In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘financial collapse’

Get Ready for Mass Retail Closings

Posted by seumasach on February 22, 2009

 

This video is not to be missed. The collapse of the commercial real estate guarantees the next phase of the financial implosion. The upside is plenty of downtown living space for homeless Americans.

Yahoo

19th February, 2009

About 220,000 stores may close this year in America, says our guest, retail consultant Howard Davidowitz of Davidowitz & Associates. As more Americans save and spend less, it’s clear there’s too much retail space. Just visit Web site deadmalls.com and track retail’s growing body count. And luxury retailers? They’re on “life support,” Davidowitz says. 

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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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British government to bankrupt state

Posted by seumasach on February 19, 2009

The British government had the option to either put the banks through bankruptcy or to take on their liabilities and bankrupt the state. In the end it was always going to be what in popular parlance is now referred to as a “no-brainer” and the latter option was to be the preferred one. The British state has done the right thing on behalf of private interests and agreed to sacrifice itself and £60 million citizens on the altar of oligarchy. Do not send to ask for whom the bell tolls; it tolls for thee.
19th February, 2009
RBS and Lloyds to add £1.5trn to national debt
The banking bail-outs and collapsing tax revenues have left the UK’s public finances in a shocking state…

This morning the Office for National Statistics painted a frightening picture of the UK’s current financial position: the national debt soared to £703bn last month, equivalent to 47.8% of GDP, which is the highest proportion in over 30 years. January is usually a good month for tax receipts, but with incomes and corporate profits being squeezed in the downturn, revenues have plummeted – the monthly surplus was just £3.3bn, compared to £13.9bn last year. And perhaps most alarmingly, the ONS also plans to add the liabilities of bailed-out RBS and Lloyds to the public sector debt, which will push us an extra £1.5 trillion into the red…

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One in five California public workers to be fired as Arnold Schwarzenegger cuts deep

Posted by seumasach on February 19, 2009

Times

18th February, 2009

The state of California was yesterday set to fire 20,000 public employees as it teetered on the brink of a total financial collapse.

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Collapse of the US dollar: Global systemic crisis. The phase of global geopolitical dislocation

Posted by seumasach on February 18, 2009

GEAB

Global Research

17th February, 2009


Back in February 2006, LEAP/E2020 estimated that the global systemic crisis would unfold in 4 main structural phases: trigger, acceleration, impact and decanting phases. This process enabled us to properly anticipate events until now. However our team has now come to the conclusion that, due to the global leaders’ incapacity to fully realise the scope of the ongoing crisis (made obvious by their determination to cure the consequences rather than the causes of this crisis), the global systemic crisis will enter a fifth phase in the fourth quarter of 2009, a phase of global geopolitical dislocation.

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Daily Moron- Iceland should adopt sterling, not the euro

Posted by seumasach on February 17, 2009

“First the English destroy Iceland and now they want to impose their English toilet paper currency on the Icelandic people….

What a great comforting feeling for all newly bankrupted Icelandic people to walk around with the English Queen’s head printed on the English toilet paper currency…..

The best the Icelandic people can do is to close down the English embassy in Reykyavik and never engage in business again with the English regime that deliberately attacked Iceland’s banks forcing Iceland into total collapse.”

“your analysis of Hannan’s interference in the affairs of other European countries is spot on ; my conclusion is that Hannan is a US sponsored mole at the EU where he attempts to destroy Europe and destroy the EU and replace it exclusively with an US controlled NATO political structure.

Everytime Hannan speaks in Brussels it would be helpful for all EU MEP’s to vocally denounce him as an American NATO puppet; we in Europe should not allow American sponsored moles to walk into Europe and try to destroy all European institutions we have built up in the last 60 yrs and which have led Europe to become the worlds largest most succesful and prosperous market on the planet.

Johan de  Meulemeester(from comments)

Daniel Hannan

Telegraph

15th February, 2009

I’ve observed before that European integration tends also to diminish a member state’s internal democracy. Iceland is the latest example. As things stand, if you want to amend the constitution, you have to carry the change in parliament, then have a general election, then pass it again. The new Left-wing government wants to scrap that rule so as to fast-track EU membership.

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Iceland minister says adopting euro logical step

Posted by seumasach on February 15, 2009

 

STOCKHOLM, Feb 12 (Reuters) – Iceland’s new commerce minister said on Thursday the adoption of the euro was a more logical path towards restoring financial stability than currency cooperation with Norway.

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Russia must come back to Afghanistan

Posted by seumasach on February 15, 2009

 “The global crisis is the basis for transition from speculative financial political models to the models of industrial development.”

Russia Today

February 15, 2009

 

A coalition of the major world powers can save Afghanistan, believes Yury Krupnov, Russian political analyst and the head of the Development movement and the Institute for Demography, Migration and Regional Development.

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Britain’s bankers plumb new depths

Posted by seumasach on February 15, 2009

Patrick Hosking
February 14, 2009

Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one.

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Bubble Economy 2.0: The Financial Recovery Plan from Hell

Posted by seumasach on February 12, 2009

 

Michael Hudson

Global Research

11th February, 2009

 Martin Wolf started off his Financial Times column today (February 11) with the bold question: “Has Barack Obama’s presidency already failed?”[1] The stock market had a similar opinion, plunging 382 points. Having promised “change,” Mr. Obama is giving us more Clinton-Bush via Robert Rubin’s protégé, Tim Geithner. Tuesday’s $2.5 trillion Financial Stabilization Plan to re-inflate the Bubble Economy is basically an extension of the Bush-Paulson giveaway – yet more Rubinomics for financial insiders in the emerging Wall Street trusts. The financial system is to be concentrated into a cartel of just a few giant conglomerates to act as the economy’s central planners and resource allocators. This makes banks the big winners in the game of “chicken” they’ve been playing with Washington, a shakedown holding the economy hostage. “Give us what we want or we’ll plunge the economy into financial crisis.” Washington has given them $9 trillion so far, with promises now of another $2 trillion– and still counting.

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Deluge of Financial Calamities Looming by Mid-March

Posted by seumasach on February 12, 2009

Patrick A. Heller

Numismaster

10th February, 2009
As horrible as the financial news for currencies and paper assets has been since mid-2007, it looks like the worst is yet to come – perhaps as early as next month. 

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