Posted by seumasach on May 26, 2011
Of course, they would say that, wouldn’t they? And anyway, Dagong is not legitimate Wall Street controlled entity. ITNT retains full trust in Moody’s, Standard and Poor’s, and Fitch whose prescience helped us all to foresee the mortgage-bond market debacle.
24th May, 2011
The UK’s credit rating has been cut by the Dagong rating agency of China.
Posted in UK economy | Tagged: bankrupt Britain, collapse of Britain | Leave a Comment »
Posted by seumasach on May 26, 2011
Shock Slump in Spending Put’s Brake on UK Recovery
25th May, 2011
Britain’s fragile recovery hopes were rocked again today after the biggest slump in consumer spending for nearly two years and a second growth downgrade in as many months from the highly regarded OECD.
Posted in UK economy | Tagged: collapse of Britain | Leave a Comment »
Posted by seumasach on May 26, 2011
The imminent explosion is there for all to see. Looking round Glasgow, from the commercial centre to suburbia, to inner city tenements, “for sale” and “to let” signs are everywhere. This is the next wave of bad debts to hit the banks. Traffic is noticebly thin, shops are closing, restaurants and pubs are emptying; you don’t have to queue at the supermarket checkouts even though half of them are closed. Britain is heading for shutdown, the consumer economy is on its last legs: there is no other. Meanwhile, in his Downing street bunker, Cameron and his remaining faithful live out their fantasy of a global Reich following on from the pacification of Libya, the latest madcap imperial venture: we’ll go down bombing till the end.
Incidently, Cable is making a clear move to distance himself from the Coalition leadership who he has upset by claiming, in a veiled reference to Britain’s dilemma, that just cutting will not solve Greece’s debt problems. Even more upsettingly for Cameron and company, he claimed that the euro wouldn’t collapse. The cracks are beginning to appear in the monolithic British elite.
25th May, 2011
The Business Secretary said other economic “hydrogen bombs” were “out there” and accused the Coalition and other governments of failing to “get to grips” with the threat.
Posted in UK economy | Tagged: End of empire | Leave a Comment »
Posted by seumasach on May 9, 2011
Posted in Financial crisis, UK economy | Tagged: End of empire | Leave a Comment »
Posted by seumasach on April 21, 2011
21st April, 2011
Even the row of terraced houses in North West London where I live has managed to put the housing crash behind it; these relatively modest late Victorian properties again sell at record prices.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by smeddum on March 18, 2011
The total number of people unemployed increased by 27,000 in the three months to January to 2.53m, the highest figure since 1994, the Office for National Statistics said. Read the rest of this entry »
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Posted by seumasach on March 13, 2011
Given that the banks are again running into bad debt problems and are essentially bankrupt the issues here would apply to a post-bankruptcy environment. In the meantime “too big to fail” is the governing principle. That means , one way or another, bailout.
Liam Halligan
13th March, 2011
The mighty PIMCO slashed its holdings of US Treasuries to zero – causing an awful lot of soul-searching among global investors that still insist American sovereign IOUs are a “safe haven”.
Posted in UK economy | Tagged: no second bailout | Leave a Comment »
Posted by seumasach on March 5, 2011
“If you criticise the banks you reduce their credibility and then people worry about them. The important thing for the Governor of the Bank of England is to help them.”
We haven’t had to wait long for an outraged flurry of condemnation from the City for King’s inexplicable outbreak of honesty. However, the response merely confirms the banks’ solvencvy problems: they don’t need criticism , they need help i.e. another bailout.
5th March, 2011
In an interview with The Daily Telegraph, Mervyn King said that “imbalances” in the banking system remain and are “beginning to grow again”.
But leading economists, including a former Tory advisor and the chief executive of the British Bankers’ Association, have criticised his comments.
Posted in UK economy | Tagged: no second bailout | Leave a Comment »
Posted by seumasach on February 20, 2011
Posted in Currency Wars, UK economy | Leave a Comment »
Posted by seumasach on February 14, 2011
The UK economy is a chamber of horrors with scary encounters with the spectres of inflation, unemployment, bankruptcy and, horror of horrors, the unmentionable run on the pound.
14th February, 2011
Traders have warned that inflation is undermining the work done by the Coalition’s austerity measures to keep interest rates under control. The yield on 10-year gilts has jumped half a percentage point since the start of the year and a whole percentage point since September to 3.87pc, escalating the cost of raising new Government debt.
Posted in UK economy | Tagged: End of empire | Leave a Comment »
Posted by seumasach on February 2, 2011
Liam Hallidan
29th January, 2011
By 2010, the bank boss-class did join the Swiss mountain-top gab-fest, but were still the whipping boys – with politicians berating them for “indecent behaviour” and “morally indefensible” pay packages.
This year, the bankers not only turned up and largely avoided political opprobrium, but they even succeeded in setting the Davos agenda. While some financially-literate people may view this as progress, it is actually a disaster.
Posted in UK economy | Tagged: failing banks | Leave a Comment »
In These New Times 