In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘financial collapse’

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

This is Money

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.

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The real economic picture

Posted by seumasach on February 4, 2012

Paul Craig Roberts

IPE

If you have any money and you want to understand the lies that “your” government tells you with statistics, subscribe to John Williams shadowstats.com.

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John Williams – Accelerating great collapse & hyperinflation

Posted by seumasach on January 27, 2012

PoorRichard’s Blog

27th January, 2012

kingworldnews.com

John Williams, of Shadowstats, just issued the following warning and King World News wanted to pass it along to our global readers:  “The U.S. economic and systemic-solvency crises of the last five years continue to deteriorate.  Yet they remain just the precursors to the coming Great Collapse: a hyperinflationary great depression.  The unfolding circumstance will encompass a complete loss in the purchasing power of the U.S. dollar; a collapse in the normal stream of U.S. commercial and economic activity; a collapse in the U.S. financial system, as we know it; and a likely realignment of the U.S. political environment.”

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Putin brands US as ‘hooligans’ for printing money

Posted by seumasach on July 18, 2011

RIANovosti

11th July, 2011

Russian Prime Minister Vladimir Putin accused the US of hooliganism on Monday over the US government’s efforts to ease its financial problems by injecting hundreds of billions of dollars into the economy.

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Mythology & official nonsense

Posted by seumasach on February 15, 2011

Jim Willie

Goldseek

9th February, 2011

With the advent, then the continuation of the Quantitative Easing exercise in hyper-inflation and capital destruction, the US Federal Reserve has perhaps taken its deeply damaged reputation as a central banker and decimated it into shreds. They have lost the respect of the world, more so outside the nation’s borders than inside. The financial sector and politicians seem unable to stop showing deep reverence for the post, even licking the Chairman’s boots whenever he appears before the USCongress. Recent hints of contempt in WashingtonDC are encouraging. He has not made a single correct forecast on major items. The USFed in short has lost control. See the rising bond yields, which torpedo the housing ship, badly listing as a derelict vessel. The USFed seems thoroughly content to rescue the big US banks, whose wretched condition cannot possibly be rectified, even if such a rescue results in global price inflation and revolts. The decision made after recognition that a recent QE chapter has failed is clearly to repeat it. When QE2 is exhausted or deemed a failure, expect QE3 at the doorstep. This behavior exhibits insanity. The February package of Hat Trick Letter reports includes a special report entitled “USFed as Agent of Destruction”that elaborates on the deep damage.

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The stench of growing economic decay grows stronger

Posted by seumasach on November 28, 2010

Zimoz News

Paul Craig Roberts

28th November, 2010

On Thanksgiving Eve, the English language China Daily and People’s Daily Online reported that Russia and China have concluded an agreement toabandon the use of the US dollar in their bilateral trade and to use their own currencies in its place. The Russians and Chinese said that they had taken this step in order to insulate their economies from the risks that have undermined their confidence in the US dollar as world reserve currency.

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US heads for the cliff

Posted by seumasach on October 25, 2010

Mogambu Guru

Asia Times

26th October, 2010

I thought I had seen and heard it all after the ludicrous Ben Bernanke, asinine chairman of the Federal Reserve, announced that the official (and thus a lie!) 2% inflation in prices was too, too low, and he wanted higher inflation because, somehow, in some weird little fantasy world that only he and other neo-Keynesian econometric cyber-nerds can see, higher inflation is “consistent with the mandate of the Fed” to achieve stable prices (zero inflation)! Hahahaha!

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A plague upon the world: the USA is a “failed state”

Posted by seumasach on June 2, 2010

Interview with Dr. Paul Craig Roberts, former Assistant Secretary US Treasury, Associate Editor Wall Street Journal, Professor of Political Economy Center for Strategic and International StudiesGeorgetown University Washington DC.

Question:  Dr. Roberts,  the United States is regarded as the most successful state in the world today. What is responsible for American success?

Dr. Roberts:  Propaganda. If truth be known, the US is a failed state. More about that later. The US owes its image of success to: (1) the vast lands and mineral resources that the US “liberated” with violence from the native inhabitants, (2) Europe’s, especially Great Britain’s, self-destruction in World War I and World War II, and (3) the economic destruction of Russia and most of Asia by communism or socialism.

After World War II, the US took the reserve currency role from Great Britain. This made the US dollar the world money and permitted the US to pay its import bills in its own currency. World War II’s destruction of the other industrialized countries left the US as the only country capable of supplying products to world markets. This historical happenstance created among Americans the impression that they were a favored people. Today the militarist neoconservatives speak of the United States as “the indispensable nation.”  In other words, Americans are above all others, except, of course, Israelis.

To American eyes a vague “terrorist threat,” a creation of their own government, is sufficient justification for naked aggression against Muslim peoples and for an agenda of world hegemony.

This hubristic attitude explains why among most Americans there is no remorse over the one million Iraqis killed and the four million Iraqis displaced by a US invasion and occupation that were based entirely on lies and deception. It explains why there is no remorse among most Americans for the countless numbers of Afghans who have been cavalierly murdered by the US military, or for the Pakistani civilians murdered by US drones and “soldiers” sitting in front of video screens. It explains why there is no outrage among Americans when the Israelis bomb Lebanese civilians and Gazacivilians.  No one in the world will believe that Israel’s latest act of barbarity, the murderous attack on the international aid flotilla to Gaza, was not cleared with Israel’s American enabler.

Question:  You said that the US was a failed state. How can that be? What do you mean?

Roberts:  The war on terror, invented by the George W. Bush/Dick Cheney regime, destroyed the US Constitution and the civil liberties that the Constitution embodies. The Bill of Rights has been eviscerated. The Obama regime has institutionalized the Bush/Cheney assault on American liberty. Today, no American has any rights if he or she is accused of “terrorist” activity. The Obama regime has expanded the vague definition of “terrorist activity” to include “domestic extremist,” another undefined and vague category subject to the government’s discretion.  In short, a “terrorist” or a “domestic extremist” is anyone who dissents from a policy or a practice that the US government regards as necessary for its agenda of world hegemony.

Unlike some countries, the US is not an ethic group. It is a collection of diverse peoples united under the Constitution. When the Constitution was destroyed, the US ceased to exist. What exists today are power centers that are unaccountable. Elections mean nothing, as both parties are dependent on the same powerful interest groups for campaign funds. The most powerful interest groups are the military/security complex, which includes the Pentagon, the CIA, and the corporations that service them, the American-Israel Public Affairs Committee, the oil industry that is destroying the Gulf of Mexico, Wall Street (investment banks and hedge funds), the insurance companies, the pharmaceutical companies, and the agri-companies that produce food of questionable content.

These corporate powers comprise an oligarchy that cannot be dislodged by voting. Ever since “globalism” was enacted into law, the Democrats have been dependent on the same corporate sources of income as the Republicans, because globalism destroyed the labor unions. Consequently, there is no difference between  the Republicans and Democrats, or no meaningful difference.

The “war on terror” completed the constitutional/legal failure of the US. The US has also failed economically. Under Wall Street pressure for short-term profits, US corporations have moved offshore their production for US consumer markets. The result has been to move US GDP and millions of well-paid US jobs to countries, such as China and India, where labor and professional expertise are cheap. This practice has been going on since about 1990.

After 20 years of offshoring US production, which destroyed American jobs and federal, state and local tax base, the US unemployment rate, as measured by US government methodology in 1980, is over 20 percent. The ladders of upward mobility have been dismantled. Millions of young Americans with university degrees are employed as waitresses and bartenders. Foreign enrollment comprises a larger and larger percentage of US universities as the American population finds that a university degree has been negated by the offshoring of the jobs that the graduates expected.

When US offshored production re-enters the US as imports, the trade balance deteriorates. Foreigners use their surplus dollars to purchase existing US assets.
Consequently, dividends, interest, capital gains, tolls from toll roads, rents, and profits, now flow abroad to foreign owners, thus increasing the pressure on the US dollar. The US has been able to survive the mounting claims of foreigners against US GDP because the US dollar is the reserve currency. However, the large US budget and trade deficits will put pressures on the dollar that will become too extreme for the dollar to be able to sustain this role. When the dollar fails, the USpopulation will be impoverished.

The US is heavily indebted, both the government and the citizens. Over the last decade there has been no growth in family income. The US economy was kept going through the expansion of consumer debt. Now consumers are so heavily indebted that they cannot borrow more. This means that the main driving force of the US economy, consumer demand, cannot increase. As consumer demand comprises 70% of the economy, when consumer demand cannot increase, there can be no economic recovery.

The US is a failed state also because there is no accountability to the people by corporations or by government at any level, whether state, local, or federal. British Petroleum is destroying the Gulf of Mexico. The US government has done nothing. The Obama regime’s response to the crisis is more irresponsible than the Bush regime’s response to Hurricane Katrina. Wetlands and fisheries are being destroyed by unregulated capitalist greed and by a government that treats the environment with contempt. The tourist economy of Florida is being destroyed. The external costs of drilling in deep waters exceeds the net worth of the oil industry. As a result of the failure of the American state, the oil industry is destroying one of the world’s most valuable ecological systems.

Question:  What can be done?

Roberts:  The American people are lost in la-la land. They have no idea that their civil liberties have been forfeited. They are only gradually learning that their economic future is compromised. They have little idea of the world’s growing hatred of Americans for their destruction of other peoples. In short, Americans are full of themselves. They have no idea of the disasters that their ignorance and inhumanity have brought upon themselves and upon the world.

Much of the world, looking at a country that appears both stupid and inhumane, wonders at Americans’ fine opinion of themselves. Is America the virtuous “indispensable nation” of neoconservative propaganda, or is America a plague upon the world?

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This year, US public debt could reach end game

Posted by seumasach on March 25, 2010

Maurizio d’Orlando

Asia News

3rd March, 2010

Federal Reserve Chairman Bernanke issues the warning. Asian nations, China and India first, are no longer willing to purchase securities issued by the US Treasury, which this year has about US$ two trillion short-term debt to refinance. Beijing is buying gold instead.

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The Economic Elite Have Engineered an Extraordinary Coup, Threatening the Very Existence of the Middle Class

Posted by seumasach on February 18, 2010

David DeGraw

Silver Bear Cafe

18th February, 2010

The economic elite have robbed us all. The amount of suffering in the United States of America is literally a crime against humanity.

“The American oligarchy spares no pains in promoting the belief that it does not exist, but the success of its disappearing act depends on equally strenuous efforts on the part of an American public anxious to believe in egalitarian fictions and unwilling to see what is hidden in plain sight.” – Michael Lind, To Have and to Have Not

We all have very strong differences of opinion on many issues. However, like our founding fathers before us, we must put aside our differences and unite to fight a common enemy.

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U.K. Sovereign Debt: A ‘Fat Tail’ Risk for 2010

Posted by seumasach on December 2, 2009

Seeking Alpha

1st Decmber, 2009

As investors quickly forget about Dubai, and shield their eyes (apparently using now almost limitless US dollars or Japanese yen) from any potential sovereign road bumps ahead [Nov 27, 2009: UK Telegraph – Greece Tests the Limits of Sovereign Debt as it Grinds Toward Slump], Morgan Stanely (MS) Europe is out with an interesting report for 2010 that highlights an interesting “fat tail” risk: the UK becoming the first of the G10 to have a major fiscal crisis as elections lead to a hung parliament.

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

 
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