In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘bailout’

Germany gives green light for banking union plans

Posted by seumasach on July 11, 2014

To minimize the expense to euro zone taxpayers, European Union policymakers have drawn up a law under which shareholders, creditors and very large depositors will lose money first in the event of a bank failure.

For some reason many commentators fail to distinguish between bail-in, as is the case here,  and bailout, as we saw in US/UK in 2008. The above makes it clear.

Independent.ie

11th July, 2014

Germany’s cabinet has approved a package of draft laws which effectively give the go-ahead to Europe’s plans for banking union – the main confidence-building response to the crisis in the financial sector, a government source said yesterday.

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Global Systemic Crisis: Towards a Renaissance in European political and economic integration

Posted by seumasach on February 19, 2012

Global Economic Anticipation Bulletin (GEAB) no 62

Global Research

18th February, 2012

As anticipated by LEAP/E2020, the fear largely fed by the City of London and Wall Street of a Eurozone break-up over the Greek debt crisis proved unfounded.

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HSBC to snub Chancellor’s £20bn loan plan

Posted by seumasach on February 19, 2012

This is yet another bailout- a handy 20 billion, but not enough to to prevent the inevitable: a run on the banks.

Telegraph

18th February, 2012

The British bank is understood to feel that the Chancellor’s loan guarantee scheme – which will see the Government loan money to UK banks to lend on to small and medium-sized companies – is not workable as it would prove to be too expensive under the structure being discussed.

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Posted in UK economy | Tagged: , , , , , | 1 Comment »

Lloyds writes off half of Irish loans

Posted by seumasach on December 21, 2010

Own goal! Osbourne may have intervened to protect City/Wall Street bondholders, including the ubiquitous Goldman, but tipping Ireland over the edge imperils the recklessly exposed British banks who led the way in the Irish property bubble. The moment of truth approaches, the moment of the second bailout of the City. This time it has to be stopped.

Telegraph

21st December, 2010

Lloyds shares closed down 3.6pc at 66.5p, while RBS’s fell 5.7pc to 37.82p as the market took in the impact of the new write-downs.

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Imminent big bank death spiral

Posted by seumasach on November 9, 2010

“The TARP-2 package might be required at least $1.5 trillion, motivated this time by securities violations, defective fraudulent MERS & REMIC devices, and contract fraud, when the specter of class action lawsuits, even with RICO claims, hangs overhead. These are felony crimes, a far cry from a declining market.”

Jim Willie

Financial Sense

27th October, 2010

The mortgage & foreclosure scandal runs so deep that ordinary observers can conclude the US financial foundation is laced with a cancer detectable by ordinary people. The metastasis is visible from the distribution of mortgage bonds into the commercial paper market, money market funds, the bank balance sheets, pension funds under management, foreign central banks, and countless financial funds across the globe. Some primary features of the cancerous tissue material are mortgage bond fraud, major securities violations, absent linkage to property title, income tax evasion, forged foreclosure documents, duplicate property linkage to single mortgage bonds, NINJA (no income, no job or assets) loans to unqualified buyers, and more. In fact, more is revealed it seeems each passing week toward additional facie to high level and systemic fraud. The world is watching. The growing international reaction will be amplified demand for Gold, from recognition that the USDollar & USEconomy have RICO racketeering components extending to Wall Street banks and Fannie Mae mortgage repositories.

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Congressman Kucinich Addresses Escalation in Afghanistan

Posted by seumasach on December 2, 2009

Dennis Kucinich

1st December, 2009

Tonight the President will announce an escalation of the war in Afghanistan. An additional 30,000 troops will bring the United States’ total in Afghanistan to 100,000. Tomorrow I will offer an analysis of the President’s plan.
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Who are the undeserving “others” benefiting from expanded government actions

Posted by smeddum on September 15, 2009

Monday Sept. 14, 2009 09:15 EDT
Glenn Greenwald

The New York Times‘ Ross Douthat argues, uncontroversially, that the tea-party protests, townhall outbursts and related appendages aren’t about specific health care proposals but, instead, are motivated by a more generalized anger over what is happening in Washington:

At the same time, [the health care protests have] become the vessel for a year’s worth of anxieties about bailouts, deficits and Beltway incompetence.

This August’s town-hall fury wasn’t just about the details of health care. Neither were the anti-Obama protests that crowded Washington over the weekend. They were about the Wall Street bailout, the G.M. takeover, the A.I.G. bonuses, and countless smaller examples of middle-income Americans’ “playing by the rules,” as [GOP pollster Frank] Luntz puts it, “and having someone else benefit.” Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , | 2 Comments »

Radio: Max Keiser on Accounting Fraud

Posted by smeddum on August 4, 2009

http://www.garynull.org/wp-content/uploads/2009/08/GaryNullShow080309.mp3

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Germany and France reject Brown’s global economic recovery plan

Posted by seumasach on March 14, 2009

Reason has prevailed and most countries don’t want to channel every penny they have the way of a chosen banker elite. The plan’s other key element, the use of a recapitalised IMF to force through the policies of Washington and London also appears to have come to nothing:

Finance ministers and central bankers said the IMF’s resources should be increased “very substantially”, from their current level, to prevent developing countries suffering disproportionately from the credit squeeze; but they offered no immediate commitment to provide new funds.

Brown is a poor player and his one hour strutting and fretting on the global stage is now up. His plan is “a tale told by an idiot, full of sound and fury, signifying nothing”

Guardian

14th March, 2009

Gordon Brown‘s hopes of uniting the world’s most powerful economies behind a massive new package of tax cuts and public spending increases were in ruins today after he failed to persuade France and Germany to back his plan to revive the world economy.

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Economic catastrophe looms

Posted by seumasach on February 19, 2009

John Browne

Asia Times

20th February, 2009

When the US Congress passed its US$787 billion stimulus package last week, the size of the plan caused many observers to forget the water that has already passed under the bridge. Fewer still are wondering what havoc will erupt when all this liquidity eventually washes ashore. 

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Bailout This!- The Stabilization of the Financial Sector: The Holy Grail of Economic Salvation

Posted by seumasach on January 28, 2009

Andrew Hughes

Global Research

27th January, 2009

Idiocy is usually described as “endlessly repeating the same process, hoping for a different result”. Lawrence Summers, Timothy Geithner, Nancy Pelosi, Joe Biden et al are straining at the leash to get the Bailout Ball rolling once again. The stabilization of the financial sector, as elusive as it has been so far, has become the Holy Grail of Economic salvation. That makes $8.5 Trillion worth of trying and $0 of result. The Knights of the Oval Table are gathered to plan their mission as their beleaguered subjects are trying to batter down the castle gates.  It’s no small wonder that Geithner wants to get the money out the door as soon as the end of this week.

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