack – not militarily but financially. It owes more than it can pay. This threatens debtors with forfeiture of what remains of their homes and other assets. The government is being told to sell off the nation’s public domain, its natural resources and public enterprises to pay the financial gambling debts run up irresponsibly by a new banking class. This class is seeking to increase its wealth and power despite the fact that its debt-leveraging strategy already has plunged the economy into bankruptcy. On top of this, creditors are seeking to enact permanent taxes and sell off public assets to pay for bailouts to themselves. |
Archive for the ‘Financial crisis’ Category
The Financial War Against Iceland- Being defeated by debt is as deadly as outright military warfare.
Posted by seumasach on April 5, 2009
Posted in Financial crisis, Revolution in Iceland | Tagged: Financial crisis, iceland and IMF, Revolution in Iceland | 2 Comments »
Salbuchi – Global Financial Collapse – Part 2
Posted by seumasach on April 5, 2009
Mr Salbuchi draws on Argentina’s experience over the last thirty or forty years to provide invaluable insight into the current crisis. However, the model cannot be applied mechanically to this global crisis. Salbuchi assumes the point at issue , namely, the continued ability of the USA to manipulate the situation to its own advantage. In doing so he ignores the entire counter-globalisation movement at both state and non-state level. Yes, the struggle for a new world order has begun, but it’s outcome can be based on multipolarity as well as US hegemony. Specifically, Salbuchi ignores the fact that the process of creating an alternative to the dollar as a global currency has already begun. A great video, with a salutary warning, but unduly pessimistic.
Posted in Drive to Global War, Financial crisis | Tagged: End of empire, financial collapse, stop the bailout | Leave a Comment »
Salbuchi – Global Financial Collapse – Part 1
Posted by seumasach on April 5, 2009
Posted in Financial crisis | Tagged: End of empire, financial collapse, stop the bailout | Leave a Comment »
Eye witness reports of provocateur activity at G20 protests
Posted by seumasach on April 4, 2009
From The NY Times Blog
Update | April 3 | 11:33 a.m. A friend who is a photographer in London writes in to share some observations on shooting the protests, and has something very interesting to say about the violence that broke out on Wednesday night. Since he needs to maintain a good working relationship with the police, he asked not to be named, but I’d like to share some of what he, and another photographer he was with for part of Wednesday observed while working. He writes that it appeared to at least these two photographers that most of the much-photographed violence on Wednesday evening was caused by people who looked like “agent provocateurs,” who “were going from police line to police line baiting the police — and they were the ones who instigated the push against police lines that kicked off the evening violence.”
Posted in Financial crisis | Tagged: black blocks, G20 summit | Leave a Comment »
British tax havens escape G20 blacklist
Posted by alfied on April 4, 2009
Surprise Surprise……..
British tax havens have escaped a blacklist of jurisdictions refusing to share information on tax dodgers. Read the rest of this entry »
Posted in Financial crisis | Tagged: British tax havens | 2 Comments »
G20 signals end for dollar hegemony
Posted by smeddum on April 3, 2009
G20: US$ FUNERAL, US FAILED DEBTOR
Jim Willie CB April 1, 2009
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MAJOR GLOBAL TURNING POINT
Perhaps it was a grand error of judgment to host the G20 Meeting in London. The epicenter of the financial hegemony, corruption, hidden agency influence, and financial market destruction has clearly been the United States and the United Kingdom working in tandem. So great risk comes with the hosting of this meeting in London. The British Empire, aka Great Britain, is the site of the most devastating economic and banking ruin in a century, on a scale much larger than Iceland, but with a certain hand in the Iceland downfall. Millions of British citizens are angry, worried, and justifiably so. Their economists, bankers, and government leaders have presided over at best a severe national decline that must withstand diverse reform and reconstruction, and over at worst a national failure of state that must endure a collapse before any conceivable reconstruction. The decline if not collapse in the UK seemed for a time to lag that of the US, but lately events have accelerated inside the harrowed United Kingdom. The United States has the advantage of just printing trillion$ and floating about for a bit much like a derelict vessel with feigned movement! Read the rest of this entry »
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Obama, allies aren’t on same page as G20 opens
Posted by seumasach on April 1, 2009
“In an interview with London’s Financial Times published Friday, German leader Angela Merkel hadn’t backed off from her emphasis on regulation instead of spending.
“The crisis did not take place because we were spending too little but because we were spending too much to create growth that was not sustainable. It isn’t just that the banks took over too many risks. Governments allowed them to do so by neglecting to set the necessary (financial market) rules and, for instance in the U.S., by increasing the money supply too much,” she said.
The United States and England , however, are unlikely to support hasty moves to new regulation.”
“Self-interest wins in the end always, and the United States and the U.K. get more out of financial services than anyone else. We have the two world financial capitals. It’s not in our interest to have other people write the regulations or have regulations that try to average across many nations,” said Vincent Reinhart , a former top economist at the Federal Reserve.
Likewise, he cautioned, big nations such as China and Russia , and the smaller but important European powers, see it in their interest to impose new rules on London and New York .
31st March, 2009
Posted in Financial crisis | Tagged: financial collapse, G20 summit, Obama agenda, stop the bailout | Leave a Comment »
Geithner’s ‘Dirty Little Secret’: The Entire Global Financial System is at Risk
Posted by seumasach on March 31, 2009
When the Solution to the Financial Crisis becomes the Cause
F.William Engdahl
30th March, 2009
US Treasury Secretary Tim Geithner has unveiled his long-awaited plan to put the US banking system back in order. In doing so, he has refused to tell the ‘dirty little secret‘ of the present financial crisis. By refusing to do so, he is trying to save de facto bankrupt US banks that threaten to bring the entire global system down in a new more devastating phase of wealth destruction.
Posted in Financial crisis | Tagged: End of empire, financial collapse, Obama agenda, stop the bailout | Leave a Comment »
The Free Market, Financial Style How the Scam Works
Posted by smeddum on March 29, 2009
The Free Market, Financial Style
How the Scam Works
By MICHAEL HUDSON
Newspaper reports seem surprised at how high banks are bidding for the junk mortgages that Treasury Secretary Geithner is now bidding for, having mobilized the FDIC and Fed to transfer yet more public funds to the banks. Bank stocks are soaring – thereby bidding up the Dow Jones Industrial Average, as if the “financial industry” really were part of the industrial economy. Read the rest of this entry »
Posted in Financial crisis | Tagged: financial fraud | Leave a Comment »
The G20 summit is already exposing tensions between the US and China
Posted by smeddum on March 29, 2009
Leading article: This crisis affords a glimpse of global power in transition
The G20 summit is already exposing tensions between the US and China
Friday, 27 March 2009
A London perspective on next week’s G20 summit inevitably places Britain, and the Prime Minister Gordon Brown, at the centre. But among those countries briefly orbiting the British sun there are two – the United States and China – that could, almost by themselves, dictate the future of the world. What is more, recent days have supplied ample evidence of the potential for friction between them. Already they seem to be circling each other warily, probing their comparative strength. Read the rest of this entry »
Posted in Financial crisis | Tagged: China, G20 | Leave a Comment »
Time to stop the rip-off
Posted by seumasach on March 29, 2009
“This is the biggest rip-off in the history of man. There is no end in sight. When will the Obama administration get it? Obama will have to learn the toughest decision there is in business – when it’s time to stop throwing good money after bad money.”
The crisis in the United States has taken a dangerous turn over the past week, a turn that may prove to be the undoing of the Barack Obama presidency.
Hossein Askari and Noureddine Krichene
27th March, 2009
On January 20, Obama stepped into much more than the worst economic and financial crisis since the Great Depression. He inherited the helm of a country ravaged by 30 years of runaway human greed and a complicit government that rewarded it. Obama now finds himself in the middle of a perfect tempest, buffeted on the one side by a relentless financial and economic downturn and on the other a bewildered nation waking up to the landscape of unparalleled economic injustice that had been hidden out of sight with most Americans working hard just to get by.
Posted in Financial crisis | Tagged: End of empire, financial collapse, Obama agenda, stop the bailout | Leave a Comment »
In These New Times 