America’s Teetering Banking System: “Where did all our deposits go?”

By Mike Whitney 31/01/08 “ICH” — – Somebody goofed. When Fed chairman Ben Bernanke cut interest rates to 3% yesterday, the price of a new mortgage went up. How does that help the flagging housing industry? About an hour after Bernanke made the announcement that the Fed Funds rate would be cut by 50 basis points […]

2008 election charade, part 2: White House bought by big money

Jan 15, 2008, 00:18 Email this article  Printer friendly page As previously written, the 2008 election is a manipulation, rigged by political elites working behind sock puppet candidates. This fact is even more obvious when one follows the money. What big money interests want OpenSecrets.org is one vital resource that tracks campaign money flows in detail, and virtually in […]

2008 presidential charade promises deepening of government criminality and expansion of war

By Larry Chin Online Journal Associate Editor Jan 10, 2008, 00:49 Email this article  Printer friendly page Every election in modern US history has been a criminal manipulation, choreographed and rigged by political elites and performed by hand-picked elite puppets, each backed by their teams of corrupt war criminals, intelligence/security “advisors” and think tank assets. The 2008 affair will […]

Angeline Greensill to stand for Hauraki Waikato

The Hauraki-Waikato Maori Electorate announce the successful selection of Angeline Greensill as the candidate for this electorate. In a closely fought contest between four candidates, Angeline was selected and confirmed by the Maori Party National Council to stand in the 2008 elections. Angeline GREENSILL, 59, Hamilton, Waikato University Lecturer, is an environmental and land rights […]

Nats may let landlords own state schools

National Party leader John Key is considering using private developers to build and own new state schools. He said such private sector involvement was seriously under consideration for the party’s education policy. “I think it’s entirely possible the private sector could build, own and maintain a property which is operated by the public sector,” he […]

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 […]

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 […]

Investors to blame for not assessing the risks

The United States is not the only nation confronting a household debt crisis. We, too, have a subprime lending market and it is managed by our collective bag of finance companies. The collective sum of savings at risk in this sector is reported to be $16 billion. Put another way, that’s nearly a third of […]

US Economy Headed for Recession as Housing Bubble Bursts

Posted by Dr. Kurt Richebacher on Sep 14th, 2007 “America’s income-short, consumer-led recovery is the aberration – not the norm – in this Brave New World. It is all about ever-declining saving rates, ever-widening current account deficits, mounting debt burdens and increasingly wealth-dependent consumers. It personifies what I believe is one of the most precarious […]

Recession Time! The Housing Bubble Bursts the Economy

By Dean Baker     t r u t h o u t | Perspective    Tuesday 11 September 2007     The downturn in jobs reported last month by the Labor Department provided evidence of an economic downturn that even the economy’s greatest cheerleaders could not ignore. Healthy economies do not shed jobs.     During the core periods of the upturns […]

Fed can’t stop recession

Even if the central bank starts to cut rates aggressively, many of the risks for the U.S. economy are beyond its reach. By Chris Isidore, CNNMoney.com senior writer September 13 2007: 1:35 PM EDT NEW YORK (CNNMoney.com) — Problems in housing, the financial markets and the first job decline in four years have made a […]

GAO report: Medicare not doing enough insurer audits

Private insurance companies participating in Medicare have been allowed to keep tens of millions of dollars that should have gone to consumers, and the Bush administration did not properly audit the companies or try to recover money paid in error, congressional investigators say in a new report. The investigators, from the Government Accountability Office, said […]

Central bankers warn housing crisis could hit whole US economy

BASEL, Switzerland (AFP) – The crisis in the US housing market risks spreading to the whole of the nation’s economy, European Central Bank chief Jean-Claude Trichet said Monday on behalf of world central bankers.Trichet was speaking in his capacity as head of the G10 group of central bankers from industrialised and emerging economies, who met […]

Is China Dumping the U.S. Dollar?

September 10, 2007 | From theTrumpet.com Questions loom whether China is behind recent dollar sales—if it is, America’s way of life is about to change. The only question is how badly and how fast. By Robert MorleyThe U.S. dollar is standing at the edge of a cliff, and most people don’t even know it. Data […]

Peaceful Sydney Anti-Bush, Anti-Iraq Shattered By Police Violence : “That’s The Way We Do Business Now”

Police Removed Mandatory ID Badges Before Unleashing On Protesters Media Assaulted & Arrested, Women Shoved And Knocked Down, Hundreds Of Undercover Police Infiltrated The Crowd Hundreds of uniformed police removed their ID tags before the arrests and violence began They came in their thousands, in defiance of a month long fear and intimidation campaign by […]

Reserve Bank of Australia Plans Loans for Distressed Lenders

Posted by Dan Denning on Sep 6th, 2007 Who is knocking on the door of the Reserve Bank of Australia, looking for a handout? The Bank issued a press release this morning, telling anyone who would listen that, “it has decided to further widen the range of securities eligible for its repo operations.” As of […]

Homes entering foreclosure at record

The housing slump, Midwestern economic woes and resetting ARMs send late payments higher. By Les Christie, CNNMoney.com staff writer September 6 2007: 11:58 AM EDT NEW YORK (CNNMoney.com) — The delinquency rate for mortgage borrowers spiked higher in the second quarter and the number of homes entering the foreclosure process hit a record high, according […]

U.S. Stock Market Falls on Employment & Housing Data

Posted by Kate Incontrera on Sep 6th, 2007 The Dow, the S&P and the NASDAQ all suffered their first losses in three days at market open this morning.The drop was caused by not-so-good employment and housing data, and on the news that short-term interest rates in Europe rose to the highest since January 2001. Although […]

Domino effect as another finance firm goes under

By VANESSA PHILLIPS – The Nelson Mail | Thursday, 6 September 2007Email a Friend | Printable View | Have Your SayRelated Links • Subscribe to Archivestuff • Have your say Advertisement AdvertisementAnother Nelson finance company, with links to failed firm LDC Finance, has nosedived into receivership, owing $16 million to investors. Long-established Tahunanui-based Finance and […]

NZ isolated over nuclear energy

SYDNEY – New Zealand is resisting a push by Australia and the United States for nuclear power as the answer to global warming. Ministerial meetings of the Asia-Pacific Economic Cooperation forum (Apec) have been dominated by climate change policy, but New Zealand has found itself on a different side of the table from the US […]

Aussie senator calls Bush ‘dunderhead’

Greens Party leader Senator Bob Brown An outspoken Australian politician has called US President George W. Bush a ‘dunderhead’ for sending troops to Iraq. Bush, whose five-day visit has placed Australia’s biggest city Sydney under a security lockdown, spent the day in talks with Prime Minister John Howard. Meanwhile, Greens Party leader Senator Bob Brown […]

Pro-Bush Group Allowed, Protest Group Banned at APEC

Paul Joseph Watson Prison Planet Wednesday, September 5, 2007 A pro-Bush organization have been allowed to demonstrate within the 3-mile-wide security cage that has been erected around the business district in Sydney for the APEC summit, while authorities have banned other protest groups from even marching up to the police line outside in a brazen […]

Sydney : Inside ‘The Cage’

“We’re Like A Bunch Of F*cking Rats In A Maze!” The ‘steel wall’ goes up only metres from the Sydney Opera House. Report And Photos By Darryl Mason On the outside of the ‘steel wall’ stretching five kilometres through the centre of Sydney, it looks like a fence. A three metre high, concrete reinforced fence. […]

The New Zealand Economy is Sinking While Financial Assets Soar

At first glance, New Zealand appears to enjoy the same “hot money” problem as emerging economies such as Thailand. There, global investors have been driving the currency higher by flooding the country with money. But the problem for New Zealand is that its own investors and consumers refuse to hold cash over anything else. The Reserve Bank […]

Globalisation: Free Trade Needs Rules, Not the World Bank

Posted by Bill Bonner on Sep 3rd, 2007 We’ve talked quite a bit about ‘fat tails’ in these pages…about events that lie so far outside the normal course of events that we tend to push them equally far away in our consciousness, events that are so devastating that when they do occur they cancel out […]

Electoral bill limits free speech – lawyers

By Maggie Tait Election spending row Government open to suggestions for electoral finance reform. Criticism of the Government’s Electoral Finance Bill has continued to mount with an article in a law magazine saying it proposes “misguided and chilling” limits on free speech which breach the Bill of Rights. Writing in NZLawyer, Bell Gully partner Roger […]

Sydney, Australia ‘locked down’ as Bush arrives for summit

Bush hoped that his visit would boost Howard’s popularity. Do you think he succeeded? After a surprise visit to Iraq, US President George W. Bush headed Tuesday toward a regional summit in Sydney where authorities have locked down the city in the biggest security operation in Australian history. North Korea emerged as a key focus […]

Bush juggling Iraq, Asia at Aussie summit

SYDNEY, Australia (AP) — President Bush is cutting short his stay at this year’s Asia-Pacific summit, but the fact that he’s going — at a pivotal moment in the debate over his Iraq policy — is meant to show he’s not neglecting the neighborhood. President Bush arrives in Australia Tuesday with many issues on his […]