Citi shares in record slump, CDS spreads widen

Nov. 19, 2008  SAN FRANCISCO (MarketWatch) — Citigroup Inc. shares slumped a record 23% Wednesday and credit-default swap spreads on its debt widened after the bank took on more than $17 billion in assets from structured investment vehicles and shut another hedge fund. Citi shares slumped 23% to close at $6.40. The previous biggest one-day […]

Japan sinks into recession

The Japanese economy has officially entered recession for the first time since 2001, after the release of figures on Monday showing a second quarter of negative GDP growth. The data not only showed an annualised contraction of 0.4 percent for the July-September period, but revised the contraction for the April-June quarter from 3 percent to […]

Stern warning from China’s central bank

The risks of an economic downturn in China are growing and protectionist sentiment abroad could hurt global growth, the country’s central bank said overnight. “The impact of the international financial crisis is intensifying, and the uncertainty of the domestic economy is increasing. The risk of an economic slowdown is expanding,” the People’s Bank of China […]

The Great Depression of the 21st Century: Collapse of the Real Economy

The financial crisis is deepening, with the risk of seriously disrupting the system of international payments. This crisis is far more serious than the Great Depression. All major sectors of the global economy are affected. Recent reports suggest that the system of Letters of Credit as well as international shipping, which constitute the lifeline of […]

Texas grand jury indicts Cheney, Gonzales of crime

If our New leaders in their wisdom decide that New Zealand needs to privatise its prison system will they to have the chance to have financial interest in that system? HOUSTON (Reuters) – A grand jury in South Texas indicted U.S. Vice President Dick Cheney and former attorney General Alberto Gonzales on Tuesday for “organized […]

Why Big Banks May Be Trying to Buy up Your Public Water System

Yesterday the news broke that ACT’s Rodney Hide had acquired the position of Minister of Local Government. It turns out that one of ACT’s policies would the privatisation of our water. I have stated here that John Key would sell of this country, its asset’s and its resources to his banking mates. Well, it seems […]

By MIKE WHITNEY Henry Paulson’s time at Treasury has been one pratfall after another. Even so, on Tuesday he managed to outdo himself. Paulson held a “surprise” press conference where he announced that the $700 billion Troubled Asset Relief Program (TARP) wouldn’t be used to buy troubled assets after all. Instead, the money will used […]

Capitalism as Extortion: 700,000,000,000 Ways

Over the last 7 days, I’ve been watching the repulsive song and dance in the USA to bail out some of the wealthiest corporations in the world. Congress finally passed bailout legislation today. But instead of reforming the system that allowed the kind of greed and manipulation we’ve seen, we see capitalist extortion at work. […]

Analysts Predict Hyper-Inflation To Push Gold To $2000, Oil to $300 Within Months

Economic experts have predicted that rampant inflation caused by government stimulus packages will soon take hold of the economy and force precious commodity prices to all time highs. Johann Santer, MD at Superfund Financial Hong Kong told CNBC that he expects to see gold climb from its current position at $710 to a whopping $1500-$2000 […]

Celente Predicts Revolution, Food Riots, Tax Rebellions By 2012

Trend forecaster, renowned for being accurate in the past, says that America will cease to be a developed nation within 4 years, crisis will be “worse than the great depression” The man who predicted the 1987 stock market crash and the fall of the Soviet Union is now forecasting revolution in America, food riots and […]

Australian web filter to block 10,000 internet sites

AUSTRALIA’S mandatory net filter is being primed to block 10,000 websites as part of a blacklist of unspecified “unwanted content”. Some 1300 websites have already been identified by the Australian Communications and Media Authority. Communications Minister Senator Conroy revealed details of the Rudd Government’s proposed web filter as he called for expressions of interest from […]

Obama Won’t Stop the Collapse of the American Empire

Political insider and veteran reporter Kevin Phillips has documented that every major empire over the past several hundred years has undergone a predictable cycle of collapse, usually within 10 to 20 years of its peak power. The indications are always the same: – The financialization of the economy, moving from manufacturing to speculation;- Very high […]

Stocks dive after US Treasury rethink

LATEST: Wall St has slumped after an announcement from US Treasury Secretary Henry Paulson that he was backing away from buying troubled mortgage assets using a US$700 billion bailout fund. Stocks extended losses after Mr Paulson said his department now favoured a second round of capital injections into financial institutions that would match private funds. […]

Family homelessness rising in the US

President-elect Barack Obama has vowed to help middle-class US homeowners facing foreclosure, but he has said little about how he will help low-income families made homeless by a worsening economy. Obama has spoken broadly about boosting affordable housing and restoring public housing subsidies. But with economists forecasting a deep recession in 2009, he may find […]