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 3, 2008
The really intriguing question here is where will Lloyds get the 4 billion to buy back the government’s preference shares. Could it be, by any chance, from the government?
Lloyds’ preference shares must be paid back before ordinary shareholders may receive dividends again
Lloyds TSB‘s shareholders were today given hope that the dividend drought ordered as part of the taxpayer bail-out would end next year.
Posted in Financial crisis | Tagged: bailout, financial collapse | Leave a Comment »
Posted by smeddum on November 2, 2008
Brown warned not to treat Saudis as ‘Milch Cow’
(Reuters) Timesonline
Sam Coates, Chief Political Correspondent, Riyadh
Gordon Brown has been warned not to treat Saudi Arabia like a cash cow as senior Saudi royals made clear that the kingdom already had plans for its windfall profits from the oil price surge.
On a visit to Riyadh, the Prime Minister claimed victory this morning in his bid to get the Saudi Government to pump more money into the International Monetary Fund contingency pot to help economies in trouble.
“The Saudis will, I think, contribute so we can have a bigger fund worldwide,” said Mr Brown.
But the Prime Minister did not reveal the scale of any Saudi contribution, which he said would not be announced until an international economic summit in Washington in mid-November. He has previously called for hundreds of billions of dollars to be made available from Gulf States. Read the rest of this entry »
Posted in Financial crisis | Tagged: Brown begging | Leave a Comment »
Posted by smeddum on November 2, 2008
The West in retreat, the pot running dry
CARL MORTISHED
carl.mortished@thetimes.co.uk Globeandmail
October 30, 2008
LONDON — We are witnessing another great retreat by the West. The International Monetary Fund is patching up the casualties in Central and Eastern Europe but the funds are running out and Gordon Brown, the British Prime Minister, is rushing to the Gulf to beg for funds. Turkey, our ally in the Near East, may also be in need of help and something must be done for Pakistan. A financial collapse on the front line of the war against the Taliban is not a risk worth contemplating. Read the rest of this entry »
Posted in Financial crisis | Tagged: IMF, IMF in retreat | Leave a Comment »
Posted by smeddum on November 2, 2008
This Time Is Different
WRITTEN BY STEPHEN LENDMAN
SUNDAY, 02 NOVEMBER 2008 10:13
by Stephen Lendman Atlantic Free Press
Whatever we know about today’s financial crisis. Think we know. Eventually will know in the fullness of time. This time is really different. In 1922, Henry Ford put it this way in his book titled “My Life and Work:” Read the rest of this entry »
Posted in Financial crisis | Tagged: Financial crisis, Voter fraud | Leave a Comment »
Posted by seumasach on November 1, 2008
Barry Grey
1st November, 2008
The Wall Street Journal published a front-page article Friday reporting that the nine biggest US banks, which have received a combined $125 billion in taxpayer funds as part of the $700 billion bailout authored by Treasury Secretary Henry Paulson and passed by the Democratic Congress, owed their executives more than $40 billion for recent years’ compensation and pensions as of the end of 2007.
Posted in Financial crisis | Tagged: bailout, financial collapse | Leave a Comment »
Posted by seumasach on November 1, 2008
What is wrong with these Germans? Our banks have been accepting handouts for a year now. They understood that government handouts were necessary. not only to bankrupt the state treasury, but for the consolidation of an all- powerful oligarchy. What is it about that the Germans don’t understand? Can’t they see how indispensable Gordon’s plan is?
Merkel Urges German Banks to Tap Government Rescue Fund
Deutsche-Welle
1st November, 2008
German Chancellor Angela Merkel has urged banks to make use of a government bailout fund worth up to 500 billion euros ($637 billion) that few financial institutions have tapped so far.
Posted in Financial crisis | Tagged: bailout, financial collapse, Financial crisis | Leave a Comment »
Posted by seumasach on November 1, 2008
“Asked about the likely bonus culture after taxpayer-funded bail-out, the source said: “If the government does end up becoming a shareholder, RBS is still a listed entity. It remains the board’s responsibility to ensure it is run commercially.””
So there, Gordon! So much for your “partial nationalsiation”.
Simon Bowers
1st November, 2008
Royal Bank of Scotland, which is being bailed out with £20bn of taxpayers’ money, has signalled it is preparing to pay bonuses to thousands of staff despite government pledges to crack down on City pay.
The bank has set aside £1.79bn to cover “staff costs” – includingdiscretionary bonuses – at its investment banking division for the first six months of the year alone. The same division caused a £5.9bn writedown that wiped out the bank’s profits for the same period.
Posted in Financial crisis | Tagged: bailout, financial collapse | Leave a Comment »
Posted by seumasach on November 1, 2008
31st October, 2008
Isn’t it about time the Serious Fraud Office is called in over the collapse of Lehman Brothers? In the US, Federal investigators are crawling all over what is now unambiguously the worst financial crisis since the 1930s, yet in Britain, no criminal investigation of any aspect of the banking maelstrom has yet been announced. This is despite growing evidence of malfeasance in connection with the Lehman’s insolvency in particular, but also more generally in the market-ing of some of the securities at the heart of the crisis. Where there is financial meltdown, there is nearly always fraud, so why isn’t the SFO in there asking questions, collecting evidence and bringing prosecutions, as its US counterparts are in spades?
Posted in Financial crisis | Tagged: financial collapse, Lehman | Leave a Comment »
Posted by seumasach on November 1, 2008
“The new financial system should have common sources based on many global financial centres and many reserve currencies,”
“Medvedev said he would propose to the summit that the world economy reduce its reliance on the US dollar as the main reserve currency.”
“They should be based on a harmonised system, not like the one we have now when those who use the rules of continental Europe feel unhappy about the Anglo-Saxon model,” he said
1st November, 2008
MOSCOW • Russian President Dmitry Medvedev will tell a summit on the financial crisis in Washington next month that the health of the world economy should no longer be reliant solely on the United States, he said yesterday.
Posted in Financial crisis | Tagged: financial collapse, new global financial system | Leave a Comment »
Posted by seumasach on October 31, 2008
Naomi Klein
31st October, 2008
In the final days of the election many Republicans seem to have given up the fight for power. But don’t be fooled: that doesn’t mean they are relaxing. If you want to see real Republican elbow grease, check out the energy going into chucking great chunks of the $700bn bail-out out the door. At a recent Senate banking committee hearing, the Republican Bob Corker was fixated on this task, and with a clear deadline in mind: inauguration. “How much of it do you think may be actually spent by January 20 or so?” Corker asked Neel Kashkari, the 35-year-old former banker in charge of the bail-out.
Posted in Financial crisis | Tagged: bailout, financial collapse | Leave a Comment »
Posted by seumasach on October 31, 2008
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Jeremy Lee 31st October, 2008 The Prime Minister of the UK, Mr. Gordon Brown, in an article in the Washington Post, (Friday October 17, 2008) advocated that “The Financial Crisis is also an Opportunity to Create new Rules for Our Global Economy.” There it is! Now out in the open! President Bush’s swan song in mid-November will be to host a Global Conference (150 nations) to establish a World Money System! There’ll be plenty of dire warnings about the consequences if we fail to take this last chance for humanity! |
Posted in Financial crisis | Tagged: bailouts, financial collapse, global bailouts | Leave a Comment »
In These New Times 