WASHINGTON (Reuters) – Nobel-prize winning economist Paul Krugman said in remarks published on Monday that the latest U.S. Treasury bailout program is nearly certain to fail, triggering a sense of personal despair. Read the rest of this entry »
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.
Nobel laureate Krugman slams Geithner bailout plan
Posted by smeddum on March 24, 2009
Posted in Financial crisis | Tagged: cash for trash | Leave a Comment »
The U.S Treasury Bubble: The worst kept secret on Wall Street
Posted by smeddum on March 24, 2009
By now everybody and his/her mother has heard about the U.S. Treasury bond bubble.
In terms of secrets, it is one of the worst kept on Wall Street. Read the rest of this entry »
Posted in Financial crisis | Tagged: bond bubble | Leave a Comment »
Captured By The Debt Spider
Posted by seumasach on March 23, 2009
Ellen Brown
Introduction from The Web of Debt
President Andrew Jackson called the banking cartel a “hydra-headed monster eating the flesh of the common man.” New York Mayor John Hylan, writing in the 1920s, called it a “giant octopus” that “seizes in its long and powerful tentacles our executive officers, our legislative bodies, our schools, our courts, our newspapers, and every agency created for the public protection.” The debt spider has devoured farms, homes and whole countries that have become trapped in its web. In a February 2005 article called “The Death of Banking,” financial commentator Hans Schicht wrote:
The fact that the Banker is allowed to extend credit several times his own capital base and that the Banking Cartels, the Central Banks, are licensed to issue fresh paper money in exchange for treasury paper, [has] provided them with free lunch for eternity. . . . Through a network of anonymous financial spider webbing only a handful of global King Bankers own and control it all. . . . Everybody, people, enterprise, State and foreign countries, all have become slaves chained to the Banker’s credit ropes.1
Posted in Financial crisis | Tagged: alternative financial system | Leave a Comment »
France, Germany say regulation priority for G20
Posted by smeddum on March 23, 2009
Tue Mar 17
* Sarkozy, Merkel want ‘new financial architecture’
* All hedge funds should be registered, regulated
* EU should look at sanctions on non-transparent states
(Adds Merkel-Balkenende article)
By Madeline Chambers and Paul Carrel
BERLIN, March 17 (Reuters) – France and Germany said the top priority for an April G20 summit should be to agree new rules for the global financial system, in the latest signal to Washington that they oppose its push for new stimulus measures. Read the rest of this entry »
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The Big Takeover
Posted by seumasach on March 22, 2009
This incomparable article tells us pretty well exactly what this crisis is about; not just money, not just fraud, but the direct seizure of power by a financier clique. Unhappily for them they are now emerging into the light of day away from the dark recesses of power in which they thrived and pulled the strings behind the scenes. Oligarchy is having to seize the direct reins of power and formally ratify itself- just look at the composition of the Obama administration. Such a development, however, will prove fatal and can only hasten their end.
The global economic crisis isn’t about money – it’s about power. How Wall Street insiders are using the bailout to stage a revolution
Matt Taibbi
19th March, 2009
It’s over — we’re officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline — a corporation that got rich insuring the concrete and steel of American industry in the country’s heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables, like a dissolute nobleman gambling away the family estate in the waning days of the British Empire.
Posted in Financial crisis | Tagged: coup d'etat in America, End of empire, financial fraud, oligarchy | 1 Comment »
The United States Of Ponzi
Posted by smeddum on March 21, 2009
The United States Of Ponzi
Nouriel Roubini, 03.19.09, 12:01
Behold the Madoff in the mirror.
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A reporter contacted me recently with the following question:
“I am a reporter, and I am doing a story on Bernard Madoff’s life after pleading guilty. As part of this, I was wondering if you could comment on what significance he will have in the history of this period. Will he represent more than a scamster who stole a lot of money from a lot of people? As Bernie Ebbers and Ken Lay came to embody corporate greed and deceit, what will Madoff symbolize?” Read the rest of this entry »
Posted in Financial crisis, Uncategorized | Leave a Comment »
Is Britain going bust?
Posted by smeddum on March 19, 2009
By Tony Bonsignore | 19 March 2009
Even to a nation punch-drunk on big scary numbers, the latest figures on government borrowing represent an eye-wateringly painful poke-in-the-eye.
According to the latest stats, the UK government borrowed a shade under £9 billion last month – the highest February figure since records began in 1993. Read the rest of this entry »
Posted in Financial crisis | Tagged: bankrupt Britain | Leave a Comment »
US treasuries: The biggest bubble
Posted by smeddum on March 19, 2009
GOLD & TREASURY FEEDER SYSTEM
Jim Willie CB March 18, 2009
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Jim Willie CB is the editor of the “HAT TRICK LETTER”
USTREASURY BONDS AS COMPETITOR FOR GOLD
Dogs and cats are mortal enemies in the animal world. In the insect world, ants and termites are mortal enemies. In the financial world, gold and USTreasury Bonds are mortal enemies. They compete for the revered role of safe haven for funds. In today’s day and age, with numerous storms, some unprecedented, safe haven is especially valuable. One of the most important jobs for the USFederal Reserve, JPMorgan (its agent), and the USCongress is to create the impression that USTreasurys are indeed not only safe, but beyond reproach and free from any hint of default potential. In recent months, with a failure of many important US-based financial engines, and sharp economic decline, made more complex by mammoth commitments from the USGovt on rescues and stimulus, the pristine image of USTreasurys has suffered from severe tarnish. Read the rest of this entry »
Posted in Financial crisis | Tagged: US treasuries bubble | Leave a Comment »
The Real AIG Conspiracy
Posted by smeddum on March 18, 2009
Jim Willie on AIG (radio broadcast)
Bait and Switch
By MICHAEL HUDSON
It may seem odd, but the public outrage against $135 million in AIG bonuses is a godsend to Wall Street, AIG scoundrels included. How can the media be so preoccupied with the discovery that there is self-serving greed to be found in the financial sector? Every TV channel and every newspaper in the country, from right to left, have made these bonuses the lead story over the past two days. Read the rest of this entry »
Posted in Financial crisis | Tagged: AIg, AIG bonus diversion | 1 Comment »
The Invisible One Quadrillion Dollar Equation — Asymmetric Leverage and Systemic Risk
Posted by smeddum on March 18, 2009
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The Size of the Derivatives Bubble = $190K Per Person on Planet
The Invisible One Quadrillion Dollar Equation
by DK Matai
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Global Research, March 16, 2009
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According to various distinguished sources including the Bank for International Settlements (BIS) in Basel, Switzerland — the central bankers’ bank — the amount of outstanding derivatives worldwide as of December 2007 crossed USD 1.144 Quadrillion, ie, USD 1,144 Trillion. The main categories of the USD 1.144 Quadrillion derivatives market were the following:
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Posted in Financial crisis | Tagged: derivatives, The "Great Unwind" | Leave a Comment »
Wall Street’s and the City’s Attempt to Destabilize the EU Banking System and the Euro
Posted by seumasach on March 18, 2009
Growing Transatlantic Tensions on the Eve of the G20 Summit
17th March, 2009
According to LEAP/E2020, there are only two options left for the G20 leaders who gather next April 2nd in London: either they rebuild a new international monetary system, creating the conditions for a new global system that involves all the main global players, and reducing the crisis to a maximum of 3 to 5 years; or they strive to prolong the current system, thrusting the world into a decade long tragic crisis starting at the end of 2009.
Posted in Financial crisis | Tagged: Financial crisis | Leave a Comment »
In These New Times 