That was a marvelously up-to-date overview on things, WingNut.
More depth, please.
World Financial Crisis (and fallout) Part 5
Tue, 2010-09-07 10:33
#52
Tue, 2010-09-07 16:13
#53
Global Collapse of the Fiat Money System
http://www.globalresearch.ca/index.php?context=va&aid=20853
"There will be a financial tsunami (round two) the likes of which the world has never seen. Global banks will collapse. Be ready."
we'll see...
Wed, 2010-09-08 16:44
#54
Thu, 2010-09-09 16:47
#55
What do you call 50,000 laid-off bankers?
Up to 50,000 employees with ties to the U.S. securities industry could lose their jobs in 2011, according to analyst Meredith Whitney. Should she be right, the job losses could total 5 to 10 per cent of the entire industry.
Ms. Whitney made the claim in a report called “Coal in Stockings and Pink Slips for New Year's.”
Wed, 2010-09-15 20:52
#56
IMF fears "social explosion" from world jobs crisis
The IMF said there may be a link between rising inequality within Western economies and deflating demand.
No? Really?!
Thu, 2010-09-16 01:27
#57
Come omn doug I never took you for that cynical 
...you don't think that IMF presciption that matches a lot of modern docs(always the same) had something to do with this. I have been laughing about this for a long time. We have been in recession for 5 years in Windsor. Everyone is counting on someone else to pay their employees wnough to keep the economy afloat, all the while they cut pay benefits and hours.
Externalization only works as long as other do the heavy lifting. For a long time it was government that kept it afloat, but because the IMF has said privatize and derugulate everything, there are no longer even good government jobs, or at least not nearly enough to make up for the huge shortfall and lack of pay being pushed into the downward spiral of the private sector.
I will be honest I am rooting they prescribe more of the same. I know we are patient but we MUST have a break point when things are terrible for so many that we take back everything and actually remember what the elite did when we gave them every excuse to be honest and upright people and the choose at every oportunity to do the opposite. Just maybe we the plebs will have a less unjust society and remember what has come before, and not repeat.
Though given the last 4 years I have my doubts.
Mon, 2010-09-20 10:20
#58
Basil III: The GLobal Banks At the Edge of the Precipice
http://www.globalresearch.ca/index.php?context=va&aid=21099
"The Global Too Big to Fail Banks are so precarious that literally anything can trigger a collapse in the coming months.."
Sat, 2010-09-25 03:07
#59
Toxic assets were never so cute.
Toxie, Planet Money's pet toxic asset, died this week. She was killed by one of the worst housing busts in U.S. history.
Toxic assets — bundles of mortgages that Wall Street sliced up and sold to investors — were at the center of the financial crisis. When the housing market tanked, no one wanted to own them. That's when we bought one.
Wed, 2010-10-06 16:21
#60
Wrecking the American Dream - by Stephen Lendman
http://sjlendman.blogspot.com/2010/10/wrecking-american-dream.html
"Long planned, the current economic storm erupted violently in late 2007. It wasn't by accident. It was engineered years back, so financial racketeers could profit from wrecking global economies
Fri, 2010-10-08 00:41
#61
years ago my sister said that things will not change until there is 30% unemployment.. So I'm waiting for that to happen.
Sat, 2010-10-09 19:56
#62
Currency War: Another Phase in the Capitalist Breakdown
http://www.wsws.org/articles/2010/oct2010/pers-o09.shtml
"The semi-annual meeting of the international Monetary Fund and the World Bank which convenes in Washington today is marked by the most serious breakdown in global economic relations since the trade wars and competitiive devaluations that characterized the Great Depression and the 1930s.
As their economies continue to stagnate and the risks of futher global financial turbulence increase, the major powers, spearheaded by the United States, are waging an increasingly open economic war against China, demanding that its currency, the renminbi (the yuan) rise significantly..
At present the conflict takes an economic form. But other, even more deadly consequences are certain to follow.."
Sun, 2010-10-10 20:48
#63
years ago my sister said that things will not change until there is 30% unemployment.. So I'm waiting for that to happen.
Not gonna happen, not even broadly defined. There are solutions within the current structure.
Sun, 2010-10-10 22:24
#64
Mon, 2010-10-11 01:07
#65
The Financial Crisis Continues to Take its Toll: Obama's Burden - by Danny Schecter
http://www.globalresearch.ca/index.php?context=va&aid=21369
"The only claim this crew could make about achievement is that they averted something worse from happening. This may be correct, but proving a negative is difficult and doesn't play well with voters who are not well versed in the reasons for the financial crisis. A 'jobless recovery' is no recovery at all. They are right now considering a new bailout being urged by the International Monetary Fund"
Wed, 2010-10-13 18:10
#66
It's not a crisis for everyone, of course.
Mon, 2010-10-18 03:38
#67
Global Economic Crisis: Towards a Worldwide Process of Geopolitical Dislocation
http://www.globalresearch.ca/index.php?context=va&aid=21481
"In this issue, our team introduces the annual 'country risk' update in the light of the crisis..."
Mon, 2010-10-18 06:14
#68
Recipe for economic disaster a la 2008-ongoing (based on 1929, with refinements..):
Give commercial banks the power to create the nation's money supply - at interest, of course - what's the use of creating money out of thin air if you can't charge interest on it?
Cut corporate taxes so the government income is too low to support programs that the people have established in better times.
When government income is insufficient, borrow money from the commercial banks - using the national bank is somehow anti-something, much better to allow the commercial banks to create the money, and then borrow it from them - at commercial rates of interest, of course.
Meanwhile, deregulate the banks completely, and let them go on binges of creating speculative money to artificially inflate the price of various commodities - bubbles which will, of course, as bubbles always have, crash. When the crash is particularly impressive, and the banks take a bit of a beating - bail em out. Nobody will notice that the "bailout" actually involves letting the private banks create a big whack of money out of thin air (since governments have, of course, sworn off creating their own money as any sane soveriegn country would do) - and then borrow that money from them, again at commercial rates of interest - and give it to them for the bailout.
Eventually, after a particularly spectacular crash based on utterly nonsensical amounts of money-debt-creation for speculative ventures, and the equally spectacular bailout based on letting private banks create money, borrowing it from them at commercial interest and giving it all back to them - economists and international financial institutions can start scolding the government about the large debt, and demanding that it get rid of any few remnants of spending directed towards the citizenry at large. (beyond, of course, buying neat new stuff for the police forces to protect the bankers from the eventual wrath of the citizenry as they start to become aware of the vast fraud that has been perpetrated upon them ...)
Laugh, as the saying goes, all the way to the bank.
This is not a story by Lewis Carroll - this is what is happening. Although I certainly feel as if the thin line between this world and Aliceland is becoming unhinged.
Thu, 2010-10-21 17:15
#69
A Mad Hatter's teaparty, as it were. But the bromides offered after the party do not seem to have a large takeup. Could it be that they are being offered to folks in Disneyland who aren't about to read Carroll. Or anything?
Thu, 2010-10-21 18:56
#70
Laugh, as the saying goes, all the way to the bank.
[pedantry]
Actually, the saying is "Crying all the way to the bank," but somehow it morphed into laughing, which makes no sense.
[/pedantry]
Thu, 2010-10-21 19:19
#71
It makes sense if you happen to own large amounts of Google.
Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.
Thu, 2010-10-21 22:46
#72
9 Stories the Press is Underreporting -- Fraud, Fraud and More Fraud
http://www.huffingtonpost.com/2010/10/20/nine-stories-the-media-is_n_769...
"...the mainstream still by and large hasn't connected the dots. What we are seeing all around us are the continued effects of a vast criminal enterprise that has never been brought to account, employing a process that, as University of Texas economist James Galbraith explains, involved the equivalent of counterfeiting, laundering and fencing.."
Fri, 2010-10-22 02:46
#73
French Fury in the EU Cage
http://www.counterpunch.org/johnstone10212010.html
"The French are at it again - out on strike, blocking transport, raising hell in the streets, and all that merely because the government wants to raise the retirement age from 60 to 62, Them must be crazy.
That I suppose, is the way the current mass movement in France is seen - or at least shown - in much of the world, and above all in the Anglo-Saxon world...
A propaganda simplification of a very complex issue.."
Tue, 2010-10-26 19:43
#74
[url=http://www.globalresearch.ca/index.php?context=va&aid=21600]Small Banks in the US are Collapsing[/url]
Regulators close 7 more banks, a total of 139 US banks closed down in 2010
Small time banksters not big enough for handouts from US taxpayers or get out of jail free cards.
Tue, 2010-10-26 21:33
#75
It's not just relatively big-spending states like California that are having budget problems:
Mon, 2010-11-01 02:24
#76
[url=http://michael-hudson.com/2010/10/why-the-imf-meetings-failed/]Why the IMF Meetings Failed[/url] And the Coming Capital Controls
If other nations take this route, it will reverse the policy of open and unprotected capital markets adopted after World War II. This trend threatens to lead to the kind of international monetary practice found from the 1930s into the ‘50s: dual exchange rates, one for financial movements and another for trade. It probably would mean replacing the IMF, World Bank and WTO with a new set of institutions, isolating U.S., British and eurozone representation.
Capital controls. Capitalists won't like it much. Currency wars and protectionism coming soon.
Debts that can not be repaid won't be. It's finished. Bankrupt.
"Le laissez-faire, c'est fini." - Sarkozy to western world bankers in 2008
Tue, 2010-11-02 19:47
#77
UK puts half of its remaining public forests up for sale
The environment secretaryCaroline Spelman is expected to soon spell out plans to raise as much as £5bn from the sale. (Control of the commission's assets in the other regions has been devolved.) If confirmed, it would amount to the largest change of land ownership since the second world war and could, some claim, see previously protected woodlands make way for golf courses, housing developments and a wave of new Center Parcs-style resorts.
The news has been met with near-universal disgust and shock. Caroline Lucas, the Green party MP, described it as an "unforgivable act of environmental vandalism". The Labour party said it feared developers would "cherry-pick the most profitable land", while the Woodland Trustsaid the planting of much-needed new native woodland could be jeopardised if the revenue from the sales, as looks highly likely, does not directly benefit the commission. By yesterday, more than 10,000 people had signed an online petition urging the government not to proceed with the sale.
Fri, 2010-11-05 14:20
#78
US Federal Reserve Stokes Global Currency War
http://www.wsws.org/articles/2010/nov2010/pers-n05.shtml
"The Federal Reserve Board's announcement Wednesday of a second round of 'quantitative easing' - the printing of billons of US dollars - is an aggressive and unilateralist move - widely and legitimately perceived by America's economic rivals as a hostile act.."
Fri, 2010-11-05 20:02
#79
Hey, the Markets are happy. And perhaps the more prescient could suggest what else the Feds could have done? What does Krugman say?
Fri, 2010-11-05 21:44
#80
Quantitative easing, the printing of money, is going to destroy the US economy. The Bank of Canada is doing the same, by the way. They're scared (the central banks).. they're shitting bricks actually. Be prepared for revolution. It's coming. Be ready with the answer because people will be grasping for solutions.
Fri, 2010-11-05 22:47
#81
US Dollar Printing is Huge Risk: China
http://www.reuters.com/article/idUSTRE6A311B20101104
"Unbridled printing of dollars is the biggest risk to the global economy, an adviser to the Chinese central bank said in comments published on Thursday, a day after the Federal Reserve unveiled a new round of monetary easing. 'China must set up a firewall from external shocks,' Xia Bin said...'As long as the world exercises no restraint in issuing global currencies such as the dollar - and this is not easy - then the occurence of another crisis is inevitable, as quite a few wise Westerners lament,' he said
Fri, 2010-11-05 23:26
#82
US 'Quantitive Easing' is Fracturing the Global Economy - by Prof Michael Hudson
http://www.globalresearch.ca/index.php?context=va&aid=21716
"the financial crooks have been placed in charge - and they are using their power over government to promote their own predatory gains, having discarded US public regulatory agencies and the criminal justice system to create a new kind of centrally planned economy in the hands of the banks.
If Quantative Easing is to help US banks earn their way out of negative equity, by definition their gain must be at the expense of foreigners. This is what makes QE II a form of financial aggression.."
The Biggest Threat to America - Its Bankruptcy
http://original.antiwar.com/justin/2010/11/04/the-biggest-threat-to-amer...
"Our economic terror alert, if such a thing existed, ought to be at the brightest red, because what we're facing is the biggest threat to our national security ever: I'm talking about the spiraling national debt and the ongoing destruction of the dollar...
Think of war as just another 'stimulus package'"
Sat, 2010-11-06 08:38
#83
US Dollar Printing is Huge Risk: China
http://www.reuters.com/article/idUSTRE6A311B20101104
That's an interesting article. Xia from the Chinese central bank launched a missle over the bow of the "mature economies":
"We must keep a clear mind. We must not lead the world in financial regulation, nor simply follow the deeds of mature economies. We must think 'what is good for us'," he said.
Wow. When the Chinese real estate and investment bubble implodes things will get very ugly.
Sat, 2010-11-06 09:33
#84
Quantitative easing, the printing of money, is going to destroy the US economy. The Bank of Canada is doing the same, by the way. They're scared (the central banks).. they're shitting bricks actually. Be prepared for revolution. It's coming. Be ready with the answer because people will be grasping for solutions.
What does a Libertarian, going by the name "I want Liberty", like all those others on the right, hope for from revolution? A RETURN to something...but what? :)
Sun, 2010-11-07 00:48
#85
Expect Next Phase of Market Crash and a Large One for that Matter
http://www.countercurrents.org/alexander051110.htm
"business as usual is not an option and the current form of capitalism is a Ponzi scheme..
Spending more will only dig us into an even deeper hole, and will not prevent the deflation that is coming...
It is better to let the house of cards fall and begin rebuilding once the toxic debt has been defaulted upon.."
Sun, 2010-11-07 08:37
#86
Expect Next Phase of Market Crash and a Large One for that Matter
http://www.countercurrents.org/alexander051110.htm
"business as usual is not an option and the current form of capitalism is a Ponzi scheme..
Spending more will only dig us into an even deeper hole, and will not prevent the deflation that is coming...
It is better to let the house of cards fall and begin rebuilding once the toxic debt has been defaulted upon.."
"let the house of cards fall"
What a crock of shit. Do you or your source appreciate what that would mean for the people they profess to speak for, NDPP?
Just for once...let's hear where you stand on the cockamamy crap that you dig up.
Sun, 2010-11-07 23:19
#87
It's as valid a point of view as more 'Quantatative Easing'. The current form of capitalism ISN'T a Ponzi scheme? This expert has a background and experience equal to others which get posted here - certainly meets the test of a read and a think about it. You have your reaction. Others will have theirs. I think that she can't do worst than the corrupt for hire economic hucksters whose prognostications and advice to the powerful eminences got us into this toxic financial necrosis in the first place and who continue to suggest more looting and theft as a way not to make things work but to keep things working..
Mon, 2010-11-08 21:55
#88
What does a Libertarian, going by the name "I want Liberty", like all those others on the right, hope for from revolution? A RETURN to something...but what? :)
Like all those "others on the right"?! The same right that demands a big war machine, big deficits, corporate welfare, a clamp down on individual liberties, secret police and invasion of privacy? I find the right entirely offensive. My statement was not a hope for revolution, it's just that life in the west for the average unsuspecting citizen is going to change when the Chinese economic bubbles bursts and does a reset (like it has in Europe and the U.S.). And when that happens, people will look for those with solutions.
By the way, for a laugh, check this out:
http://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe
Zimbabwe's a very extreme case, but perhaps a few of the items are in our future: high inflation (maybe hyperinflation), wage & price controls, limits on bank withdrawals (25c per day LOL), the decimation of people's savings, land and property confiscation and the violation of just about every principle that defines civil society.
That inflation rate is mind boggling. I've never heard of the term "google" being used in its numeric sense very often.
Tue, 2010-11-09 07:41
#89
remind
Lang had a pundit on, last evening, who stated that he believed countries were going to have to go back to a gold standard, as the collapse of the world's paper currency was on the horizon. Mainly because of the USA's over printing of money and huge deficit. A new Bretton Woods, action basically was being advocated.
His comments were interesting to me on several levels given the USA has the most gold in reserve and can be seen to have created the mess we are in. How fortunate they have the largest reserves, eh!
Meanwhile Canada has 140 million dollars worth only, as apparently Stevie sold it all off.
Given this news and the sky rocketing prices of gold, in respect to the gold stores at Fish Lake, I do not feel hopeful any longer that they are going to keep their hands off of it.
Tue, 2010-11-09 09:44
#90
It's as valid a point of view as more 'Quantatative Easing'. The current form of capitalism ISN'T a Ponzi scheme? This expert has a background and experience equal to others which get posted here - certainly meets the test of a read and a think about it. You have your reaction. Others will have theirs. I think that she can't do worst than the corrupt for hire economic hucksters whose prognostications and advice to the powerful eminences got us into this toxic financial necrosis in the first place and who continue to suggest more looting and theft as a way not to make things work but to keep things working..
Activate your imagination, envision what the social result of this kind of "thinking" would bring about:
"Spending more will only dig us into an even deeper hole, and will not prevent the deflation that is coming...
It is better to let the house of cards fall and begin rebuilding once the toxic debt has been defaulted upon.."
Begin rebuilding what? What would be left? Can you picture the condition of the people who you have sentenced to the abyss ?
This is encouraging the stuff of the 1930s, authoritarians playing dice with millions, utterly insensitive drool. The complete and utter divorce of economic activity from the real world.
Thu, 2010-11-11 17:51
#91
US Declares Financial War on the World - Economist Michael Hudson
http://rt.com/politics/us-financial-war-currency/
"The US is going to China and saying 'we want you to commit economic suicide just like Japan did. We want you to follow the same way: we want you to revalue your currency; we want you to squeeze your companies, we want you to go bankrupt so we can make our profit at your expense,' says Hudson. The American plan to devalue the dollar would flood the global economy wtih money that would be used to buy out everything of value in local markets.."
Amped Status: QE2 -The Federal Reserve's ' Economic Nuclear Bomb' (and vid)
http://ampedstatus.com/we-need-a-rally-to-restore-the-rule-of-law-andor-...
"The looting of the US economy that has occurred over the past 2 years is unprecedented in American history. You don't have trillions of dollars looted from the economy and go on living business as usual. Most Americans have only a vague understanding of the collapse that we have been set up for. If you think the past 2 years were bad, and obviously they were, they were just a warm up to what is coming.."
Thu, 2010-11-11 19:59
#92
G20 Summit Dominated by Spectre of Currency, Trade Wars
http://www.wsws.org/articles/2010/nov2010/econ-n11.shtml
"German Finance Minister Wolfgang Schauble told Der Spiegel that the Fed's [Q2] decision was 'undermining the credibility of US financial policy.' He declared the US 'growth model', which he said was based on 'borrowed money', inflating its financial sector and neglecting its small and mid-sized industrial companies' to be in 'deep crisis'.
Accusing the US of hypocrisy, he said 'it's inconsistent for the Americans to accuse the Chinese of manipulating exchange rates and then to artificially depress the dollar exchange rate by printing money...
A leading Chinese newspaper warns that the US actions were a form of currency manipulation that could lead to a new round of currency wars and even global economic collapse.."
Fri, 2010-11-12 01:36
#93
Music please....
I'm Feeling quite uneasy, about this Quantitative Easing;
Mister Barack Obama, do you know its me you're squeezing?
Fri, 2010-11-12 02:46
#94
good one NS!
Fri, 2010-11-12 03:08
#95
Erin Go Bust - by Mike Whitney
http://www.informationclearinghouse.info/article26799.htm
"Ireland is on its way to default.."
Sat, 2010-11-13 18:33
#96
Mon, 2010-11-15 17:27
#97
"Activate your imagination, envision what the social result of this kind of "thinking" would bring about: "Spending more will only dig us into an even deeper hole, and will not prevent the deflation that is coming... It is better to let the house of cards fall and begin rebuilding once the toxic debt has been defaulted upon.."
Begin rebuilding what? What would be left? Can you picture the condition of the people who you have sentenced to the abyss ? This is encouraging the stuff of the 1930s, authoritarians playing dice with millions, utterly insensitive drool. The complete and utter divorce of economic activity from the real world."
No takers? Just pronouncements from some comfortable middle-class dick about removing all stimulus from a nearly flat economy? Let the "house of cards fall" and all the little folks with it...and invite the right to fill the gap (because the liberal dicks with such cozy ideas, certainly won't be there to pick up the pieces themselves).
Tue, 2010-11-16 02:46
#98
The Economy is NOT Coming Back (the reasons it shouldn't) - by Gilles d'Aymery
http://www.swans.com/library/art16/ga290.html
"In short, to return to business as usual will lead to collective suicide.."
The Coming Sell-Out to the Super Rich and What It Means to the Rest of Us - by Michael Hudson
http://www.informationclearinghouse.info/article26827.htm
"It is time for Democrats to ask themselves how strongly they are willing to oppose an administration that looks like Bush-Cheney III..."
Tue, 2010-11-16 17:10
#99
Some jobs are being created - for people who take calls from foreclosed-on homeowners:
Inside the complex, 4,000 employees of Bank of America face a daily tide of desperation and misery.
Wed, 2010-11-17 21:16
#100
The bust part of the business cycle is now fully underway, and government intervention is only going to make it last longer and go much deeper. Basic economics can't be avoided. The risk is that the global bureaucrats, in devaluing their currencies, will utterly destroy their economies.
Thu, 2010-11-18 17:29
#101
That’s right: I may have wronged the banana republics.
A good way to round out this thread.