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 seumasach on March 7, 2009
“Today’s unparalleled expansion of federal debt and obligations is being dressed up as textbook “Keynesian”. It’s rather obvious that we are in dire need of some new books, curricula and economic doctrines. But from a political perspective, the title is appropriate enough. From an analytical framework perspective such policymaking is more accurately labeled “inflationism” – a desperate attempt to prop inflated asset prices, incomes, business revenues, government receipts, and economic “output”. There have been many comparable sordid episodes throughout history, and I am not aware of any positive outcomes.”
Doug Noland
Asia Times
3rd March, 2009
Bloomberg’s Mark Pittman and Bob Ivrya reported last Tuesday: ” … the US government has pledged more than US$11.6 trillion on behalf of American taxpayers over the past 19 months, according to data compiled by Bloomberg. Changes from the previous table, published February 9, include a $787 billion economic stimulus package. The Federal Reserve has new lending commitments totaling $1.8 trillion. It expanded the Term Asset-Backed Lending Facility, or TALF, by $800 billion to $1 trillion and announced a $1 trillion Public-Private Investment Fund to buy troubled assets from banks. The US Treasury also added $200 billion to its support commitment for Fannie Mae and Freddie Mac … ”
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Posted in Financial crisis | Tagged: financial collapse, Financial crisis, inflationism, stop the bailout | 1 Comment »
Posted by smeddum on March 6, 2009
Market oracle
By: Nadeem_Walayat
This is an interesting article in that it is written by a deflationist. He also seems to accept that the problem is credit. However, the problem is productivity. Credit for consumption or to pay off bad debts is only adding to the inflationary cycle
Economic Shock and Awe as Interest Rates are cut to 0.5% coupled with £75 Billion conjured out of thin air by Mervyn King Waving his “Central Bank Magic Wand“. The government through what should be more accurately termed as “Quantitative Inflation” than “Quantative Easing” sanctioned £75 billion in the initial print run which will have a multiplier effect through fractional reserve banking and leverage of anywhere from between X10 to X20 the amount depending on how it filters through the economy, therefore £75 billion increase in the money supply implies the supply of credit should jump by anywhere between £750 billion to £1.5 trillion, but more probably in the region of X10 at £750 billion over the next few months, with expectations of several more doses of “Quantitative Inflation” during 2009 that seeks to devalue the British Pound towards parity to the U.S. Dollar. Read the rest of this entry »
Posted in Financial crisis | Tagged: hyperinflation, quantitative easing | Leave a Comment »
Posted by smeddum on March 6, 2009
By Linda Shen
March 6(Bloomberg) — TCF Financial Corp., the Wayzata, Minnesota-based bank that never made a subprime loan and hasn’t lost money since 1995, is asking why it should help clean up the mess made by Wall Street.
“I’m kind of bitter,” said William Cooper, chief executive officer of the 448-branch bank, adding that over the years TCF has invested about $1 billion in the Federal Deposit Insurance Corp.’s fund that guarantees bank deposits. “We pay for the excesses of our competitor over and over again.” Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, wall st greed | Leave a Comment »
Posted by smeddum on March 6, 2009
GOLD & THE PANIC PHASE
Jim Willie CB March 5, 2009
GoldenJackass
A couple of bright friends reported to me some overriding themes at the PDAC gathering in Toronto last weekend. Apparently, some surprise came to them. They mentioned that more than a few analysts, writers, and speakers still do not get it. They actually believe the situation with the USEconomy and US banking system has begun to stabilize. That is like saying a college basketball player has Michael Jordan under control, or a farmer has his Clydesdale horse under control, or a misguided King can call back the ocean tide, or a man has a hurricane under control as he clings to a roof rafter. The USEconomy has entered an accelerated phase of disintegration, while the populace has entered a new panic phase. The US stock market is under the microscope, and it just broke a key multi-year critical support level. This article is intended to be constructive, with a list of perceived meters and conditions, followed by a four-step foundation for a recovery. When finished reading the four planks, one should easily conclude that no solution, let alone attempt, is on the correct path or is in the works. Read the rest of this entry »
Posted in Financial crisis | Tagged: financial fraud, foreclosure, gold, Oil, unemployment | Leave a Comment »
Posted by seumasach on March 4, 2009
The ball is in the court of the international comminity: do they wan’t London and Washington to “help them rebuild the global economy”? Let’s hope not for all our sakes. Brown is now almost delirious as he fantasises about global leadership. He even repeats the claim that America put a man on the moon.
Gordon Brown fails to match Tony Blair’s standing ovations from Congress as he urges U.S. to halt ‘hurricane’ of recession
Mail on Sunday
4th March, 2009
Gordon Brown today called on America to shoulder its historic responsibilities by using its vast wealth to help stem the ‘hurricane’ of recession battering the world.
He urged the planet’s only superpower to ‘share its prosperity’ with poorer countries as he pleaded with Congress to back his plan for a global ‘new deal’ for economic recovery.
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Posted in Financial crisis | Tagged: Gordon Brown, world leader | Leave a Comment »
Posted by seumasach on March 4, 2009
This throws some light on Brown’s sudden conversion to eliminating tax havens through new international powers i.e. obviously not the ones within British jurisdiction.
Jean-Claude Paye
Voltairenet.org
3rd March, 2009
Washington a partiellement réussi à contraindre l’Union des Banques Suisses (UBS) à violer la législation helvétique et à dénoncer ses clients états-uniens susceptibles de frauder le fisc. Malgré les apparences, observe le sociologue Jean-Claude Paye, cette manœuvre ne vise pas à obtenir des informations, car Washington les détenait probablement déjà, mais à casser la place bancaire suisse. L’Empire tente d’éliminer par la force les « paradis fiscaux » qu’il ne contrôle pas, au profit des siens qu’il protège.
[Washington has partially succeeded in forcing l’Union des Banques Suisses (UBS) to violate Swiss law and reveal the names of its US clients liable tp prosecution for fraud. In spite of appearances, observes sociologist, Jean-Claude Paye, this manoeuvre doesn’t aim to obtain information, since Washington in all probability, already it, but to undermine Swiss banking. The empire intends to eliminate by force tax havens which it doesn’t control, in favour of those which it does.]
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Posted in Financial crisis | Tagged: Financial crisis, Obama agenda | Leave a Comment »
Posted by seumasach on March 3, 2009
FT
3rd March, 2009
Eurozone authorities would help a member state in serious economic difficulties before it needed to approach the International Monetary Fund because of a debt-default risk, according to a senior European Union policymaker.
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Posted in Financial crisis | Tagged: eurozone crisis, Financial crisis | Leave a Comment »
Posted by seumasach on March 2, 2009
More baloney from Brown. He’s trying to fool everyone into conceding global institutions under Anglo-american control. He’s is, of course, the last person to want to open up tax havens. Since most of them are under British jurisdiction anyway, what is to stop him from doing this without global institutions.
Brown’s nationalised banks just mean the banks do as they like and the taxpayer picks up the bill. In other words, it is simply fraud on an unprecedented scale
As for his harsh words about the bankers, they know this is a necessary little game, and know the the funds will continue to flow their way. They know this little charlatan with his mock gravitas is entirely under their control.
By Christina Fincher
LONDON, Feb 28 (Reuters) – British Prime Minister Gordon Brown called for more rigorous global supervision of the banking system on Saturday, saying no hedge fund or tax haven should be allowed to fall through the cracks.
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Posted in Financial crisis | Tagged: Brown baloney, financial collapse, financial fraud, stop the bailout | Leave a Comment »
In These New Times 