In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘no more wars!-no more bailouts!’

No more bailouts

Posted by seumasach on November 11, 2014

BoE chief says banks won’t be saved by taxpayers

RT

10th November, 2014

New rules are being proposed that will force creditors, not taxpayers, to carry the losses of banks deemed “too big to fail.” The plans come after Western taxpayers were asked to pay trillions of dollars to bail out banks in the 2008 financial crisis.

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Demo against NATO war machine held in Chicago

Posted by seumasach on May 22, 2012

PressTV

22nd May, 2012

Anti-NATO demonstrators have taken to the streets of Chicago again to protest against US wars and economic inequality, despite the heavy-handed police crackdown a day earlier.

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War crimes in Libya and the March shift

Posted by seumasach on April 8, 2012

Michael Collins

War is a Crime

7th April, 2012

Foreign Policy just published a roundup of weapons contributed to the Libyan rebels in the regime change effort.  The e-Journal is a publication of the Washington Post.  Colum Lynch’s April 4 article relies on the March 20 UN report to the UN Security Council by a panel of experts appointed to track the UN resolutions and responses from the start of the conflict.

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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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British pound to reverse course as BoE expands QE

Posted by seumasach on February 4, 2012

The British Pound extended the advance from the previous month to reach a fresh yearly high of 1.5882, but we are going to see the sterling come under pressure next week should the Bank of England take additional steps to stimulate the ailing economy. Although the BoE is widely expected to keep the benchmark interest rate at 0.50%, all of the 50 economist polled by Bloomberg News see the Monetary Policy Committee expanding its Asset Purchase Facility beyond the GBP 275B target, and the central bank may keep the door open to expand its balance sheet further in an effort to stem the risk of a double-dip recession.

This is a rather immodest proposal framed framed in the most modest terms: “Bankers of the realm, do you accept another tranch of newly minted cash in exchange for the worthless assets you are still holding on your balance sheets without daring to mark to market? We do!” reply the blushing bankers in unison, “till death us do part” Thus we will see in the coming weeks the consumation of the marriage between our elected representatives and the City if London. Of course, the BOE claims the money is for purchase of government securities rather than further bailout. They would say that and its hardly good news that we have to print money to sell guilts. Still, this will be at least in part another bailout of the banks, gratefully accepted. It is this money printing prowess that our pundits have been boasting about as the great trump card of the British economy which still has its own currency, unlike the hapless Greeks. Yes, but if we are to devalue our currency in perpetuity why would anyone accept or hold assets denominated in it. they would only do so if they had no choice- if all the other options had been knocked out. Hence the desperate campaign against the euro, but the euro will continue to be a viable alternative and the emerging econo ies are looking into new ways of bypassing the dollar and the pound. The “bearish” forecast is thus more than justified with all the horrors that that entails for an economy totally dependent on imports.

Fundamental Forecast for British Pound: Bearish

Daily Fix

4th February, 2012

 

The British Pound extended the advance from the previous month to reach a fresh yearly high of 1.5882, but we are going to see the sterling come under pressure next week should the Bank of England take additional steps to stimulate the ailing economy. Although the BoE is widely expected to keep the benchmark interest rate at 0.50%, all of the 50 economist polled by Bloomberg News see the Monetary Policy Committee expanding its Asset Purchase Facility beyond the GBP 275B target, and the central bank may keep the door open to expand its balance sheet further in an effort to stem the risk of a double-dip recession.

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QE2 launched as Titanic sinks

Posted by seumasach on September 22, 2011

The inevitable will happen: here comes the next bailout of the banks, euphemistically described as “quantitative easing”. Prepare for further falls in the value of the pound with attendant inflation leading eventually to a raise in interest rates and mortgage rates. Attempts to offload the crisis onto the euro zone will probably fail given emerging economies support for euro. The disastrous and reckless war against Libya only adds to our disarray. The British people can only save themselves by moving to stop the wars and stop the bailouts which finance them.

Bank of England minutes indicate more quantitative easing on the cards

Guardian

22nd September, 2011

The Bank of England appears almost certain to expand its economic stimulus programme before Christmas, in an attempt to prevent the UK economy worsening.

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Posted in Currency Wars, UK economy | Tagged: , , | Leave a Comment »

 
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