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 24, 2008
This clarifies things greatly : both the dollar and the yen have been vehicles for “carry trades” with London at the their heart. Both currencies have surged massively against the pound in particular as these speculations unravel.
Peter Garnham
24th October, 2008
The yen surged higher on Friday, hitting 13-year highs against the dollar and pound and jumping to a six-year peak against the euro as panic gripped global markets and forced investors to abandon risky positions.
Posted in Financial crisis | Tagged: financial collapse, yen carry trade | Leave a Comment »
Posted by smeddum on October 24, 2008
The U.S. Dollar Death Dance
Currencies / US Dollar
Oct 23, 2008 – 03:32 PM
By: Jim_Willie_CB MarketOracle
The US Dollar rally in the last several weeks has been remarkable. At closer examination, it highly resembles a spurt prior to death. Imagine an old man who just had a heart attack, lost feeling in certain body parts, his mind not working right, plenty of nonsense gibberish coming from his mouth, and now he is dancing hard on some last gasps. The vast liquidation movement is akin to the old man going through an embalming process while dancing atop the tables at the funeral parlor, as bidding proceeds for his cadaver. Read the rest of this entry »
Posted in Financial crisis | Tagged: dollar collapse, dollar rally | 1 Comment »
Posted by seumasach on October 23, 2008
October 23, 2008 (LPAC)–“We’ve reached a situation of sheer panic,” Nouriel Roubini told the parasites assembled at the Hedge 2008 conference in London. “Hundreds of hedge funds are going to go bust.” “Don’t be surprised if policy makers need to close down markets for a week or two in coming days,” Roubini said.
“This will go down in the history books as one of the greatest fiascos of banking in 100 years,” said Emmanuel Roman, of hedge fund giant GLG Partners. “In a fairly Darwinian manner, many hedge funds will simply disappear,” he added. Read the rest of this entry »
Posted in Financial crisis | Tagged: derivatives, hedge funds | Leave a Comment »
Posted by seumasach on October 23, 2008
October 23, 2008 (LPAC)–On Oct. 21, Argentine President Cristina Fernandez de Kirchner announced the re-nationalization of the private pension system, known by its acronym AFJP, which was imposed on the country in 1994. This was a partial privatization, which financier interests had eventually hoped to complete, based on the model of Chilean dictator Augusto Pinchet. They were horrified then, when Fernandez accused the ten private funds of carrying out a “a policy of looting,” and asserted the State’s constitutional right to take control of them on behalf of the general welfare. People come before banks, she warned.
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Posted by seumasach on October 22, 2008
Caracas, October 11, 2008
21st October, 2008
Academics and researchers from Argentina, Australia, Belgium, Canada, Chile, China, Cuba, Ecuador, France, Mexico, Peru, Phillipines, South Korea, Spain, United Kingdom, United States, Uruguay and Venezuela participated in The International Political Economy Conference: Responses from the South to the Global Economic Crisis, held in Caracas from the 8 to 11 October 2008. The conference stimulated a wide ranging debate on the current economic and financial health of the global economy, the new perspectives and the challenges to the governments and peoples of the South posed by the international financial crisis.
Posted in Financial crisis | Tagged: financial collapse | Leave a Comment »
Posted by seumasach on October 22, 2008
Many people (including me) have been warning that the banks will keep hoarding cash no matter how much money the feds give them.
Now, even the banks themselves are admitting it.
Posted in Financial crisis | Tagged: stop the bailout | Leave a Comment »
Posted by seumasach on October 21, 2008
Brooks Newmark
21st October, 2008
The British government often congratulates itself on its efforts to keep public finances on a stable and sustainable level. Yesterday Gordon Brown even claimed: “Debt is considerably lower than a decade ago”. However, Britain’s public debt is actually £1,866 billion, equivalent to 125.5% of GDP, nearly three times larger than the government’s published figure of £645 billion and 43.4% of GDP. This measures out as a debt of £76,475 per British household.
Posted in Financial crisis | Tagged: bankrupt Britain, financial collapse | Leave a Comment »
Posted by smeddum on October 21, 2008
In Finance, Japan Sees an Opening NewYorkTimes
By MARTIN FACKLER
Published: October 20, 2008
TOKYO — Just six months ago, five or six “bulge bracket” investment banks stood astride the globe virtually dictating the terms of engagement of international finance — managing deals, pronouncing companies (or countries) investment-worthy or not, and dispensing advice that companies (and countries) ignored at their peril. Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: japan | Leave a Comment »
Posted by smeddum on October 21, 2008
Europe wants new global financial order Novosti
16:14 | 21/ 10/ 2008
MOSCOW. (RIA Novosti political commentator Andrei Fedyashin) – America is losing Bretton Woods, the global financial system formed at the UN Monetary and Financial Conference, commonly known as the Bretton Woods conference.
In July 1944, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel, in Bretton Woods, New Hampshire, to regulate the international monetary and financial order after the conclusion of WWII. Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: dollar collapse | Leave a Comment »
Posted by smeddum on October 21, 2008
Sterling falls after weaker-than-expected UK CBI Reuters
Tue Oct 21, 2008 11:20am BST
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LONDON, Oct 21 (Reuters) – Sterling fell on Tuesday, hitting a session low against the euro after figures showed that UK manufacturers were the most grim on their business outlook in nearly 30 years, underlining ongoing economic weakness. Read the rest of this entry »
Posted in Financial crisis | Tagged: falling pound, join the euro!, pound's pounding, Sterling's decline | Leave a Comment »
Posted by seumasach on October 21, 2008
21st October, 2008
Iceland, the country hit worst by the global credit crunch, is about to get a €6 billion international rescue package. Meanwhile, the EU has said negotiations would be quick if Reykjavik wants to become a member state.
Posted in Financial crisis | Tagged: bankrupt iceland, euro, join the euro! | Leave a Comment »
In These New Times 