Global Economic Anticipation Bulletin (GEAB) no 62
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.
Posts Tagged ‘bankrupt Britain’
Global Systemic Crisis: Towards a Renaissance in European political and economic integration
Posted by seumasach on February 19, 2012
Posted in Battle for Europe | Tagged: bailout, bailouts, bankrupt Britain, End of empire, financial collapse, franck biancheri, Laboratoire européen d’anticipation politique LEAP, no more bailouts-put banks into receivership | Leave a Comment »
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.
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.
Posted in UK economy | Tagged: bailout, bailouts, bankrupt Britain, End of empire, financial collapse, no more bailouts-put banks into receivership | 1 Comment »
The Mystery of Quantitive Easing
Posted by seumasach on February 10, 2012
Craig Murray has hit the nail on the head. The official narrative is devoid of sense – it is merely a cover for the reality of further bailouts. We should be opposing QE i,e, bailout and, as a logical corollary, calling for the banks to be put through bankruptcy proceedings. This is the next step which must be taken if we are to avoid disaster. The state would have to take on some of the banks liabilities, having foolishly bought large shareholdings in some of them, and would have to guarantee deposits. The state itself would then be bankrupt and would have to negotiate a settlement with our creditors. Debt could be written off in exchange for our abandonment of our current aggressive foreign policy, our leaving NATO, and adoption of a policy of cooperation with our international partners. Like Scrooge buying a turkey for Bob Cratchet on Christmas Day, we would present the world with the long-awaited, ever more needed, peace dividend.
10th February, 2012
The headlines all say that the Bank of England has pumped another £50 billion into the economy in the third round of quantitive easing. In fact, the money will not get far into the economy. It is given to the banks and other financial sector companies, and evidence from the previous £250 billion worth of quantitive easing is that almost all of it will stay there, being very handy stuff with which to fund massive salaries and bonuses.
Posted in UK economy | Tagged: bankrupt Britain, Craig Murray, End of empire, no more bailouts-put banks into receivership, peace dividend, QE3, Quantitive Easing | Leave a Comment »
Clydesdale and Yorkshire Banks staff face uncertain future
Posted by seumasach on February 8, 2012
Clydesdale and Yorkshire Banks staff face uncertain future after Australian owner announces UK operations shake-up
8th February, 2012
The future of more than 8,000 workers at Clydesdale and Yorkshire Banks have been thrown into doubt after the pair’s Australian owner announced a major shake-up of UK operations.
Posted in UK economy | Tagged: bankrupt Britain, financial collapse | Leave a Comment »
Ben Warns More Helicopter Drops May Be Necessary
Posted by seumasach on February 2, 2012
Watch out everyone- we’re in for “a period of balance-sheet adjustment”
2nd February, 2012
In a surprisingly (but also refreshingly) candid admission, Fed Chairman Bernanke declared last night that another round of quantitative easing may well be necessary to alleviate “high and persistent unemployment in an underperforming economy”. With inflation still low and Europe a potential drag on the economy, the Fed Chairman clearly feels that more asset purchases are a risk worth taking if it helps the recovery become more self-sustaining.
Posted in Battle for Europe, UK economy | Tagged: bankrupt Britain, dollar collapse, QE3 | Leave a Comment »
Why don’t the super-rich pay down the budget deficit?
Posted by seumasach on January 28, 2012
Yes, there is an overwhelming case for a wealth tax. But it is necessary to get the figures in perspective: total UK debt is the highest in the world at about 10 times a GDP of over 2 trillion. Most of this is bank debt for which the government is guarantor of last resort. The left’s redistribution programme is not in itself adequate any more than the right’s austerity programme is: the banking sector must be put through bankruptcy.
Michael Meacher
27th January, 2012
One assumption dominates the start of 2012. It will be an extremely grim year as the public starts having to pay down the deficit in real earnest, but they will grudgingly accept the substantial pain involved so long as it is fairly shared. It certainly isn’t, however, and the growing realisation of this could well prove the government’s Achilles heel in this year’s bumpy handling of austerity.
Posted in UK economy | Tagged: bankrupt Britain, wealth tax | Leave a Comment »
How likely is a sterling crisis or: is London really Reykjavik-on-Thames?
Posted by seumasach on January 26, 2012
This seems a good moment to revisit Willem Buiter 2008 analysis of the UK economy and, particularly, his view on a possible simultaneous banking, government bonds and sterling crisis.
Willem Buiter
13th November, 2008
Posted in UK economy | Tagged: bankrupt Britain, join the euro!, sterling crisis, stop the bailout | Leave a Comment »
Sterling no refuge as King eyes stimulus
Posted by seumasach on August 15, 2011
“The euro zone is an economy that, on aggregate, does look stronger than the U.K.,” Sara Yates, a London-based strategist at Barclays Plc, said last week by phone. Yates predicted that the pound would weaken to 95 pence per euro in three months. “Sterling looks more vulnerable. When you look at the fundamentals of the U.K. economy, it’s very weak.”
15th August, 2011
Britain’s allure as a haven is crumbling as global investors desert sterling amid the lowest inflation-adjusted bond yields on record and a faltering economy.
Posted in UK economy | Tagged: bankrupt Britain, End of empire | Leave a Comment »
“Investors” warn Osbourne
Posted by seumasach on July 3, 2011
More City chutzpah- the job of the authorities is to channel public funds to the banks: what they do with it is their business. The reforms are anyway too late to stave off disaster but the banks want to make a point of principle about government regulation.
“The thing that makes everyone so nervous about investing in banks is precisely the uncertainty about all these issues,”
What makes people nervous about investing in banks is the knowledge that their accounts are phoney and that they are sitting on multi-bullion losses: only state funding makes them seem viable, until you grasp that the state is itself bankrupt and the pound sterling essentially worthless.
Investors issue warning to George Osborne on ring-fencing plans
3rd July, 2011
Richard Buxton, the head of UK equities for investment giant Schroders, met Treasury officials last month to deliver the warning in person. Schroders is one of Britain’s most important investment houses, managing £180bn of assets which it invests on behalf of pension funds, charities, savers and corporations.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Austerity engulfs the high street
Posted by seumasach on June 29, 2011
As Britain implodes we are subjected to an endless barrage of media babble about the collapse of the Euro. We would do well to focus on our own problems which promise to dwarf anything happening across the channel. Predictably we have also decided to bomb our way out of trouble not having yet come to the realization that it’s time to start rebuilding our own country rather than destroying other peoples’.
28th June, 2011
More than 10,000 retail jobs face the axe as the British high street faces one of its most painful bouts of contraction since the second world war amid the biggest squeeze on household budgets for decades.
Posted in UK economy | Tagged: bankrupt Britain, End of empire | Leave a Comment »
In These New Times 