One thing not mentioned in this otherwise excellent article is the fact that John Key has most of his paper wealth still in what is easily the most corrupt and hated bank; Bank of America and is as such seriously compromised. By Lewis Verduyn The Key government’s asset sales agenda is derived from the Washington […]
Tag Archives: Financial meltdown
Will 2012 be the year that we see an economic collapse in Europe? Before you dismiss the title of this article as “alarmist”, read the facts listed in the rest of this article first. Over the past several months, there has been an astonishing loss of confidence in the European financial system. Right now, virtually […]
From Zero hedge blog here is an interactive article explaining why the Euro is doomed and the financial system will collapse. With Europe set to open in a little over 12 hours, and with rumors of Greek default once again flying around in their private taxpayer funded jets (only to turn back to their point […]
Am I the only one or is this not something you don’t want to hear from the finance minister either? Well let me tell you something Bill, it will get very bad. In fact if you really want to know how bad it will get I suggest you talk to your smarmy boss, he was […]
The international crisis that broke in summer 2008 demolished all the neo-liberal dogmas and exposed the deception behind them. Unable to deny their failure, the World Bank and the International Monetary Fund claim they no longer uphold the set of neo-liberal policies known as the Washington Consensus. Yet, discredited though they may be, these two […]
WASHINGTON — America’s five largest banks, which already have received $145 billion in taxpayer bailout dollars, still face potentially catastrophic losses from exotic investments if economic conditions substantially worsen, their latest financial reports show. Citibank, Bank of America , HSBC Bank USA , Wells Fargo Bank and J.P. Morgan Chase reported that their “current” net […]
Just in case you are thinking that Europe will order our precious dairy and beef think again this is the reality in Europe. For a bigger version of this graph click here more about “Economic crisis in European Union“, posted with vodpod
How long will Americans permit “their” government to rip them off for the sake of the financial interests that caused the problem? Obama’s cabinet and National Economic Council are filled with representatives of the interest groups that caused the problem. The Obama administration is not a government capable of preventing a catastrophe. Paul Graig Roberts. […]
Marc Faber:”One Day the Price of Gold Will Be Higher than the Dow Jones.” The looming collapse of European banking or how the European banks would like us to bail them out for 16.5 trillion dollars. Stanford depositors swarm banks Who’s behind Madoff? Think Bush and Cheney Charts: Dow Has Just Days to Avoid Big […]
The last months of 2008 witnessed what is being called the worst financial crisis since the Great Depression of 1929-30. The first indications of a serious crisis appeared in January 2008. On 15 January, news of a sharp drop in the profits of the Citigroup banking led to a sharp fall on the New York […]
The verdict is out on the length of the Depression not on whether we have one because a depression is what it is but if a close ally of Gordon Brown is telling us that it’s going to be 15 years and Martin Armstrong (do be sure to link to the full PDF of Martin […]
“If need be we will stay here until Easter. If need be, our tractors will grow roots,” said one farmer. “We are bankrupt. We’ve got nothing to lose.” (Protesting Greek farmers.) “It’s not up to workers to pay for the bankers,” read one banner. “The bosses caused the crisis, let them pay for it!” said […]
Morici one of first senior analysts to admit U.S. faces 1930’s style collapse Paul Joseph Watson Prison Planet.com Monday, January 12, 2009 Professor Peter Morici, a former chief economist at the U.S. International Trade Commission, has become one of the first senior economists to admit that the U.S. is facing a 1930’s style depression. Noting […]
I don’t particularly care about stupid and ignorant yuppies who believe that it is OK to buy over the top prices for snobby houses in snobby places based on expectations built on the misconception that growth can go on forever. I’ve always thought that beautiful places like Waiheke Island and the Coromanel should stay exactly […]
When in January 2005 I first wrote about the growing global financial imbalances and their likely consequences I was almost alone in my concerns, but not quite. From early 2004 onwards there was the odd squeak of disquiet, mainly from US writers, and this grew slowly until late 2007 when the markets started to tip and […]
To the woefully uninformed average Kiwi the US is still the “shining city” on the hill and the UK is still the motherland and nobody sees anything wrong with pledging allegiance to the Queen of England who serves only as the spokes person for the ruling Oligarchy i.e. the banksters and the corporate scamsters who […]
I have previously argued that the economy cannot recover until we restore trust in our government, our leaders and our systems. This essay provides further evidence in support of that argument. The Economics of Trust Forbes wrote an article in 2006 entitled “The Economics of Trust”. The article summarizes the importance of trust in creating […]
The Federal Reserve has bluntly refused a request by a major US financial news service to disclose the recipients of more than $2 trillion of emergency loans from US taxpayers and to reveal the assets the central bank is accepting as collateral. Their lawyers resorted to the bizarre argument that they did so to protect […]
While National under the lead of an ex Wall street scheister gives themselves tax breaks at the cost of the poorer workers and takes away workers rights at break neck speed the international financial markets John Key parasited in keep collapsing as a result of the banksters greed. And then of course there is the […]
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 […]
Within hours of trading opening in London, sterling was down almost four cents against the greenback to $1.8036 – the biggest intraday decline in 15 years. The news that the Government has taken ownership of the UK’s biggest buy-to-let lender also left banking shares reeling, with HBOS down 8pc, Barclays and Lloyds TSB 7pc lower, […]
I suspect that part of what we’re seeing in the freezing up of lending markets is strategic behavior on the part of big financial players who stand to benefit from the bailout,” said David K. Levine, an economist at Washington University in St. Louis, who studies liquidity constraints and game theory. By Matthew Benjamin Sept. […]
With the coming economic meltdown and the desperate future for the average American citizen if I was Bush, Cheney or one of his banking cronies I would want a big army too when 300 million Americans find out how they have been ripped off and cleaned out. When they are paying for their rich masters […]
The director of the Congressional Budget Office said yesterday that the proposed Wall Street bailout could actually worsen the current financial crisis. This Story 9 P.M.: Bush Calls Bailout Vital to Economy, Will Meet With McCain and Obama President Puts His Powers of Persuasion to the Test Transcript: President Bush Delivers Remarks on the Financial […]
by Naomi Klein I wrote The Shock Doctrine in the hopes that it would make us all better prepared for the next big shock. Well, that shock has certainly arrived, along with gloves-off attempts to use it to push through radical pro-corporate policies (which of course will further enrich the very players who created the […]
Today I checked Monthly statistics and I am in awe. Last month (July) I went up from 4982 to 8528 hits on this blog. That is absolutely awesome. While I know that mine is just a humble little blog and there are far bigger blogs out there I am over the moon with this kind […]
