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 smeddum on February 14, 2009
By: Jim Willie CB, GoldenJackass.com
– Posted Friday, 13 February 2009 |
A hard time came when deciding upon a title today. “Dead Banks Walking” or “Insolvent & Motionless Yet Standing” or “Much Ado About No Credit” or “The Bank Vampires” or“The Primary Dark Syndicates” made sense. But what came to mind when a comment made by the Jackass in June 2008 on the Vancouver stage at a Cambridge House Metals & Mining Conference. My words to close a panel discussion on the banks were “Just wait, in several months you will see the entire US banking system go insolvent, its stock prices dwindle to nothing, as it will be diluted into oblivion!” It happened. The response by the USGovt, the USFed, Wall Street banks, and the USCongress will result in very little remedy since their first objective is to keep in place the cover-up to their gigantic fraud, much of which still eludes the financial press. By the time conditions worsen, rescues will not be the primary objective any longer. Rather, prevention of collapse will become the urgent priority. Desperate official actions will result in turning the corner on inflation, from the so-called deflation toward hyper-inflation. The gold & silver price will find release. Already, their prices are disconnected from the USDollar.Gold & silver serve as panic meters, systemic breakdown meters, monetary meters, and official desperation meters. The USEconomy has entered an acceleration phase in its breakdown. Gold & silver are poised to make new highs and not look back. They have responded to growing monetary disasters.Incredibly powerful events are in the works, to be unleashed within the next several months. What an exciting yet tragic time! The Hat Trick Letter analyzes the events, both public and hidden, in detail. Read the rest of this entry »
Posted in Financial crisis | Tagged: bank failures | 1 Comment »
Posted by seumasach on February 13, 2009
Martin Jacques
Guardian
13th February, 2009
The key relationship for any global recovery is between the US andChina. By the same token, any serious deterioration in their relationship would propel the world towards a second Great Depression. The Chinese citizen has funded the credit-driven American consumer boom: or, to put it another way, China’s government has enabled the US to run an enormous current account deficit by buying huge quantities of US treasury bills. If China stops this, the value of the US dollar would plunge, and a bitter trade war, engulfing the rest of the world, would ensue.
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Posted in Financial crisis, Multipolar world | Tagged: China, End of empire, Financial crisis, Multipolar world | Leave a Comment »
Posted by seumasach on February 13, 2009
February 12, 2009 (LPAC)–The FBI is targetting 38 major firms for fraud “directly related to the current economic crisis,” according to a top FBI official, and ultimately the number could rise into the hundreds. “These are companies, businesses that everybody knows about,” said John Pistole, the FBI’s Deputy Director.
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Posted in Financial crisis | Tagged: financial fraud, stop the bailout | Leave a Comment »
Posted by smeddum on February 13, 2009
Greek vessels lay idle as financial crisis hits shipping –
: Fri, 13 Feb 2009
EarthTimes
Pireaus, Greece – In good times, Greek vessels criss-crossed the seas on global trade routes taking international crews around the world to discharge huge containers full of goods. Today, an eerie calm pervades for miles outside the bustling port of Pireaus, as hundreds of vessels, namely bulkers and tankers float idly, waiting for cargo.
Shipping, normally an industry of peaks and dips, is currently facing one of the worst crisis’ in decades and many experts say the scene off the port of Piraeus, with vessels anchored and awaiting orders is being repeated at dozens of other ports across the world.
“Charter rates for dry cargo vessels are at their lowest since 1985 and this makes it very difficult for vessels to break even after loan installments and operating expenses,” says Giorgos Gratsos, president of the Hellenic Shipping Federation and owner of Standard Bulk Transport. Read the rest of this entry »
Posted in Financial crisis | Tagged: shipping crisis | Leave a Comment »
Posted by smeddum on February 13, 2009
European finance ministers are planning to round on Alistair Darling and tell him to bring the pound back under control, in what many fear could represent the opening salvo of a “currency war”.
By Edmund Conway, Economics Editor
13 Feb 2009
Telegraph
French and German ministers are expected to confront the Chancellor over sterling’s weakness at the opening dinner for the Group of Seven finance summit in Rome tonight. They will ask him to consider direct action to increase the value of the pound, which has suffered its worst devaluation since at least the final breakdown of the Bretton Woods agreement in the early 1970s. Read the rest of this entry »
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Posted by smeddum on February 13, 2009
China’s Economy Shows Signs of Recovery on Stimulus
By Kevin Hamlin
Feb. 13 (Bloomberg) — China’s economy is showing signs that a 4 trillion yuan ($585 billion) stimulus package is taking effect.
The world’s third-biggest economy may expand 6.6 percent in the second quarter after slowing to 6.3 percent in the three months to March 31, the weakest pace since 1999, according to the median estimates of 14 economists surveyed by Bloomberg News. Read the rest of this entry »
Posted in Financial crisis | Tagged: China's New Deal | Leave a Comment »
Posted by seumasach on February 12, 2009
Michael Hudson
Global Research
11th February, 2009
Martin Wolf started off his Financial Times column today (February 11) with the bold question: “Has Barack Obama’s presidency already failed?” The stock market had a similar opinion, plunging 382 points. Having promised “change,” Mr. Obama is giving us more Clinton-Bush via Robert Rubin’s protégé, Tim Geithner. Tuesday’s $2.5 trillion Financial Stabilization Plan to re-inflate the Bubble Economy is basically an extension of the Bush-Paulson giveaway – yet more Rubinomics for financial insiders in the emerging Wall Street trusts. The financial system is to be concentrated into a cartel of just a few giant conglomerates to act as the economy’s central planners and resource allocators. This makes banks the big winners in the game of “chicken” they’ve been playing with Washington, a shakedown holding the economy hostage. “Give us what we want or we’ll plunge the economy into financial crisis.” Washington has given them $9 trillion so far, with promises now of another $2 trillion– and still counting.
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Posted in Financial crisis | Tagged: financial collapse, stop the bailout, Tax real estate! | Leave a Comment »
Posted by seumasach on February 12, 2009
Patrick A. Heller
Numismaster
10th February, 2009
As horrible as the financial news for currencies and paper assets has been since mid-2007, it looks like the worst is yet to come – perhaps as early as next month.
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Posted in Financial crisis | Tagged: bond bubble, comex gold, dollar collapse, financial collapse, gold backwardisation, gold manipulation | Leave a Comment »
Posted by smeddum on February 11, 2009
Tue Feb 10, 2009 at 12:53:07 PM PST
Lets take a trip to a place in America known as “the Gold Coast”. A fairy tale of a place portrayed numerous times in popular culture as a wealthy bastion of conformity, immorality, or anomie, most notably in The Stepford Wives. 
Monday, Feb. 9, a group of 350 to 400 at-risk homeowners, organized by the Neighborhood Assistance Corp. of America , staged a series of protests outside the mansions of wealthy bankers in a moneyed Connecticut neighborhood. Read the rest of this entry »
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Posted by seumasach on February 11, 2009
Paul Craig Roberts
Rense.com
2nd February, 2009
Is there intelligent life in Washington, DC? Not a speck of it.
The US economy is imploding, and Obama is being led by his government of neconservatives and Israeli agents into a quagmire in Afghanistan that will bring the US into confrontation with Russia, and possibly China, American’s largest creditor.
The January payroll job figures reveal that last month 20,000 Americans lost their jobs every day.
In addition, December’s job losses were revised up by 53,000 jobs from 524,000 to 577,000. The revision brings the two-month job loss to 1,175,000. If this keeps up, Obama’s promised three million new jobs will be wiped out by job losses. Read the rest of this entry »
Posted in Financial crisis | Tagged: Afghanistan, dollar collapse, End of empire, financial collapse, Iran, iraq withdrawal, Obama agenda | Leave a Comment »
Posted by alfied on February 10, 2009
“fallen off a cliff” ??
Very unbankster like language from Merv; evidence, maybe, that this man is tired of lying.
by Heather Stewart
Global Research
Mervyn King will this week present the Bank of England’s most pessimistic assessment yet of the outlook for Britain’s economy, after a slew of official figures confirming that activity has “fallen off a cliff” since the autumn. Read the rest of this entry »
Posted in Financial crisis, Uncategorized | Tagged: bankrupt Britain, financial collapse, financial fraud, Lying Banksters, stop the bailout | Leave a Comment »
In These New Times 