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 October 30, 2008
29th October, 2008
Bloomberg writes the following bombshell:
“Credit-default swaps on [U.S.] Treasuries have risen nearly 40 percent since TARP was signed into law Oct. 3, and are now about the same as Mexican and Thai government debt before the credit markets began to seize up in June 2007.”
Posted in Financial crisis | Tagged: bankrupt america, financial collapse | Leave a Comment »
Posted by smeddum on October 30, 2008
October 29, 2008
Consumers Feel the Next Crisis: It’s Credit Cards New York Times
By ERIC DASH
First came the mortgage crisis. Now comes the credit card crisis.
After years of flooding Americans with credit card offers and sky-high credit lines, lenders are sharply curtailing both, just as an eroding economy squeezes consumers.
The pullback is affecting even creditworthy consumers and threatens an already beleaguered banking industry with another wave of heavy losses after an era in which it reaped near record gains from the business of easy credit that it helped create. Read the rest of this entry »
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Posted by smeddum on October 29, 2008
Economic Deflation in Gold Terms and the U.S. Dollar Collapse
Economics / Deflation
Oct 29, 2008 – 06:44 AM
By: Eric_deCarbonnel Market Oracle
We have finally gotten to the point where most investors and the media understand the severity of the credit crisis and are expecting deflation. It is a good start, but unfortunately, it still isn’t quite right. Read the rest of this entry »
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Posted by seumasach on October 29, 2008
Alan Nasser
28th October, 2008
In a nationally televised speech on September 24, George W. Bush said in support of the proposed bailout plan that it was meant to “help American consumers and businessmen get credit to meet their daily needs and to create jobs.”
The Bailout Lie Exposed
Bush’s story was subsequently peddled by the Ministry of Information: the more than 700 billion handed over by the Treasury and the Fed to the financial oligarchy will be used to enable banks to resume lending to strapped households and businesses, thereby enabling the economy to regain healthy rates of growth and households and businesses to elude the prospect of extended debt peonage.
Read the rest of this entry »
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Posted by seumasach on October 29, 2008
Whatever the underlying reality concerning German banks, the contrast with Britain couldn’t be starker. Whereas the British banks have all been openly or covertly at the trough, the German bankers seemingly feel no urgent need for assistance and may have to be force fed. Considering that the total exposure of their state health and pension schemes to Lehman’s is a paltry 120 million, couldn’t it be the case that Germany’s exposure to US toxic garbage is, in fact, less than we have been led to believe, and that this bailout scheme has been foisted on them in an attempt to bankrupt the German state British-style.
26th October, 2008
A second German bank lined up on Saturday for a government rescue, as officials reportedly debated whether to force recapitalisation on shy commercial banks.
Posted in Financial crisis | Tagged: bailout, financial collapse, German banks | Leave a Comment »
Posted by seumasach on October 27, 2008
“responsibility on people to do all they can to help themselves”
Well, the bankers have helped themselves: now it’s our turn.
Helene Mulholland
27th October, 2008
Gordon Brown will use a speech to business leaders to defend his economic plans. Photograph: Leon Neal/PA
Welfare reforms must be “intensified” to help deal with the fall-out from the looming recession, Gordon Brown will declare today.
Posted in Financial crisis | Tagged: Financial crisis, stop the bailout | Leave a Comment »
Posted by smeddum on October 26, 2008
Financial Implosion and the New American Century
What It Means for Societies and People in the Multipolar World Order
by Niloufer Bhagwat
Global Research, October 26, 2008
FutureFastForward.org
The New American Century, the strategic concept of Anglo-American – Zionist Capital has imploded, along with major Investment Banks and financial and banking institutions of close alliance partners, humiliatingly in full view of peoples and societies where they pillaged, killed, tortured and terrorized rendering millions homeless into refugees. Read the rest of this entry »
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Posted by seumasach on October 26, 2008
All of this only confirms that it is nonsense to talk of the government nationalising or part-nationalising the banks.
Time for government to insist that loopholes are closed
Ian MacWhirter
It has always been a scandal that banks connived with wealthy clients to use offshore tax havens to avoid paying income tax. But the use of offshore vehicles by banks such as Northern Rock and Royal Bank of Scotland has had far more profound consequences than loss of tax revenue.
Posted in Financial crisis | Tagged: financila collapse, off-shore tax havens | Leave a Comment »
Posted by seumasach on October 25, 2008
Sharp fall in output routs pound
24th October, 2008
Stocks slumped and the pound collapsed against the dollaryesterday as investors reacted to the worst decline in UK economic output since 1990 and investors around the world struggled to sell assets financed by cheap Japanese borrowing.
Posted in Financial crisis | Tagged: carry trades, collapsing pound, financial collapse | Leave a Comment »
Posted by smeddum on October 25, 2008
FRIDAY, OCTOBER 24, 2008
UP AND DOWN WALL STREET DAILY
Taiwan Dumps Fannie, Freddie.
And Uncle Sam?
By RANDALL W. FORSYTH
Despite bailout, GSE debt is eschewed by major foreign investor, and ally.
WHO LOST TAIWAN?
After Mao drove the Nationalists off the Mainland in 1949, the cry went up among U.S. conservatives, “Who lost China?”
Now Washington might well worry about who lost Taiwan as a major investor in U.S. agency securities as the Republic of China has openly questioned their credit quality — even after the federal government has committed hundreds of billions of dollars to bail out mortgage giants Fannie Mae and Freddie Mac. Read the rest of this entry »
Posted in Financial crisis | Tagged: Taiwan, US credit worthiness | Leave a Comment »
Posted by smeddum on October 25, 2008
U.S. has plundered world wealth with dollar: China paper
Fri Oct 24, 2008
BEIJING (Reuters) – The United States has plundered global wealth by exploiting the dollar’s dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday. Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: China, US plunder | Leave a Comment »
In These New Times 