In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘financial collapse’

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Global systemic crisis in summer 2009: The cumulative impact of three « rogue waves »

Posted by seumasach on June 24, 2009

“Not even the « jobless recovery » many experts are trying to make us believe in. In the United States, United Kingdom, Eurozone and Japan, it is a « recoveryless recovery » we must expect, i.e. a pure invention aimed at convincing US and UK insolvent consumers to start buying again and keeping US T-Bonds’ and UK Gilts’ country purchasers waiting as long as possible (until they decide that there is really no future selling their products to the lands of the US Dollar and British Pound.”

17th June, 2009
As anticipated by LEAP/E2020 as early as October 2008, on the eve of summer 2009, the question of the US and UK capacity to finance their unbridled public deficits has become the central question of international debates, thus paving the way for these two countries to default on their debt by the end of this summer.

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UK faces rating blow as debt may soar 100pc

Posted by seumasach on May 22, 2009

The Treasury said there was a lot of economic uncertainty around and that it had already published plans to halve the budget deficit – predicted to hit £175 billion ($275bn) this year – over the next five years.

The problem is S&P does not believe the government numbers

Trade Arabia

22nd May, 2009

Britain risks losing its precious triple-A credit rating because of the danger that government debt may soar close to 100 per cent of GDP, and uncertainty over policy before an election due by next year.

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Nation Ready To Be Lied To About Economy Again

Posted by seumasach on May 20, 2009

The Onion

4th May, 2009

WASHINGTON—After nearly four months of frank, honest, and open dialogue about the failing economy, a weary U.S. populace announced this week that it is once again ready to be lied to about the current state of the financial system.

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Electromagnetic Killing Fields

Posted by seumasach on May 2, 2009

Paul Doyon’s Blog

20th October, 2005

Today I am homeless. My money does not provide me shelter. My good health does not ensure my survival. My friends are unable to help me. I am being killed, but the law offers me no protection.

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GEAB N°34 Summer 2009: The international monetary system’s breakdown is underway

Posted by seumasach on April 17, 2009

 

leap2020.eu
The next stage of the crisis will result from a Chinese dream. Indeed, what on earth can China be dreaming of, caught – if we listen to Washington – in the “dollar trap” of its 1,400-billion worth of USD-denominated debt (1)? If we believe US leaders and their scores of media experts, China is only dreaming of remaining a prisoner, and even of intensifying the severity of its prison conditions by buying always more US T-Bonds and Dollars (2). 
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Dmitry Orlov: The collapse of America is unavoidable

Posted by seumasach on April 8, 2009

Dandelionsalad

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Salbuchi – Global Financial Collapse – Part 2

Posted by seumasach on April 5, 2009

 

 Mr Salbuchi draws on Argentina’s experience over the last thirty or forty years to provide invaluable insight into the current crisis. However, the model cannot be applied mechanically to this global crisis. Salbuchi assumes the point at issue , namely, the continued ability of the USA to manipulate the situation to its own advantage. In doing so he ignores the entire counter-globalisation movement at both state and non-state level. Yes, the struggle for a new world order has begun, but it’s outcome can be based on multipolarity as well as US hegemony. Specifically, Salbuchi ignores the fact that the process of creating an alternative to the dollar as a global currency has already begun. A great video, with a salutary warning, but unduly pessimistic.

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Salbuchi – Global Financial Collapse – Part 1

Posted by seumasach on April 5, 2009

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Obama, allies aren’t on same page as G20 opens

Posted by seumasach on April 1, 2009

“In an interview with London’s Financial Times published Friday, German leader Angela Merkel hadn’t backed off from her emphasis on regulation instead of spending.

“The crisis did not take place because we were spending too little but because we were spending too much to create growth that was not sustainable. It isn’t just that the banks took over too many risks. Governments allowed them to do so by neglecting to set the necessary (financial market) rules and, for instance in the U.S., by increasing the money supply too much,” she said.

The United States and England , however, are unlikely to support hasty moves to new regulation.”

“Self-interest wins in the end always, and the United States and the U.K. get more out of financial services than anyone else. We have the two world financial capitals. It’s not in our interest to have other people write the regulations or have regulations that try to average across many nations,” said Vincent Reinhart , a former top economist at the Federal Reserve.

Likewise, he cautioned, big nations such as China and Russia , and the smaller but important European powers, see it in their interest to impose new rules on London and New York .

Yahoo

31st March, 2009

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Geithner’s ‘Dirty Little Secret’: The Entire Global Financial System is at Risk

Posted by seumasach on March 31, 2009

When the Solution to the Financial Crisis becomes the Cause
F.William Engdahl
30th March, 2009

GlobalResearch.ca

US Treasury Secretary Tim Geithner has unveiled his long-awaited plan to put the US banking system back in order. In doing so, he has refused to tell the ‘dirty little secret‘ of the present financial crisis. By refusing to do so, he is trying to save de facto bankrupt US banks that threaten to bring the entire global system down in a new more devastating phase of wealth destruction.

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Time to stop the rip-off

Posted by seumasach on March 29, 2009

“This is the biggest rip-off in the history of man. There is no end in sight. When will the Obama administration get it? Obama will have to learn the toughest decision there is in business – when it’s time to stop throwing good money after bad money.”

The crisis in the United States has taken a dangerous turn over the past week, a turn that may prove to be the undoing of the Barack Obama presidency. 
Hossein Askari and Noureddine Krichene 

Asia Times

27th March, 2009

On January 20, Obama stepped into much more than the worst economic and financial crisis since the Great Depression. He inherited the helm of a country ravaged by 30 years of runaway human greed and a complicit government that rewarded it. Obama now finds himself in the middle of a perfect tempest, buffeted on the one side by a relentless financial and economic downturn and on the other a bewildered nation waking up to the landscape of unparalleled economic injustice that had been hidden out of sight with most Americans working hard just to get by. 

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