Posts Tagged ‘Financial crisis’
Posted by smeddum on March 24, 2009
BY JOSEPH E. STIGLITZ
Tuesday, 03.24.09
Miami Herald
Why does Stiglitz want to give the banks more money, then present arguments that seem to be against such a proposal?
Let’s be clear: President Barack Obama inherited an economy in freefall and could not possibly have turned things around in the short time since his election. Unfortunately, what he is doing is not enough.
The real failings in the Obama recovery program lie not in the stimulus package — though it is too heavily weighted toward tax cuts, and much of it merely offsets cutbacks by states — but in its efforts to revive financial markets. America’s failures provide important lessons to countries around the world that are or will be facing increasing problems with their banks: Read the rest of this entry »
Posted in Financial crisis | Tagged: Financial crisis, Obama agenda | 1 Comment »
Posted by seumasach on March 18, 2009
Growing Transatlantic Tensions on the Eve of the G20 Summit
17th March, 2009
According to LEAP/E2020, there are only two options left for the G20 leaders who gather next April 2nd in London: either they rebuild a new international monetary system, creating the conditions for a new global system that involves all the main global players, and reducing the crisis to a maximum of 3 to 5 years; or they strive to prolong the current system, thrusting the world into a decade long tragic crisis starting at the end of 2009.
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Posted in Financial crisis | Tagged: Financial crisis | Leave a Comment »
Posted by seumasach on March 15, 2009
But City experts analysing the scheme for The Independent say large quantities of money will simply end up abroad because so many of the gilts are held by foreign investors. They fear that they will hoard the cash, which will be of no benefit to the British economy, or dump it in favour of safer currencies, which could cause a run on sterling. More than a third of gilts are owned by foreign entities, official statistics reveal, and there are doubts about how effective the policy will be if that sort of proportion of the new money is diverted abroad.
Independent
14th March, 2009
The Bank is in the process of purchasing about £75bn of government securities, or gilts, over a three-month period, the first instalment of a massive £150bn programme. The Bank is effectively converting these government securities or gilts into cash and bank balances which, it is hoped, will be used to support lending and spending in the UK and boost the economy.
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Posted in Financial crisis | Tagged: bankrupt Britain, Financial crisis, stop the bailout | Leave a Comment »
Posted by seumasach on March 14, 2009
This rebalancing of existing global institutions to
reflect multipolarity is a moment in the reform of
these institutions leading ultimately to their
refoundation on the basis of a new paradigm
March 14 (Reuters) – Issuing their first-ever communique at
a G20 finance ministers’ meeting, Brazil, China, Russia and
India have called for a bigger voice on international bodies —
signalling their growing political resolve to influence global
affairs. [ID:nLE152911]
Following is the text of the statement:
Read the rest of this entry »
Posted in Financial crisis, Multipolar world | Tagged: BRIC alliance, BRIC joint communique, End of empire, Financial crisis | Leave a Comment »
Posted by seumasach on March 14, 2009
MOSCOW, March 14 (RIA Novosti) – International financial organizations should be more fair in their treatment of the countries with the largest developing economies, including to Russia, President Dmitry Medvedev said on Saturday. Read the rest of this entry »
Posted in Multipolar world | Tagged: End of empire, Financial crisis, new global architecture, new global financial system, new global leadership, Russian diplomacy | Leave a Comment »
Posted by seumasach on March 14, 2009
“The summit is also expected to call for an increase in funding for the International Monetary Fund (IMF).
However, Brazil, China, India and Russia said they would not contribute extra money until their voting power at the IMF rises. The IMF voting structure gives greater voting power to the US and Europe in the agency’s decisions.”
The BRIC alliance has emerged as a counterpole to US/UK hegemony and is here frustrating Brown’s plan to use the IMF to gain control of the global economy
PressTV
14th March, 2009
Finance ministers and central bankers from the Group of 20 have met in London amid rifts on how to tackle the global financial crisis.
The US, supported by Britain, is calling for more government spending to spur growth. European governments, however, want rapid moves to change the rules governing financial markets in addition to massive public expenditure.
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Posted in Financial crisis, Multipolar world | Tagged: BRIC alliance, End of empire, Financial crisis, IMF reform, Multipolar world, The Brown Plan | 1 Comment »
Posted by seumasach on March 11, 2009
Brown’s agenda is obviously floundering and its defeat should be clear at the G20
David Gow
Guardian
11th March. 2009
The European commission president has hit back at US criticism that the EU is providing an inadequate economic stimulus for global recovery and accused the Obama administration of being averse to greater regulation of the financial sector.
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Posted in Financial crisis | Tagged: Financial crisis, G20, global institutions, global leadership | Leave a Comment »
Posted by seumasach on March 9, 2009
By Mike Bryan
Eldib
For millions of Americans, the deepening recession has meant a dramatic drop in funds put aside for their retirement. While many have seen the value of these accounts slashed in half, the pensions of others have been rendered virtually worthless as their employers file for bankruptcy. For others, a layoff in the family spells disaster, and saving for retirement is out of the question.
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Posted in Financial crisis | Tagged: dwindling pensions, Financial crisis | Leave a Comment »
Posted by seumasach on March 7, 2009
“Today’s unparalleled expansion of federal debt and obligations is being dressed up as textbook “Keynesian”. It’s rather obvious that we are in dire need of some new books, curricula and economic doctrines. But from a political perspective, the title is appropriate enough. From an analytical framework perspective such policymaking is more accurately labeled “inflationism” – a desperate attempt to prop inflated asset prices, incomes, business revenues, government receipts, and economic “output”. There have been many comparable sordid episodes throughout history, and I am not aware of any positive outcomes.”
Doug Noland
Asia Times
3rd March, 2009
Bloomberg’s Mark Pittman and Bob Ivrya reported last Tuesday: ” … the US government has pledged more than US$11.6 trillion on behalf of American taxpayers over the past 19 months, according to data compiled by Bloomberg. Changes from the previous table, published February 9, include a $787 billion economic stimulus package. The Federal Reserve has new lending commitments totaling $1.8 trillion. It expanded the Term Asset-Backed Lending Facility, or TALF, by $800 billion to $1 trillion and announced a $1 trillion Public-Private Investment Fund to buy troubled assets from banks. The US Treasury also added $200 billion to its support commitment for Fannie Mae and Freddie Mac … ”
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Posted in Financial crisis | Tagged: financial collapse, Financial crisis, inflationism, stop the bailout | 1 Comment »
In These New Times 