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 November 24, 2008
John Hoefle
Nov. 14—The Anglo-Dutch Liberal financial system has failed, the corrupt attempts to save that system through taxpayer-funded bailouts have failed, and the global financial and economic collapse is accelerating. Virtually every sector of the economy, and every part of the world, is plunging into Hell, and the world’s leaders, on the whole, are either paralyzed or rushing flight-forward into the abyss.
Posted in Financial crisis | Tagged: bailout, financial collapse, stop the bailout | Leave a Comment »
Posted by smeddum on November 24, 2008
With an estimated $4 trillion in housing wealth and $9 trillion in stock-market wealth destroyed so far in the United States, there is little doubt that we are witnessing a classic debt-deflation bust at work, characterized by falling prices, frozen credit markets and plummeting asset values. Read the rest of this entry »
Posted in Financial crisis | Tagged: Add new tag, dollar collapse | Leave a Comment »
Posted by seumasach on November 24, 2008
23rd november, 2008
While leaders in Peru grapple with the financial fallout, Americans angry at the multi-billion dollar bailout plans are protesting in Washington. They say the U.S. Federal Reserve, far from helping solve the financial crisis, is taking money out of their pockets.
Posted in Financial crisis | Tagged: bailout, Financial crisis, stop the bailout | Leave a Comment »
Posted by smeddum on November 24, 2008
Recession’s Grip Forces U.S. to Flood World With More Dollars
By Rich Miller
Nov. 24 (Bloomberg) — The world needs more dollars. The United States is preparing to provide them.
In an all-out assault on capitalism’s worst crisis since the Great Depression, the U.S. is taking on the role of both lender and borrower of last resort for the global economy.
The Federal Reserve, which has already pumped out hundreds of billions of dollars, might formally adopt a policy of flooding the world financial system with even more money. The Treasury, on course to borrow some $1.5 trillion this fiscal year, may tap global capital markets for even more to finance a fiscal stimulus package of as much as $700 billion and provide additional bailout money for banks. Read the rest of this entry »
Posted in Financial crisis | Tagged: dollar collapse, economic collapse | Leave a Comment »
Posted by smeddum on November 24, 2008
Posted in Financial crisis | Tagged: dollar collapse, economic collapse, Peter Schiff | Leave a Comment »
Posted by seumasach on November 23, 2008
By Chad Terhune and Robert Berner
20th November, 2008
The same people whose reckless practices triggered the global financial crisis are onto a similar scheme that could cost taxpayers tons more.
As if they haven’t done enough damage. Thousands of subprime mortgage lenders and brokers — many of them the very sorts of firms that helped create the current financial crisis — are going strong. Their new strategy: taking advantage of a long-standing federal program designed to encourage homeownership by insuring mortgages for buyers of modest means.
Posted in Financial crisis | Tagged: bailout, financial collapse | Leave a Comment »
Posted by seumasach on November 22, 2008
22nd November, 2008
Citigroup assembled its board to “think the unthinkable” yesterday, with a fire sale or a break-up of the financial giant on the table.
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Posted by seumasach on November 22, 2008
15th november, 2008
Iceland’s government has reversed its long-standing opposition to European Union membership in the wake of the collapse of its banking system and could join as early as 2011.
Posted in Financial crisis | Tagged: bankrupt iceland, join the euro! | Leave a Comment »
Posted by seumasach on November 20, 2008
Bertel Schmitt
20th November, 2008
Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, China’s 21st Century Business Herald reports. LINK A National Enquirerthe paper is not. It is one of China’s leading business newspapers, with a daily readership over three million]. This newspaper cites a senior official of China’s Ministry of Industry and Information Technology– the state regulator of China’s auto industry– who dropped the hint that “the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.” These hints are very often followed with quick action in the Middle Kingdom. The hints were dropped just a few days after the same Chinese government gave its auto makers the go-ahead to invest abroad. And why would they do that?
Posted in Financial crisis, Multipolar world | Tagged: The emerging East | Leave a Comment »
Posted by seumasach on November 20, 2008
steve watson
18th November
Commodities experts are in agreement that the price of gold and silver is being manipulated by bankers and government officials in order to halt a mass abandonment of paper currencies and the debt based economy.
Posted in Financial crisis | Tagged: financial collapse, gold, gold manipulation | Leave a Comment »
Posted by seumasach on November 20, 2008
“Banks fulfill no socially useful function if all they do is survive. Lending is their raison d’être. If banks don’t lend to the real economy, there is no reason for them to be in business at all.”
Exactly: but banks have a private interest in surviving. Is there any public interest in their surviving? Does the state not have take over the role of credit provision in order to resolve this contradiction? What is the use of “effectively socialised” banks which don’t do their job. It’s time to resort to that old business dictum: cut out the middle-man.
Willem Buiter
20th November, 2008
I am in Slovenia today, talking to bankers, entrepreneurs, managers, politicians, government officials and academics. The story is the same here as in every country I have visited since mid-September 2008: the banks aren’t lending. They don’t lend to each other. They don’t lend to non-financial businesses and they don’t lend to households.
Posted in Financial crisis | Tagged: bailout, financial collapse | Leave a Comment »
In These New Times 