Bacon and eggs served on toast to cost more

By Neal Wallace   Consumers already reeling from sharp milk and butter price rises are in for another shock as the cost of bread, bacon and eggs follow suit. Bread manufacturers are expected to increase the price of bread by up to 20 per cent before Christmas and will not rule out another price rise […]

class struggles against neoliberalism in aotearoa/new zealand in the 1990s

introduction: capitalism triumphant? Since 1984, we’ve been subject to an awful lot of economic crap in Aotearoa/New Zealand. “Rogernomics”, “Ruthanasia”, “The New Right”, “restructuring”, “privatisation”, “labour market flexibility”, “teamwork”: all this has meant working harder for less pay, longer hours, worse conditions, unemployment, falling living standards, the rich getting richer, increasing poverty…Readers are no doubt […]

Key’s compassionate conservatism, NZ’s George Bush clone

The Listener quotes Key promoting ‘compassionate conservatism’. It fails to point out that this term was borrowed form George Bush, who in many ways Key is a down-under clone- from his faux environmentalism to his dodging questions of foreign policy. Read more

ECB: France No. 1 spender in Europe

The President of the European Central Bank has slammed France’s economic policies, terming the country as Europe’s ‘number one spender’.Compared to its GDP, the country has been well on the way to spending much more than its European neighbors during 2007, Jean-Claude Trichet warned. The remarks come as Prime Minister Francois Fillon cautioned that the […]

Billions for the Bankers

Billions for the Bankers – Debts for the People (An indictment of the Federal Reserve System) by Sheldon Emry Thanks for posting my father’s book on your page. It is posted on another page that states it was written in 1989. My dad, Pastor Sheldon Emry, died in 1985 and the book was written around […]

$1.5b plan to sell state assets

By COLIN ESPINER – The Press | Tuesday, 25 September 2007 National is considering partial sales of state assets worth about $1.5 billion to fund projects such as roads and electricity transmission upgrades. Deputy leader Bill English yesterday gave more details of National’s plans to part-privatise state assets, despite a furious reaction by Labour to […]

Deutsche Bank-Sized Jitters in Germany

Deutsche Bank’s announcement that it is short €29 billion has Germans fretting. If the country’s biggest bank is in trouble, what does that mean for the others? Commentators think it could be bad news. DPA Josef Ackermann’s comments in a television interview aired on Thursday caused Deutsche Bank’s stock to shed 3 percent of its […]

$25bn welfare bill covered up – Nats

Uh, oh, the crime of the century: Compassion!!! The National party has caught Labour out; They could not say no to people in need and National makes it look like a crime because they did it in secret (even though they released the figures) Maybe they think it is a crime to care about people. But then; Tax payers money, John […]

Subprime Borrowers to Lose Homes at Record Pace as Rates Rise

By Bob Ivry Sept. 19 (Bloomberg) — As many as half of the 450,000 subprime borrowers whose mortgage payments increase in the next three months may lose their homes because they can’t sell, refinance or qualify for help from the U.S. government. “Short of the cavalry riding in over the hill, a lot of these […]

The Era of Global Financial Instability

By Mike Whitney 09/20/07 “ICH” — – Wall Street loves cheap money. That’s why traders were celebrating on Tuesday when Fed chief Ben Bernanke announced that he’d drop interest rates from 5.25% to 4.75%. The stock market immediately zoomed upward adding 336 points before the bell rang. The next day the giddiness continued. By mid-morning […]

Cadbury closure plan ‘lousy’ for workers

LATEST: The move to close Cadbury’s Auckland factory might be good for the sharemarket but it’s “lousy” for the workers, says their union. Cadbury yesterday announced plans to close its Avondale plant within two years, with the loss of up to 200 jobs. Service and Food Workers Union (SFWU) spokeswoman Jill Ovens today accused the […]

Taxpayers on the hook for $59 trillion

By Dennis Cauchon, USA TODAY The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows. The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants […]

Chinese Stock Market Boom A Panic Waiting To Happen

Posted by Dan Denning on Apr 30th, 2007 Is China’s fantastic bull market just an extension of the world’s tawdry and very public love affair with cheap credit? We’ll begin to find out this week as the Bank of China again raised reserve requirements at commercial banks. This is meant to reduce bank lending in […]

Credit Crisis Worse Than Long-Term Capital Management Collapse in ’98

Posted by Marc Faber on Sep 20th, 2007 Unlike all the Wall Street strategists who compare the current credit crisis to the credit crisis of 1998 (Long Term Capital Management), I believe that the ongoing credit problems will be far worse and of a longer-term nature. This will make it difficult for the market to […]

Why Iraqi Farmers Might Prefer Death to Paul Bremer’s Order 81

Slightly of topic perhaps but than again maybe not. By Nancy Scola, AlterNet. Posted September 19, 2007. Heard about the thousands of farmer suicides in India? Well, Iraqi farmers may be next thanks to the work of U.S. diplomat Paul Bremer and his Monsanto friends. Anyone hearing about central India’s ongoing epidemic of farmer suicides, […]

Era of Easy Credit Ends as Subprime Troubles, Mortgage Costs Increase

Posted by Joel Bowman on Sep 19th, 2007 In matters of the heart, they say it is better to have loved and lost than to have never loved at all. We’re not sure the same can be said for matters of the wallet. After all, “money borrowed” does, at some point, demand a dutiful transformation […]

US Dollar Dead as Federal Reserve Slashes Interest Rates

Bang bang. Or should we say, “cut, cut”. Either way, the US dollar’s dead. We were two-thirds right in our predictions yesterday. The Fed cut both the funds rate and the discount rate by 50 basis points—exactly as we said they would. The cut in the Fed Funds rate to 4.75% is the first in […]

Fears of dollar collapse as Saudis take fright

By Ambrose Evans-Pritchard, International Business Editor Last Updated: 7:29pm BST 19/09/2007 Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the […]

China threatens ‘nuclear option’ of dollar sales

By Ambrose Evans-Pritchard Last Updated: 8:39pm BST 10/08/2007 The Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions to force a yuan revaluation. Blog – Dollar to collapse?   Fistful of dollars – China’s trade […]

CREDIT WRAPUP-Credit fears spread, Australia quashes rumours

By Ian Chua HONG KONG, Sept 18 (Reuters) – Credit fears flared in Asia on Tuesday prompting Australia’s central bank to quash speculation that one or more regional banks had asked for emergency funding, a day after savers rushed to withdraw deposits from a British lender. Japan’s finance minister provided soothing words to investors, saying […]

Black day for shares as €4.5bn lost

By Brian O’Mahony, Chief Business Correspondent ON a black day for Irish shares a total of €4.5 billion was wiped off the value of the Irish Stock Exchange yesterday. Market sentiment was certainly not helped by fears that investors in one of Britain’s biggest mortgage lenders, Northern Rock, might lose their life’s savings as the […]

Failed Lender Makes Grab for Employee Funds

Bankrupt American Home Mortgage is attempting to seize as much as $27 million that former employees set aside from paychecks for retirement, according to an attorney representing them. Employees say Melville, N.Y.-based American Home Mortgage Investment wants to release retirement money from a trust fund to pay off large creditors. The attorney for a group […]

Real estate market ‘extremely quiet’

y Anne Gibson    A bank survey of residential real estate sector sentiment has presented a pessimistic picture, with many professionals saying the market has turned down fast. BNZ chief economist Tony Alexander released the monthly confidence survey this week. The survey went to 11,500 people, who were asked how their sector was going and […]

Interest rate increases have ‘gone too far’

The Reserve Bank has “definitely overdone” interest rate rises this year and should slash the rates in line with Australia, economic forecasting group Berl says. Instead of being on “perpetual inflation alert”, rates should be lowered to encourage investment, productivity improvements or business expansion, Berl says. “The psychotic fear of inflation is clouding the need […]

Investor panic takes toll on Speirs Group

Palmerston North-based loss-making finance company Speirs Group says its investor roll has plummeted 35% in the past three months, its secured stock funding has reduced and it is grappling with the collapse of its rental car client. Speirs Group, made up of Speirs Finance, Speirs Nutritionals and Spiers Foods, posted a loss of $1.9 million […]

Prepare for prolonged turmoil, says US Treasury Secretary

From The Times September 18, 2007 Suzy Jagger and Gabriel Rozenberg Investors should brace themselves for a prolonged period of market turmoil, Henry Paulson, the US Treasury Secretary, said yesterday as he held emergency meetings with the Chancellor and the French Finance Minister. Mr Paulson flew to London to discuss the financial crisis with Alistair […]

Rising Energy Costs Could Affect BHP Billiton, Rio Tinto Share Prices

Posted by Dan Denning on May 25th, 2007 Finding the lowest-cost producer is becoming increasingly important in the mining industry. Prices for base metals are high. Some of this comes from supply/demand dynamics. And some is the result of inflation (a deteriorating U.S. dollar.) Either way, the price signals in the resource market are telling […]