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.
Song Parody: Obama raising Keynes
Posted by smeddum on February 22, 2009
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Max Keiser predicts imminent collapse of pound
Posted by smeddum on February 22, 2009
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Putin: Post-US World Blueprint
Posted by smeddum on February 22, 2009
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PROLOGUE & AFTERMATH
The World Economic Forum took place in Davos Switzerland last week. The global picture enabled a nice snapshot of sentiment, fault for the crisis, blame doled out, the vacuum of leadership, the perks for blunderers in a country club setting (instead of prison), and warnings on a potential situation that could spiral out of control. Amidst all the finger pointing, surprisingly little blame was given to themselves, the corporate chieftains in attendance. Let’s be clear! The Davos Forum was a funeral wake, and Putin rode in on a white horse to announce there is a new sheriff in town!! Davos afforded a unique opportunity for Russian self-styled leader Vladimir Putin to storm the forum stage and to steal the show. Putinpresented a basic Blueprint for what should be called ‘The Post-US World’ as the United States and United Kingdomhave lost the mantle of leadership and control. They lost it from failed economic policy, wrecked banking systems, fraud-ridden bond markets, corrupted debt ratings agencies, abuse of IMF & World Bank, and the severe backfire of economies that depended upon housing bubbles. Inflation turned on its haughty financial engineers! Nations with insolvent banks, insolvent households, corporations in liquidation, economies in near collapse, they tend not to be good owners and custodians of the global reserve currency!!!
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On the brink of doom, mad Mandelson promises to take on the ‘doomsters’
Posted by seumasach on February 21, 2009
No doubt the low carbon “industrial revolution” offers ‘huge economic opportunities” to friends of New Labour. Apart from that, it’s simply madness to describe this as a solution to Britain’s devastated economy. Coming from Mandelson this can also be taken as a veiled threat to “”doomsters” who talked down the British economy”.
minister maintained that the UK was on the verge of a low carbon “industrial revolution” which promised huge economic opportunities.
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Economic catastrophe looms
Posted by seumasach on February 19, 2009
John Browne
20th February, 2009
When the US Congress passed its US$787 billion stimulus package last week, the size of the plan caused many observers to forget the water that has already passed under the bridge. Fewer still are wondering what havoc will erupt when all this liquidity eventually washes ashore.
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British government to bankrupt state
Posted by seumasach on February 19, 2009
The British government had the option to either put the banks through bankruptcy or to take on their liabilities and bankrupt the state. In the end it was always going to be what in popular parlance is now referred to as a “no-brainer” and the latter option was to be the preferred one. The British state has done the right thing on behalf of private interests and agreed to sacrifice itself and £60 million citizens on the altar of oligarchy. Do not send to ask for whom the bell tolls; it tolls for thee.
This morning the Office for National Statistics painted a frightening picture of the UK’s current financial position: the national debt soared to £703bn last month, equivalent to 47.8% of GDP, which is the highest proportion in over 30 years. January is usually a good month for tax receipts, but with incomes and corporate profits being squeezed in the downturn, revenues have plummeted – the monthly surplus was just £3.3bn, compared to £13.9bn last year. And perhaps most alarmingly, the ONS also plans to add the liabilities of bailed-out RBS and Lloyds to the public sector debt, which will push us an extra £1.5 trillion into the red…
Posted in Financial crisis | Tagged: End of empire, failing banks, financial collapse, stop the bailout | 1 Comment »
One in five California public workers to be fired as Arnold Schwarzenegger cuts deep
Posted by seumasach on February 19, 2009
18th February, 2009
The state of California was yesterday set to fire 20,000 public employees as it teetered on the brink of a total financial collapse.
Posted in Financial crisis | Tagged: california goes bankrupt, financial collapse, the states go bankrupt | 1 Comment »
Collapse of the US dollar: Global systemic crisis. The phase of global geopolitical dislocation
Posted by seumasach on February 18, 2009
GEAB
17th February, 2009
Back in February 2006, LEAP/E2020 estimated that the global systemic crisis would unfold in 4 main structural phases: trigger, acceleration, impact and decanting phases. This process enabled us to properly anticipate events until now. However our team has now come to the conclusion that, due to the global leaders’ incapacity to fully realise the scope of the ongoing crisis (made obvious by their determination to cure the consequences rather than the causes of this crisis), the global systemic crisis will enter a fifth phase in the fourth quarter of 2009, a phase of global geopolitical dislocation.
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Social collapse best practices
Posted by seumasach on February 16, 2009
The following talk was given on February 13, 2009, at Cowell Theatre in Fort Mason Center, San Francisco, to an audience of 550 people. Audio and video of the talk will be available on Long Now Foundation web site.
Good evening, ladies and gentlemen. Thank you for showing up. It’s certainly nice to travel all the way across the North American continent and have a few people come to see you, even if the occasion isn’t a happy one. You are here to listen to me talk about social collapse and the various ways we can avoid screwing that up along with everything else that’s gone wrong. I know it’s a lot to ask of you, because why wouldn’t you instead want to go and eat, drink, and be merry? Well, perhaps there will still be time left for that after my talk.
I would like to thank the Long Now Foundation for inviting me, and I feel very honored to appear in the same venue as many serious, professional people, such as Michael Pollan, who will be here in May, or some of the previous speakers, such as Nassim Taleb, or Brian Eno – some of my favorite people, really. I am just a tourist. I flew over here to give this talk and to take in the sights, and then I’ll fly back to Boston and go back to my day job. Well, I am also a blogger. And I also wrote a book. But then everyone has a book, or so it would seem.
You might ask yourself, then, Why on earth did he get invited to speak here tonight? It seems that I am enjoying my moment in the limelight, because I am one of the very few people who several years ago unequivocally predicted the demise of the United States as a global superpower. The idea that the USA will go the way of the USSR seemed preposterous at the time. It doesn’t seem so preposterous any more. I take it some of you are still hedging your bets. How is that hedge fund doing, by the way?
Posted in Financial crisis | Tagged: crash survival, economic collapse | 2 Comments »
Blame Brown: Revenge of the whistleblower
Posted by seumasach on February 15, 2009
The British oligarchy like to resolve things for themselves before people take to the streets, Are they, then, about to pass the poisoned chalice of political power to the Tories?(as if they can’t in any way be held responsible for the plight of modern Britain)
We always used to say that the methods used in Northern Ireland would be used in mainland Britain: that extends, seemingly, to the supergrass.
15th February, 2009
The HBOS whistleblower whose revelations led to the resignation of one of the Government’s top regulators is about to release a tranche of documents which he says point a direct and accusatory finger at Gordon Brown’s responsibility for the banking crisis, and has called on the Prime Minister to resign. In a further blow to Labour, an Independent on Sunday poll showed voter support for the party evaporating, leaving it only a few points ahead of the Lib Dems.
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Britain’s bankers plumb new depths
Posted by seumasach on February 15, 2009
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In These New Times 