In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘bailout industry not finance’

Why is China making another five-year plan ?

Posted by seumasach on October 14, 2015

“China has relied on a strong government steering its economy for over 60 years, so it would be unwise not to draw on a tradition that has proven effective in the last few decades, especially with the economy at a crux of upgrades and changes of emphasis,” Xinhua said answering its own question.

Asia Times

13th October, 2015

An interesting tidbit out of Xinhua Tuesday posed the following question: If China is moving to a market economy, why does it need to develop another five-year national plan?


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Osbourne: Greek governmentt risk to global economy

Posted by seumasach on February 3, 2015

Osbourne is obviously only too aware of the revolutionary implications of a writedown of Greek sovereign debt : it will interfere with the ongoing writedown of private banking debt. It’s a pity that anti-austerity canpaigners don’t show the same awareness and recognise that the entire edifice of Wall Street, City of London finance capital, parasitic and destructive, has to come down if we are to end the downward spiral. Instead they persist with their neo-Keynesian fanatasies and their pretence that there is no systemic crisis. It remains to be see how far Tsipras’ grasp of reality goes and to what extent he can link up with elements within the European political class who recognise that the banking system is bust and has to be put through effective bankruptcy and replaced by a banking system orientated towards developing the real economy. As Obama said

“You cannot keep on squeezing countries that are in the midst of depression,” Obama told CNN.

“At some point, there has to be a growth strategy in order for them to pay off their debts to eliminate some of their deficits,” he added.


Greece’s Syriza govt could pose greater risk to global economy than Middle East conflict – Osborn


2nd February, 2015

Greece’s standoff with Eurozone governments and international creditors poses a greater threat to the global economy than conflict in the Middle East, climate change and rising tensions between Russia and the West, UK Chancellor George Osborne says.

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EU lawmakers reach agreement on bank rescue rules

Posted by seumasach on December 12, 2013

“Shareholders and bondholders would be first in line, with savers last in the queue, while tapping public money to prevent a bank collapse would only be done as a last resort.”

This is an important step towards ending the hegemony of finance capital in Europe.

EU Observer

12th December, 2013

BRUSSELS – MEPs and ministers have agreed new rules to rescue insolvent banks that would target bondholders not savers, following the final round of talks in Strasbourg.

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The Darkness and the Power

Posted by seumasach on December 21, 2008


Jim Kirwan


20th December, 2008 

The Dictator announced his relief-package for the Big Three yesterday: The media is calling it “a Christmas-gift.” This is a LOAN-agreement: Gift’s do not come wrapped in razor wire. This too-little-too-late proposal is meant to bring an end to the problem of having to pay anyone, for whatever they do on-the-job in the United States.

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Detroit vs. Wall Street: The Trillion Dollar Class War

Posted by seumasach on December 4, 2008

Cameron Salisbury

Smirking Chimp

3rd December, 2008

If anyone doubted that a class war is in progress, hidden beneath a variety of euphemisms, like ‘bail out’, ‘downsizing,’ ‘outsourcing’ and ‘NAFTA’, their doubts can now be given the decent burial that they deserve. There has been no more blatant act of class antagonism in recent memory than the apparent willingness of Congress and Wall Street’s appointed grifter, Henry Paulson, to let a major part of the American manufacturing sector die.

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Posted in Financial crisis | Tagged: , , , | 1 Comment »

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