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 smeddum on October 21, 2008
Don’t Bet On the Dollar’s Rally Lasting Much Longer
By: Graham Summers Tuesday, October 21, 2008 8:59 AM istockanalyst
This dollar rally is just about done.
As I’m sure you’re aware, starting in July, the dollar began its biggest rally in years. Seeing this, the talking heads got jiggy and started proclaiming that the currency had entered a bull market.
As usual, they were horribly wrong. Read the rest of this entry »
Posted in Uncategorized | Tagged: dollar collapse, dollar rally | 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 »
Posted by seumasach on October 21, 2008
Michael Hudson
20th October, 2008
Treasury Secretary Paulson’s bailout speech on Monday, October 13, poses some fundamental economic questions: What is the impact on the economy at large of this autumn’s unprecedented creation and giveaway of financial wealth to the wealthiest layer of the population? How long can the Treasury’s bailout of Wall Street (but not the rest of the economy!) sustain a debt overhead that is growing exponentially? Is there any limit to the amount of U.S. Treasury debt that the government can create and turn over to its major political campaign contributors?
In times past, national debt typically was run up by borrowing money from private lenders and spent on goods and services. The tendency was to absorb loanable funds and bid up interest rates on the one hand, while spending led to inflationary price increases for goods and services. But the present giveaway is different. Instead of money being borrowed or spent, interest-yielding bonds are simply being printed and turned over to the banks and other financial institutions. The hope is that they will lend out more credit (which will become more debt on the part of their customers), lowering interest rates while the money is used to bid up asset prices – real estate, stocks and bonds. Little commodity price inflation is expected from this behavior.
The main impact will be to reinforce the concentration of wealth in the hands of creditors (the wealthiest 10 percent of the population) rather than wiping out financial assets (and debts) through the bankruptcies that were occurring as a result of “market forces.” Is it too much to say that we are seeing the end of economic democracy and the emergence of a financial oligarchy – a self-serving class whose actions threaten to polarize society and, in the process, stifle economic growth and lead to the very bankruptcy that the bailout was supposed to prevent?
Posted in Financial crisis | Tagged: financial collapse, ponzi scheme | Leave a Comment »
Posted by seumasach on October 21, 2008
21st October, 2008
French President Nicolas Sarkozy has called on European Union countries to set up their own sovereign wealth funds.
Posted in Uncategorized | Tagged: financila collapse, Multipolar world | Leave a Comment »
Posted by seumasach on October 21, 2008
MOSCOW, October 21 (RIA Novosti) – Senior members of Britain’s opposition Conservative Party solicited Russia’s richest man Oleg Deripaska this summer for a donation, a mutual acquaintance told The Times newspaper in a letter.
Posted in Uncategorized | Tagged: euro | Leave a Comment »
Posted by smeddum on October 21, 2008
Wall Street Monsters & Meat (You)
Jim Willie CB
Jim Willie CB is the editor of the “Hat Trick Letter” 321gold.com
Oct 17, 2008
The tag team of JPMorgan as the monster and Goldman Sachs as its harlot represent a powerful pair that is more responsible for destroying the entire US financial system than 95% of the American public has any awareness. The colossus of JPMorgan is a monster, a predator, nurtured by pond scum. It has gobbled up Chase Manhattan, Manufacturers Hanover, Chemical Bank, Bank One, and more over the past two decades. Their profound presence in keeping the USTreasury Bond yields down can never be understated. They do so by managing 85% of the credit derivatives on the planet. They distorted usury prices, as in price of borrowed money, thus aggravating the LIBOR (London InterBank Offered Rate) market in a very visible manner. The oblong usury prices have contributed mightily to the destruction of the USEconomy itself, created bubbles, killed jobs, and wrecked savings. The ugliest hidden activity for the JPMorgan monster is to manage the Bank of Baghdad, where they manipulate the crude oil price, where drug trafficking money is funneled from Afghan sales, under management by the USMilitary aegis (guys with no uniform stripes or markings). Maybe such illicit money offsets Credit Default Swap losses, making America strong for freedom and liberty. Goldman Sachs is clearly the investment banking agent for the USGovt, given the privilege of insider trading in unspeakable proportions. They manage the Plunge Protection Team efforts to intervene in financial markets, making America strong for freedom and liberty. The new kid on the block is the FDIC. The Federal Deposit Insurance Corp is steering fresh meat into the corralled JPMorgan stockyards for slaughterhouse feeding. The label of harlot might be too kind, especially from the perspective of senior bond holders. But JPMorgan requires fresh meat (capital) periodically, thus making America strong for freedom and liberty. Nevermind the fires caused after its hearty meals and flatulence. Read the rest of this entry »
Posted in Financial crisis | Tagged: financial collapse, reserve currency | Leave a Comment »
Posted by smeddum on October 20, 2008
Posted in Financial crisis, Multipolar world | Tagged: credit crunch, dollar collapse, hedge funds | Leave a Comment »
Posted by seumasach on October 20, 2008
Whereas in Britain the oligarchy is taking advantage of the crisis to massively increase their wealth and power, in Russia the opposite is happening.
David Litterick
20th October, 2008
The collective wealth of the 25 wealthiest Russian businessmen has fallen by $230bn (£132bn) since May, when the commodities boom peaked, according to Bloomberg calculations. Since then, equity markets across the world have tumbled, with Russia’s benchmark Micex index losing 61pc. Concerns over Russia’s strategy in Georgia have added to the impact of the credit crisis.
Posted in Financial crisis | Tagged: financial collapse | Leave a Comment »
