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 2, 2009
The Brit authorities are clearly determined to have their “summer of discontent”. For the rest of us the response of the great British public is nothing less than catatonic. No one is even talking about the crisis let alone preparing Molotov cocktails. What does MI5 know that we don’t?
TOP secret contingency plans have been drawn up to counter the threat posed by a “summer of discontent” in Britain.
Posted in Financial crisis | Tagged: summer of discontent | Leave a Comment »
Posted by seumasach on March 2, 2009
Richard C. Cook
3rd March, 2009
| “The Last Picture Show” was a 1971 film depicting the decay of small town America. It took place in the fictitious town of Anarene, Texas.
We hear a distant tune reminiscent of America’s high and lonely places and the sound of a dry wind blowing. It’s March 2010 in the tiny West Texas town of Anarene. Nothing much happens here any more. The last business shut down a couple of years ago. It was a cement plant that went broke after the housing bubble burst and the banks stopped lending. The kids out of high school drive their jalopies from one end of Main Street to the other past boarded-up storefronts. Read the rest of this entry » |
Posted in Financial crisis | Tagged: Financial crisis, monetary reform, Obama agenda, stop the bailout | Leave a Comment »
Posted by seumasach on March 1, 2009
Here, New Labour mouthpiece, Will Hutton, gives a fairly comprehensive outline of the Brown plan, a “global new deal”. This involves using the UN. IMF, World Bank and EU to spearhead the kind of policies already put into the practice in the US/UK i.e. massive handouts to financier interests and the bankrupting of the nation state. Brown understands that reform is necessary within organisations like the IMF, UN etc. In other words, in order to maintain their credibility some other nations must be given a place in the inner circle. This not the kind of refoundation of global organisations we need for the new multipolar world.
“But now, more than ever, we need a stronger, free-trading EU with pan-EU financial regulation that speaks with one voice as a core constituent of a new order.”
This is a reference to already existing plans to create a huge trans-Atlantic free trade area. It is also in this context, and this alone , that we should understand Mandelsohn’s pro-Euro sentiment.
Will Hutton
1st March, 2009
This week, Gordon Brown becomes only the fifth British prime minister to address both American houses of Congress. He will speak against the background of the gravest economic times in living memory. Each of his listeners will know that, without massive American government support, both the US banking system and its car industry would now be bust. Instead of unemployment rising by a sickening 600,000 a month, it would be going up by more than a million.
Posted in Financial crisis, Uncategorized | Tagged: End of empire, financial collapse, Financial crisis, Global New Deal, new global leadership, The Brown Plan | Leave a Comment »
Posted by smeddum on February 27, 2009
Friday, February 27, 2009
DEREK SCALLY in Berlin
GERMAN CHANCELLOR Angela Merkel has said Germany will consider assisting Ireland and other euro-zone members in financial difficulty, but only if they lay plain the true state of their banks’ finances at Sunday’s EU summit. Read the rest of this entry »
Posted in Financial crisis | Tagged: Collapse of banking system, Ireland | Leave a Comment »
Posted by seumasach on February 26, 2009
26th February, 2009
It would take an average of 93 years for people contacting a debt charity for help to repay their borrowings at an affordable rate, research showed today.
Posted in Financial crisis | Tagged: bankrupt Britain, economic collapse, Financial crisis, household debt | 3 Comments »
Posted by seumasach on February 26, 2009
26th February, 2009
Figures obtained by LGC reveal councils are continuing to place billions of pounds in the Debt Management Account Deposit Facility (DMADF) as commercial banks are deemed too risky.
Posted in Financial crisis | Tagged: council spending cuts, Financial crisis | Leave a Comment »
Posted by seumasach on February 25, 2009
Posted in Financial crisis | Tagged: failing banks, financial collapse, stop the bailout | Leave a Comment »
Posted by seumasach on February 23, 2009
“The bottom line is that we cannot borrow our way out of debt. Only new money will stimulate a debt-ridden economy – money that is interest-free and does not have to be paid back.”The Gordon Brown approach is to increase debt in order to revive the economy. Ellen Brown’s approach is to create new money as a stimulus to productive investment and basic consumption of necessities. This maybe something similar to the Chinese approach.According to Ellen Brown the problem lies not with quantitative easing itself but the fact that the money is being channeled towards the financiers. However, it remains irreconcilable with the dollar’s role as a reserve currency.
“Diseases desperate grown are by desperate appliances relieved, or not at all.” – Shakespeare, “Hamlet”
Moody’s credit rating agency is warning that the U.S. government’s AAA credit rating is at risk, because it has taken on so much debt that there are few creditors left to underwrite it. Foreigners have bought as much as two-thirds of U.S. debt in recent years, but they could be doing much less purchasing of U.S. Treasury securities in the future, not so much out of a desire to chastise America as simply because they won’t have the funds to do it. Oil prices have fallen off a cliff and the U.S. purchase of foreign exports has dried up, slashing the surpluses that those countries previously recycled back into U.S. Treasuries. And domestic buyers of securities, to the extent that they can be found, will no doubt demand substantially higher returns than the rock-bottom interest rates at which Treasuries are available now.1
Posted in Financial crisis | Tagged: economic collapse | Leave a Comment »
Posted by smeddum on February 23, 2009
Friday 20 February 2009
Commenting on the Prime Minister’s call for world leaders attending the G20 in April to agree ‘decisive action’ to tackle the global recession, TUC General Secretary Brendan Barber said:
‘Adding to the pressure on the G20 governments will be the Put People First March for Jobs, Justice and Climate on the Saturday (28 March) before the summit. Read the rest of this entry »
Posted in Financial crisis, Uncategorized | Tagged: UK protest | 4 Comments »
Posted by smeddum on February 23, 2009
“The day of mé féin politics have failed. Now is the time for the politics of Sinn Féin. Bígí linn.”
Saturday, February 21, 2009
The following is the full text of the speech by Sinn Féin leader Gerry Adams to the party’s Ard Fheis today. Read the rest of this entry »
Posted in Financial crisis | Tagged: Gerry Adams, Ireland, protests Ireland | 1 Comment »
Posted by smeddum on February 22, 2009
Posted in Battle for Europe, Financial crisis | Tagged: Ireland | Leave a Comment »
In These New Times 