Posted by seumasach on February 18, 2016
“The unease in France that Britain is seeking to secure special protections for the City of London, by giving non-eurozone members a greater ability to stall financial regulation, is highlighted by the appearance of square brackets in an early section in the first document on a proposed new rulebook for eurozone and non-eurozone countries.”
This, of course, lies at the heart of the matter.
Guardian
18th February, 2016
A leaked copy of the final draft of the blueprint for Britain’s new terms of EU membership suggests that David Cameron heads to Brussels with no certainty over one of his key demands – and signs that differences are widening.
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Posted in Battle for Europe | Tagged: EU bank reform, eurozone governance | Leave a Comment »
Posted by seumasach on February 18, 2016
Silk Road’ trade route revived as first train arrives in Iran from China with goods
ABC
16th February, 2016
The first train to connect China and Iran has arrived in Tehran loaded with Chinese goods, reviving the ancient Silk Road, the Iranian railway company says.
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Posted in Multipolar world | Tagged: New Silk Road | Leave a Comment »
Posted by seumasach on February 18, 2016
GEAB
16th February, 2016
Precisely ten years ago (to the day), in its second bulletin of February 2006[1], warning about the imminent explosion of a «global systemic crisis”, the GEAB based its opinion on the identification of two strong signs: the end of the publication of the M3 money supply indicator[2] (suggesting a start to unusual degrees of the famous “money printing” which everyone has spoken about ever since); and the Iranian oil bourse launch – a country not yet constrained by international sanctions at the time – but a stock market based on the Euro[3]. These two strong signs enabled the GEAB team of that time to say that something big was about to happen, something which was going to bring into question the foundations of the system in which the economic-financial world was living at the time: the petrodollar and money-debt system.
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Posted in Financial crisis | Tagged: Multipolar world, new global financial architecture, new global leadership | Leave a Comment »
Posted by seumasach on February 18, 2016
The key word here is “collectively”. Whereas unilateral “people’s quantitative easing” would destabilize currencies and aggravate trade deficits, it is possible if orchestrated internationally. This implies a global currency “reset” – a new global financial architecture which would enable a rebalancing of capital flows, specifically the reversal of outsourcing and the recapitalization of the USA and Britain. It also implies the end of the Anglo-American financial model and its replacement with one which serves the real economy.Rather than the Washington consensus it would be, if you like, the Shanghai consensus, the globalization of the highly successful Chinese economic model. The Eurasian economic space, from Vladivostok to London, would be the driving force behind all this.
Guardian
18th February, 2016
The OECD has called for its rich-country members to ease up on austerity and collectively agree to spend more on infrastructure projects to boost flagging growth.
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Posted by seumasach on February 18, 2016
“We cannot tolerate a financial system in which some firms are too big to fail—at least not ones that operate in any form other than that of a very tightly regulated utility.”
Reuters
19th November, 2012
It was kind of a big deal coming from the Federal Reserve Bank of New York’s influential president William Dudley. The former Goldman Sachs partner and chief economist has offered a fig leaf to those who say the problem of banks considered too-big-to-fail must be dealt with more aggressively. Some regional Fed presidents have advocated breaking up these institutions. But Dudley and other powerful figures at the central bank have maintained recent financial reforms have already laid the groundwork for resolving the issue.
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Posted in Financial crisis | Tagged: Bail in the banks!, no more bailouts-put banks into receivership | Leave a Comment »
Posted by seumasach on February 17, 2016
Another solution, he said, was to turn the big banks into public utilities by “forcing them to hold so much capital that they virtually can’t fail”.
Architect of 2008 bailout says US banks still pose ‘nuclear’ threat to economy
Guardian
16th February, 2016
America’s biggest banks present a “nuclear” threat to the US economy and should be broken up, a Federal Reserve policymaker and architect of the 2008 banking bailout said Tuesday.
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Posted in Financial crisis | Tagged: Bail in the banks!, no more bailouts-put banks into receivership | Leave a Comment »
Posted by seumasach on February 15, 2016
Turkey offers catastrophe
Sputnik News
15th February, 2016
Moscow has developed a plan that will bring an end to the brutal struggle which has cost hundreds of thousands of lives and displaced millions more in Syria; however, the West should ensure that Turkey won’t undermine all efforts to resolve the crisis, former chairman of the NATO Military Committee Harald Kujat said.
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Posted by seumasach on February 15, 2016
Pound Seen Tumbling Whether U.K. Stays in EU or Seeks `Brexit’
Bloomberg
9th February, 2016
The biggest pound bear expects the currency to lose 17 percent this year. And that’s if Britain remains part of the European Union.
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Posted in UK economy | Leave a Comment »
Posted by seumasach on February 15, 2016
“There is still a heck of a gap, as you rightly point out, between 13% and the Vickers commission’s 18%, but the Vickers commission was operating on the assumption that there would not be bail-in-able debt, if I can put it that way, which we now have or shall shortly have.”
This is very interesting – he seems to be suggesting that this time round the creditors and, presumably, the shareholders will take the hit. When the banks go under again, as they inevitably must, they will be “bailed-in” rather than bailed -out following, perhaps, the template established by Michel Barnier at the European Commision. This implies the end of the City of London as we know. We shall see.
Guardian
14th February, 2016
Britain’s banks are vulnerable to a global financial shock despite efforts to shore up their finances, according to the official who led the inquiry into the safety of UK banks following the 2008 crash.
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Posted in UK economy, Uncategorized | Tagged: Bail in the banks!, no more bailouts-put banks into receivership, no more bombing!-no more bailouts! | Leave a Comment »
Posted by seumasach on February 15, 2016
Thierry Meyssan
Voltairenet
15th February, 2016
The meeting of the International Syria Support Group seems to have marked the takeover of the Syrian situation by the White House, to the detriment of the « neo-conservatives » and the « liberal hawks ». The final declaration imposes supervision of the UNO by the US and Russia, which removes Jeffrey Feltman from his prerogatives. It imposes free circulation of humanitarian aid and the end of hostilities. The formula chosen legitimises Russian military action, not only against the al-Nusra Front and Daesh, but also against Ahrar el-Sham and Jaysh el-Islam. However, the declaration does not mention the Franco-British project for the creation of a pseudo-Kurdistan.
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Posted in Syria | Tagged: end sanctions against Russia!, US Russia cooperation, US-Russia relations, US-Russia strategic partnership | Leave a Comment »
Posted by seumasach on February 12, 2016
DW
4th February, 2016
The German Magistrates Association (DRB) has dealt a major blow to one of the key elements of the TTIP deal. The judges said special courts allowing firms to sue countries were unnecessary and “had no legal basis.”
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Posted in Battle for Europe | Tagged: Stop TTIP!, Transatlantic Trade and Investment Partnership (TTIP) | Leave a Comment »
In These New Times 