Archive for the ‘Financial crisis’ Category
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 March 27, 2009
By Alison Klayman
Beijing
26 March 2009
Voenews
China is calling for a new currency to eventually replace the dollar as the world’s standard reserve, days before the G20 financial summit in London. Some analysts say the move demonstrates China’s growing discontent with American dominance of the world economy. Read the rest of this entry »
Posted in Financial crisis | Tagged: China's IMF role, New reserve currency | 1 Comment »
Posted by smeddum on March 27, 2009
By Faith Hung
Thu Mar 26,
TAIPEI (Reuters) – Bond giant Pacific Investment Management Co said the Federal Reserve needs to double its balance sheet up to $6 trillion to replace the amount of wealth destroyed in the United States, an executive said on Thursday. Read the rest of this entry »
Posted in Financial crisis | Tagged: bond bubble, bursting bond bubble | Leave a Comment »
Posted by smeddum on March 27, 2009
Mar 27, 2009
Market Oracle
Mike Larson writes: The U.K. Treasury held a bond auction on Wednesday morning. On the offer were 1.75 billion pounds ($2.55 billion ) worth of 40-year “Gilts” — the U.K. equivalent of U.S. Treasuries. There was just one problem …
Buyers went on strike! They offered to purchase just 1.63 billion pounds ($2.37 billion) of debt. Read the rest of this entry »
Posted in Financial crisis | Tagged: bond bubble, bursting bond bubble | Leave a Comment »
Posted by smeddum on March 26, 2009
By Zuo Likun and Dong Zhixin (chinadaily.com.cn)
2009-03-25 09:58
China may offer US$100 billion in additional financing to the International Monetary Fund during the upcoming G20 summit in London, giving the agency more ammunition to fight the unfolding global financial and economic crisis, a senior economist said on Monday. Read the rest of this entry »
Posted in Financial crisis | Tagged: China, China's IMF role, global leadership, IMF | 1 Comment »
Posted by seumasach on March 26, 2009
Brown continues his strutting and fretting on the world stage tirelessly pursuing the chimera of another century(or is it a thousand years) of Anglo-saxon world hegemony. Given that the game is up Brown has to be commended for his “never say die” attitude, However, said or unsaid, the empire is dead.
ITNT noted the split between Brown and King back in September 2008
Telegraph
25th March, 2009
The Prime Minister will be grilled by Wall Street figures at an event in New York on Wednesday, before meeting UN Secretary General Ban Ki-Moon.
The talks come on the second leg of his tour to lay the groundwork for next week’s crucial G20 summit in London.
Read the rest of this entry »
Posted in Financial crisis | Tagged: Financial crisis, stop the bailout, The Brown Plan | Leave a Comment »
Posted by seumasach on March 26, 2009
Wall Street’s most storied firm is surviving on taxpayer dollars
Daniel Gross, Slate.com
Financial Post
While it was singed in the credit meltdown, Goldman Sachs, the alpha male of Wall Street, has emerged as a survivor. The cover of last week’s Barron’s heralded the resurrection of Goldman and Morgan Stanley – “the sole standouts,” as Andrew Bary called them. The company’s shares have rallied back above $100, and its market capitalization is nearly $47 billion. Goldman’s emergence from the wreckage could be seen as yet another glorious chapter for the firm. Charles Ellis, in his book about Goldman, The Partnership, lionized the firm as the only company “with such strengths that it operates with almost no external constraints in virtually any financial market it chooses, on the terms it chooses, on the scale it chooses, when it chooses, and with the partners it chooses.” For the paperback, Ellis might want to add the following proviso: so long as the government is willing to give it billions of dollars.
Read the rest of this entry »
Posted in Financial crisis | Tagged: Financier welfare, Goldman Sachs, stop the bailout | Leave a Comment »
Posted by seumasach on March 25, 2009
Webster Tarpley
Rense.com
25th March. 2009
WASHINGTON, DC – On the eve of the long-awaited London conference of the G-20 nations, we are rapidly descending into the chaos of a Second World Economic Depression of catastrophic proportions. In the year since the collapse of Bear Stearns, we have moved toward the disintegration of the entire globalized world financial system, based on the residual status of the US dollar as a reserve currency, and expressed through the banking hegemony of London, New York, and the US-UK controlled international lending institutions like the International Monetary fund and the World Bank. This is a breakdown crisis of world civilization, prepared over decades by the folly of deindustrialization and the illusions of a postindustrial society, further complicated by the deregulation and privatization of the leading economies based on the Washington Consensus, itself a distillation of the economic misconceptions of the Austrian and Chicago monetarist schools. If current policies are maintained, we face the acute danger of a terminal dollar disintegration and world hyperinflation. Read the rest of this entry »
Posted in Financial crisis | Tagged: derivatives, financial collapse, G20 summit | Leave a Comment »
Posted by smeddum on March 25, 2009
UN panel expected to side with China, Russia in call to dump greenback
BARRIE MCKENNA AND KEVIN CARMICHAEL
Globe and Mail
With files from AP
March 25, 2009
Europe is not so happy with the dollar as this article claims (click here). It was not that long ago that Sarkozy called for a new reserve currency.
WASHINGTON and OTTAWA — Creating a new global currency may be a long shot, but that isn’t stopping some heavy hitters talking up the idea as world leaders prepare to meet in London next week. Read the rest of this entry »
Posted in Financial crisis | Tagged: reserve currency status of dollar | Leave a Comment »
Posted by seumasach on March 24, 2009
Interview with Igor Panarin, doctor of political science, dean of the foreign affairs department at the Diplomacy Academy of the Russian Foreign Ministry,
Eldib
As early as autumn 2009 the economic crisis may lead to a civil war in the USA and then to its division into parts. Igor Panarin, doctor of political science, dean of the foreign affairs department at the Diplomacy Academy of the Russian Foreign Ministry, presented this forecast ten years ago. At that time his forecasts seemed unrealistic, but now many of them are coming true.
Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: End of empire, financial collapse, split in US elite | Leave a Comment »
Posted by smeddum on March 24, 2009
The U.S. economy has passed the point of no return
We are living through history in the making. Not the good kind of history. More like Nero-fiddling-while-Rome-burned history. Read the rest of this entry »
Posted in Financial crisis | Tagged: End of empire | Leave a Comment »
Posted by smeddum on March 24, 2009
BY JOSEPH E. STIGLITZ
Tuesday, 03.24.09
Miami Herald
Why does Stiglitz want to give the banks more money, then present arguments that seem to be against such a proposal?
Let’s be clear: President Barack Obama inherited an economy in freefall and could not possibly have turned things around in the short time since his election. Unfortunately, what he is doing is not enough.
The real failings in the Obama recovery program lie not in the stimulus package — though it is too heavily weighted toward tax cuts, and much of it merely offsets cutbacks by states — but in its efforts to revive financial markets. America’s failures provide important lessons to countries around the world that are or will be facing increasing problems with their banks: Read the rest of this entry »
Posted in Financial crisis | Tagged: Financial crisis, Obama agenda | 1 Comment »
In These New Times 