Alistair Darling and senior figures in the US Treasury have been encouraging the Fund to issue hundreds of billions of dollars worth of so-called Special Drawing Rights in the coming months as part of its campaign to prevent the recession from turning into a global depression. 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.
The Obama Deception (1.51 mins)
Posted by smeddum on March 18, 2009
Posted in Financial crisis | Tagged: Alex Jones, Webster Tarpley | 1 Comment »
Democrats Finally Waking Up to the Ongoing Looting of the Economy
Posted by smeddum on March 18, 2009
TUESDAY, MARCH 17, 2009
Just as a certain percentage of republicans refused to admit that rotten things were happening under the Bush administration, many democrats have fought to defend the Obama administration against charges of mishandling the response to the economic crisis. Read the rest of this entry »
Posted in Financial crisis | Tagged: AIg, Aig anger | Leave a Comment »
Jon Stewart’s Epiphany: Has a Comedian Just Saved America?
Posted by smeddum on March 17, 2009
by Pam Martens
Global Research, March 16, 2009
Counterpunch.org/
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As testimony to how Orwellian life has become under the outrages of Wall Street hubris, last week saw a comedian, who poses as an anchor on a fake news show, grab the reins of the Wall Street investigation from the actual investigators in Congress. Read the rest of this entry » |
Posted in Financial crisis, Uncategorized | Tagged: Jon Stewart | Leave a Comment »
The Financial Sector: “A House Burning Down”
Posted by smeddum on March 17, 2009
Ben Bernanke’s False Analogy
By Prof. Michael Hudson
March 16, 2009 “Global Research” On the March 15 CBS show “60 Minutes”, Federal Reserve Chairman Ben Bernanke used a false analogy already popularized by President Obama in his quasi-State of the Union Speech. He likened the financial sector to a house burning down – fair enough, as it is destroying property values, leading to foreclosures, abandonments, stripping (for copper wire and anything else recoverable) and certainly a devastation of value. The problem with this analogy was just where this building was situated, and its relationship to “other houses” (e.g., the rest of the economy). Read the rest of this entry »
Posted in Financial crisis | Tagged: Obama agenda | Leave a Comment »
Business as usual at IMF
Posted by seumasach on March 17, 2009
Crise économique : le FMI persiste et signe
14th March, 2009
Translation at foot of each paragraph
Pourquoi changer une politique qui conduit à la faillite, lorsque les victimes sont les autres ? Telle est la question qui se pose au Fonds monétaire international et à laquelle il ne répondra pas. Au contraire, sous la houlette de Dominique Strauss-Kahn, le FMI entend utiliser la crise pour réduire. un peu la marge de manœuvre des États pauvres. Pour Damien Millet et Eric Toussaint, responsables du CADTM (Comité pour l’annulation de la dette du tiers-monde), il faut dissoudre sans attendre une institution internationale qui a conçu ses prêts comme un moyen de domination.
[Why change policies which led to failure, when the victims are others? This is the question the IMF fails to answer. On the contrary, under the leadership of Dominique Strauss-Kahn, the IMF aims to use the crisis to limit the room for manoeuvre of the poorer states. For Damien Millet and Eric Toussaint of the CADTM(Committee for the Cancellation of the Third-World Debt) we must dissolve this institution which uses debt as an instrument of domination.]
Posted in Financial crisis | Tagged: new global architecture, new global financial system, new global leadership | Leave a Comment »
Bailout money is flowing abroad
Posted by seumasach on March 15, 2009
But City experts analysing the scheme for The Independent say large quantities of money will simply end up abroad because so many of the gilts are held by foreign investors. They fear that they will hoard the cash, which will be of no benefit to the British economy, or dump it in favour of safer currencies, which could cause a run on sterling. More than a third of gilts are owned by foreign entities, official statistics reveal, and there are doubts about how effective the policy will be if that sort of proportion of the new money is diverted abroad.
14th March, 2009
The Bank is in the process of purchasing about £75bn of government securities, or gilts, over a three-month period, the first instalment of a massive £150bn programme. The Bank is effectively converting these government securities or gilts into cash and bank balances which, it is hoped, will be used to support lending and spending in the UK and boost the economy.
Posted in Financial crisis | Tagged: bankrupt Britain, Financial crisis, stop the bailout | Leave a Comment »
Latinoamérica oxigena economía rusa en tiempos de crisis
Posted by smeddum on March 15, 2009
Latinoamérica oxigena economía rusa en tiempos de crisis
Por Jorge Petinaud Martínez
Periodico
Moscú, 14 mar (PL) La celebración esta semana de seminarios de negocios ruso-guatemaltecos aquí y en San Petersburgo y un informe publicado por la cancillería confirman hoy la importancia del mercado latinoamericano para Rusia en tiempos de crisis. Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: Russia-Venezuela agreement | Leave a Comment »
Full text of BRIC countries joint communique
Posted by seumasach on March 14, 2009
This rebalancing of existing global institutions to
reflect multipolarity is a moment in the reform of
these institutions leading ultimately to their
refoundation on the basis of a new paradigm
March 14 (Reuters) – Issuing their first-ever communique at
a G20 finance ministers’ meeting, Brazil, China, Russia and
India have called for a bigger voice on international bodies —
signalling their growing political resolve to influence global
affairs. [ID:nLE152911]
Following is the text of the statement:
Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: BRIC alliance, BRIC joint communique, End of empire, Financial crisis | Leave a Comment »
G20 ministers meet amid rifts
Posted by seumasach on March 14, 2009
“The summit is also expected to call for an increase in funding for the International Monetary Fund (IMF).However, Brazil, China, India and Russia said they would not contribute extra money until their voting power at the IMF rises. The IMF voting structure gives greater voting power to the US and Europe in the agency’s decisions.”
The BRIC alliance has emerged as a counterpole to US/UK hegemony and is here frustrating Brown’s plan to use the IMF to gain control of the global economy
14th March, 2009
Finance ministers and central bankers from the Group of 20 have met in London amid rifts on how to tackle the global financial crisis.
The US, supported by Britain, is calling for more government spending to spur growth. European governments, however, want rapid moves to change the rules governing financial markets in addition to massive public expenditure.
Posted in Financial crisis, Multipolar world | Tagged: BRIC alliance, End of empire, Financial crisis, IMF reform, Multipolar world, The Brown Plan | 1 Comment »
IMF poised to print billions of dollars in ‘global quantitative easing’
Posted by smeddum on March 14, 2009
The International Monetary Fund is poised to embark on what analysts have described as “global quantitative easing” by printing billions of dollars worth of a global “super-currency” in an unprecedented new effort to address the economic crisis.
Posted in Financial crisis | Tagged: quantitative easing | Leave a Comment »
China Finally Diversifying Out of the Dollar?
Posted by smeddum on March 14, 2009
THURSDAY, MARCH 12, 2009
China Finally Diversifying Out of the Dollar? Everyone knows that China has $2 trillion in foreign reserves. Two-thirds of those reserves are said to be denominated in dollars.
But – after years of speculation – there are increasing signs that China is diversifying out of the dollar. Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: China | Leave a Comment »
In These New Times 