In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘no more bailouts-put banks into receivership’

Bank of America In Trouble?

Posted by seumasach on March 3, 2012

Matt Taibi

Rolling Stone

2nd March, 2012

It looks like Bank of America might have started circling the drain before the Occupy movement even had a chance to launch its campaign against the company. For weeks now there have been ominous signs of trouble at the bank, and yesterday we heard yet another dark piece of news.

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Global Systemic Crisis: Towards a Renaissance in European political and economic integration

Posted by seumasach on February 19, 2012

Global Economic Anticipation Bulletin (GEAB) no 62

Global Research

18th February, 2012

As anticipated by LEAP/E2020, the fear largely fed by the City of London and Wall Street of a Eurozone break-up over the Greek debt crisis proved unfounded.

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HSBC to snub Chancellor’s £20bn loan plan

Posted by seumasach on February 19, 2012

This is yet another bailout- a handy 20 billion, but not enough to to prevent the inevitable: a run on the banks.

Telegraph

18th February, 2012

The British bank is understood to feel that the Chancellor’s loan guarantee scheme – which will see the Government loan money to UK banks to lend on to small and medium-sized companies – is not workable as it would prove to be too expensive under the structure being discussed.

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

The Mystery of Quantitive Easing

Posted by seumasach on February 10, 2012

Craig Murray has hit the nail on the head. The official narrative is devoid of sense – it is merely a cover for the reality of further bailouts. We should be opposing QE i,e, bailout and, as a logical corollary, calling for the banks to be put through bankruptcy proceedings. This is the next step which must be taken if we are to avoid disaster. The state would have to take on some of the banks liabilities, having foolishly bought large shareholdings in some of them, and would have to guarantee deposits. The state itself would then be bankrupt and would have to negotiate a settlement with our creditors. Debt could be written off in exchange for our abandonment of our current aggressive foreign policy, our leaving NATO, and adoption of a policy of cooperation with our international partners. Like Scrooge buying a turkey for Bob Cratchet on Christmas Day, we would present the world with the long-awaited, ever more needed, peace dividend.

Craig Murray

10th February, 2012

The headlines all say that the Bank of England has pumped another £50 billion into the economy in the third round of quantitive easing. In fact, the money will not get far into the economy. It is given to the banks and other financial sector companies, and evidence from the previous £250 billion worth of quantitive easing is that almost all of it will stay there, being very handy stuff with which to fund massive salaries and bonuses.

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Liam Halligan: At last, a politician who dares to admit that we need ‘full disclosure’ from banks

Posted by seumasach on February 5, 2012

Liam Halligan

Daily Telegraph

28th January, 2012

First Romney learnt that, having “won” the opening Iowa caucus, he actually lost on a recount. In the South Carolina primary, he was trounced by Newt Gingrich after a lacklustre debate performance. Romney then bungled his personal tax return, insisting he wouldn’t make it public for months, then releasing it anyway.

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