Posted by seumasach on October 6, 2008
“The usual patriotic and highly independent Icelandic politicians and union leaders are now crying out for EU membership to save them from the impeding collapse, much as Ireland was able to expand its liabilities many fold through its declaration of a 100% guarantee to all depositors, whilst comfortably sitting under the EURO umbrella and therefore avoiding a currency collapse that would have occurred if Ireland had an independent currency as does Iceland. Still Iceland will be forced to go cap in hand to the European Union to help prevent a total loss of confidence in the Krona which has crashed by 30% against the US Dollar in less than a month.”
Nadeem Walayat
Market Oracle
The focus of the financial storm now shifts to the small North Atlantic Island state of Iceland, a country with barely 330,000 inhabitants that saw its banks in recent years expand across Europe as they played and rolled the dice in the global derivatives market, financed on leverage from financial institutions across the globe that were eager to lend on the back of cheap low interest rate carry trade financing which delivered profits for nothing i.e. the difference between the rate borrowed and charged on the interbank market for a near limitless exponentially rising over the counter derivatives bubble that passed $500 trillions, that’s trillions NOT billions!
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Posted in Uncategorized | Tagged: financial collapse, Iceland Bankrupt | Leave a Comment »
Posted by smeddum on October 6, 2008
A global downturn in the power of the west
By Dominique Moïsi
Published: October 5 2008 18:21 | Last updated: October 5 2008 18:21 Financial Times
It is telling times when the FT prints an article that should appear in the Socialist Worker, with a few changes in jargon and an outlook that actually assesses Western power and not just capitalist crises. As to Europe, the author, here, is rather one sided: have a look at our Editorial.
It is not too early to assess the first geopolitical lessons of the current financial maelstrom. As the crisis unfolds, trends are emerging. The near collapse of financial capitalism both confirms and accelerates a revolution that was already under way in international politics. Who are the losers and who are likely to be the winners – that is, those who lose the least – in the present mess? In the language of Wall Street, the west is down and the state is up. Moreover, democracy itself risks falling into disrepute if solutions are not found to the crisis. Read the rest of this entry »
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Posted by seumasach on October 6, 2008
Bankrupt Britain can no longer fight wars: the disengagement has begun!
Richard Norton-Taylor
Guardian
6th October, 2008
Britain is stepping up pressure for a political and diplomatic settlement to the conflict in Afghanistan, a move set in sharp relief yesterday by the commander of UK troops who warned that the war against the Taliban was not going to be won.
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Posted in Drive to Global War | Tagged: British defeat in afghanistan | Leave a Comment »
Posted by seumasach on October 5, 2008
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Posted by seumasach on October 5, 2008
Dr Michael Hudson
Global Research
5th October, 2008
An unprecedented popular protest led Congress to reject the Treasury’s initial bailout plan on Monday, September 29. Most commentators have noted how ironic and seemingly out-of-character it was that the bailout was defeated mainly by Republicans, and indeed by the party’s right-wing Bible Belt Conservatives. But would it be too much to hope that these Congressmen bore in mind the Christian ethic embodied in Matthew 18 – almost literally a Biblical condemnation of the bailout’s terms?
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Posted by smeddum on October 5, 2008
Chavez for Turning South America into World Power
Caracas, Oct 5 (Prensa Latina) South America should become a leading power in today´s multipolar world, said Venezuelan President Hugo Chavez, who also advised the United States “to learn to listen.” Read the rest of this entry »
Posted in Multipolar world | Tagged: Chavez | Leave a Comment »
Posted by seumasach on October 5, 2008
Cailean Bochanan
5th October, 2008
Mandelson is back, declaring Britain to be in “something approaching a national emergency”. That’s very diplomatic: in fact, it is bankrupt. Ever since the collapse of Northern Rock the government have been discreetly channeling public funds to the banks. That this process was nearing its limits was shown when Mervyn King, head of the Bank of England, threatened to resign. Brown in his desperation went to Washington to talk up the US bailout from which it appears British banks would benefit substantially. Paulson tried to bounce the Europeans into a similar bailout of which, once again, Britain would be the beneficiary. This was scotched by Germany and has been dropped. Where else can Britain go, cap in hand?
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Posted in Uncategorized | Tagged: join the euro! | 3 Comments »
Posted by seumasach on October 5, 2008
An off-shore economy based on financial wheeling and dealing and extravagant consumption being forced to look for salvation in Europe and the euro: this is the spectre of Britain to be.
Tracy McVeigh
Guardian
5th October, 2008
The snow has arrived early in Reykjavik after an unusually long and warm summer. The freeze has brought out the ghostly green haze of the aurora borealis – the Northern Lights – the shape of which shifts dramatically across the tiny city’s black skies.
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Posted in Uncategorized | Tagged: euro, Iceland | Leave a Comment »
Posted by smeddum on October 5, 2008
US Government Report Undermines Zimbabwe Opposition’s Claim of Independence
Filed under: Civil Society, Zimbabwe — gowans @ 10:20 pm
By Stephen Gowans
The US government had a hand in formulating the policy platform of the Tsvangirai faction of the Movement for Democratic Change, Zimbabwe’s main opposition party, and funded community-based newsletters to create a platform to persuade Zimbabweans to accept Washington’s point of view, according to a US government report. The report boasts that Washington is the undisputed leader in nurturing anti-government civil society organizations in Zimbabwe, operating through a CIA-interlocked organization led by former New York investment banker and Michael Milken right-hand man, Peter Ackerman. Read the rest of this entry »
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Posted by alfied on October 5, 2008
Economic collapse, military humiliation and afloat from their doomed other half; can Britain wake up in time to salvage something from the wreck it finds itself in??
TIMES ONLINE
Britain’s most senior military commander in Afghanistan has warned that the war against the Taliban cannot be won. Brigadier Mark Carleton-Smith said the British public should not expect a “decisive military victory” but should be prepared for a possible deal with the Taliban. Read the rest of this entry »
Posted in Uncategorized | Tagged: British defeat in afghanistan | Leave a Comment »
Posted by seumasach on October 4, 2008
US corporate greed and political complicity
Redress
3rd October, 2008
Paul J. Balles predicts that the next great disaster for the USA won’t be from terrorists abroad giving Washington a lame excuse to go to war, but it will be “a severely pained American public rising up … against the US corporate monarchy”.
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Posted in Financial crisis | Tagged: financial collapse | 1 Comment »
