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 7, 2008
Rather a weak demand by the SWP: why don’t they want nationalisation of the banks? Still, it’s a good article and confirms points we made at the time.
by Simon Basketter
4th november, 2008
Bailed out banks dish out bonuses, while Gordon Brown hands over control to City sharks
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Posted by seumasach on November 7, 2008
Nov. 6, 2008 (LPAC)–At a noon press conference today, Eric Schweitzer, president of the Berlin Chamber of Industry and Commerce (IHK Berlin), said that he has been forced by the dramatic Economic developments of the past few weeks to change a report he had previously delivered in September, since events have superseded its conclusions:
“The effects of the crisis on the real economy are immense, in the automobile sector and the export industries, and the downturn in construction which existed before the most recent developments, has been exacerbated. There is urgent need for state intervention, and especially for tighter regulation of the financial sphere; and that, regulation of speculative activity would not be enough, but that a total ban of these kinds of dealings, which are destructive from the standpoint of industrial firms, is necessary.” Schweitzer also called for completely banning short-selling, adding that controls over the banking sector need a real overhaul, apparently, because the existing supervisory and control instruments have not functioned.
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Posted by seumasach on November 7, 2008
November 6, 2008 (LPAC)–The continuing attempt to impose a monetary solution to the bankruptcy of the financial system is not just corrupt and incompetent, but it is also killing what remains of the global economy. Trillions of dollars have been pumped into the banks in the U.S. and Europe, but these banks are nevertheless restricting the issuance of credit to crucial areas of the economy. Of particular importance is the banks’ shutting off of letters of credit and credit lines to the shippers who move raw materials and more finished goods around the world. The banks are thus shutting down world trade in a foolish–and suicidal–effort to save themselves.
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Posted by smeddum on November 7, 2008
The unkindest cut
Cutting interest rates was a mistake. Easy money got us into this mess and it cannot possibly be what will rescue us
Edward Harrison
guardian.co.uk,
Friday November 7 2008
Yesterday, Will Hutton penned a commentary, “A rational cut for irrational times,” in which he praised the Bank of England’s 1.5% interest rate cut as “a necessary move.” But, was it? I would argue that, while monetary easing can provide stimulus on the margin, this cut was neither necessary nor prudent. Quite simply, it is the quantity of credit and not the price of credit which has created hardship. Read the rest of this entry »
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Posted by smeddum on November 6, 2008
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Posted by seumasach on November 5, 2008
4th november, 2008
| Latinamerica’s financial system has passed the Financial Times test. In an article under the headline of “Latinamerica sidesteps the worst of crisis”, FT correspondents in Sao Paulo and Mexico City elaborate on the region’s banking industry and how “by accident and design” in spite of a long history of turbulence, it is weathering the global crisis. |
Posted in Financial crisis, Multipolar world | Tagged: financial collapse, South America | 1 Comment »
Posted by seumasach on November 4, 2008
November 4, 2008 (LPAC)–French President Nicolas Sarkozy is raising the pressure against the banks and even sicking the media on those banks which received state money, but who are not, in turn, lending it to companies and individual clients. Credits to consumers and companies increased by EU5 billion last month, but there are many reports that on the least of excuses, banks block making loans.
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Posted by smeddum on November 4, 2008
China, Russia, Belarus renounce the US Dollar?
by Anatoly Gorev
Global Research, November 3, 2008
RIA Novosti – 2008-10-30
The recent meeting between Russian Prime Minister Vladimir Putin and his Chinese counterpart, Wen Jiabao, created a financial sensation. Wen said that the two nations could withstand the global financial crisis if they joined forces; Putin urged him to go farther and stop using U.S. dollars in Russian-Chinese settlements. Read the rest of this entry »
Posted in Financial crisis | Tagged: Belarus, China, reserve currency, russia | Leave a Comment »
Posted by seumasach on November 3, 2008
3rd November, 2008
The financial crisis “makes it evident” that Denmark needs to join the euro, Danish Prime Minister Anders Fogh Rasmussen said on Thursday (30 October), while recent polls show that 50 percent of Danes are now in favour of scrapping the krone.
Posted in Financial crisis | Tagged: euro, financial collapse | Leave a Comment »
Posted by seumasach on November 3, 2008
Thierry Meyssan
2nd November, 2008
Depuis l’été 2006, Thierry Meyssan pronostique l’effondrement des États-Unis à moyen terme suivi de leur dislocation. Ce point de vue —qui a fait beaucoup sourire— trouve aujourd’hui un début de confirmation : rien ne parvient à stopper la crise financière US qui se transforme en crise économique. Selon cet analyste, qui est politologue et non pas économiste, les sommets internationaux qui se succèdent aujourd’hui n’ont pas pour but de résoudre la crise, mais représentent une révolte des États vassaux pour réorganiser un système qui, bien qu’agonisant, continue à profiter aux États-Unis.
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Posted by seumasach on November 3, 2008
So now we know exactly what Brown has in mind as regards his “new Bretton Woods”: a bailout fund for the IMF so that it can continue its work of destroying the real economy globally. Brown knows the UK and US are going down- the point is to make sure everyone else does too. It’s a kind of scorched earth policy. It’s hardly surprising that China and the Arab countries have reservations about this: let’s hope they all have the sense to block this at the G20 conference on 15th November.
Allegra Stratton
Guardian
3rd November, 2008
Gordon Brown yesterday said he felt confident that he has successfully enlisted the help of Gulf states for international plans for an emergency bail-out fund, with both Qatar and Saudi Arabia indicating they will offer funds when leaders of the 20 most developed countries meet in Washington in a fortnight.
Posted in Financial crisis | Tagged: bailout, financial collapse, new Bretton Woods | Leave a Comment »
In These New Times 