Posts Tagged ‘financial collapse’
Posted by seumasach on November 7, 2008
November 6, 2008 (LPAC)–The continuing attempt to impose a monetary solution to the bankruptcy of the financial system is not just corrupt and incompetent, but it is also killing what remains of the global economy. Trillions of dollars have been pumped into the banks in the U.S. and Europe, but these banks are nevertheless restricting the issuance of credit to crucial areas of the economy. Of particular importance is the banks’ shutting off of letters of credit and credit lines to the shippers who move raw materials and more finished goods around the world. The banks are thus shutting down world trade in a foolish–and suicidal–effort to save themselves.
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Posted by seumasach on November 5, 2008
Mercopress
4th november, 2008
| Latinamerica’s financial system has passed the Financial Times test. In an article under the headline of “Latinamerica sidesteps the worst of crisis”, FT correspondents in Sao Paulo and Mexico City elaborate on the region’s banking industry and how “by accident and design” in spite of a long history of turbulence, it is weathering the global crisis.
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Posted in Financial crisis, Multipolar world | Tagged: financial collapse, South America | 1 Comment »
Posted by seumasach on November 4, 2008
November 4, 2008 (LPAC)–French President Nicolas Sarkozy is raising the pressure against the banks and even sicking the media on those banks which received state money, but who are not, in turn, lending it to companies and individual clients. Credits to consumers and companies increased by EU5 billion last month, but there are many reports that on the least of excuses, banks block making loans.
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Posted by seumasach on November 3, 2008
Businees Week
3rd November, 2008
The financial crisis “makes it evident” that Denmark needs to join the euro, Danish Prime Minister Anders Fogh Rasmussen said on Thursday (30 October), while recent polls show that 50 percent of Danes are now in favour of scrapping the krone.
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Posted by seumasach on November 3, 2008
So now we know exactly what Brown has in mind as regards his “new Bretton Woods”: a bailout fund for the IMF so that it can continue its work of destroying the real economy globally. Brown knows the UK and US are going down- the point is to make sure everyone else does too. It’s a kind of scorched earth policy. It’s hardly surprising that China and the Arab countries have reservations about this: let’s hope they all have the sense to block this at the G20 conference on 15th November.
Allegra Stratton
Guardian
3rd November, 2008
Gordon Brown yesterday said he felt confident that he has successfully enlisted the help of Gulf states for international plans for an emergency bail-out fund, with both Qatar and Saudi Arabia indicating they will offer funds when leaders of the 20 most developed countries meet in Washington in a fortnight.
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Posted by seumasach on November 3, 2008
The really intriguing question here is where will Lloyds get the 4 billion to buy back the government’s preference shares. Could it be, by any chance, from the government?
Lloyds’ preference shares must be paid back before ordinary shareholders may receive dividends again
Lloyds TSB‘s shareholders were today given hope that the dividend drought ordered as part of the taxpayer bail-out would end next year.
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Posted by seumasach on November 1, 2008
Barry Grey
WSWS
1st November, 2008
The Wall Street Journal published a front-page article Friday reporting that the nine biggest US banks, which have received a combined $125 billion in taxpayer funds as part of the $700 billion bailout authored by Treasury Secretary Henry Paulson and passed by the Democratic Congress, owed their executives more than $40 billion for recent years’ compensation and pensions as of the end of 2007.
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Posted by seumasach on November 1, 2008
What is wrong with these Germans? Our banks have been accepting handouts for a year now. They understood that government handouts were necessary. not only to bankrupt the state treasury, but for the consolidation of an all- powerful oligarchy. What is it about that the Germans don’t understand? Can’t they see how indispensable Gordon’s plan is?
Merkel Urges German Banks to Tap Government Rescue Fund
Deutsche-Welle
1st November, 2008
German Chancellor Angela Merkel has urged banks to make use of a government bailout fund worth up to 500 billion euros ($637 billion) that few financial institutions have tapped so far.
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Posted by seumasach on November 1, 2008
“Asked about the likely bonus culture after taxpayer-funded bail-out, the source said: “If the government does end up becoming a shareholder, RBS is still a listed entity. It remains the board’s responsibility to ensure it is run commercially.””
So there, Gordon! So much for your “partial nationalsiation”.
Simon Bowers
Guardian
1st November, 2008
Royal Bank of Scotland, which is being bailed out with £20bn of taxpayers’ money, has signalled it is preparing to pay bonuses to thousands of staff despite government pledges to crack down on City pay.
The bank has set aside £1.79bn to cover “staff costs” – includingdiscretionary bonuses – at its investment banking division for the first six months of the year alone. The same division caused a £5.9bn writedown that wiped out the bank’s profits for the same period.
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Posted by seumasach on November 1, 2008
Independent
31st October, 2008
Isn’t it about time the Serious Fraud Office is called in over the collapse of Lehman Brothers? In the US, Federal investigators are crawling all over what is now unambiguously the worst financial crisis since the 1930s, yet in Britain, no criminal investigation of any aspect of the banking maelstrom has yet been announced. This is despite growing evidence of malfeasance in connection with the Lehman’s insolvency in particular, but also more generally in the market-ing of some of the securities at the heart of the crisis. Where there is financial meltdown, there is nearly always fraud, so why isn’t the SFO in there asking questions, collecting evidence and bringing prosecutions, as its US counterparts are in spades?
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Posted by seumasach on November 1, 2008
“The new financial system should have common sources based on many global financial centres and many reserve currencies,”
“Medvedev said he would propose to the summit that the world economy reduce its reliance on the US dollar as the main reserve currency.”
“They should be based on a harmonised system, not like the one we have now when those who use the rules of continental Europe feel unhappy about the Anglo-Saxon model,” he said
The Peninsula
1st November, 2008
MOSCOW • Russian President Dmitry Medvedev will tell a summit on the financial crisis in Washington next month that the health of the world economy should no longer be reliant solely on the United States, he said yesterday.
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In These New Times 