Category Archives: Economy

Ambrose Loses The Plot

Ambrose Evans-Prichard, that mouthpiece of the City of London Establishment, has joined forces with Deutsche Bank to promote the nonsensical idea that commodity prices are at their peak. Sell, sell, sell, he spews, because “oil will slide back towards its … Continue reading

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RBS Joins The Club

The Sunday Times reports that the Royal Bank of Scotland is about to announce a £1 billion loss at least for the first half of the year, with anal-ists warning that it could slide to £1.7 billion. That, they say, … Continue reading

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Another One Bites The Dust

I wonder how many times I’ll get to use that headline? First Priority joins the list. Failed Banks So far: Northern Rock Bear Stearns IndyMac First Integrity Bank ANB Financial Hume Bank Douglas National Bank First Heritage Bank First National … Continue reading

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Bank Failures So Far

With the news today that two more US banks have failed, I thought it would be useful to see where we are with the continuing collapse of the global financial system. Failed Banks So far: Northern Rock Bear Stearns IndyMac … Continue reading

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Holocaust Rolled Out Yet Again To Silence Criticism

If there’s one thing I object to in the strongest terms, it’s the use of the Holocaust as a political battering ram to shut people up when they criticise fascist behaviour. In this case, it was Brazil’s foreign minister, Celso … Continue reading

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Investors flee as confidence in banks crumbles

Bank share prices were on a rollercoaster last week. Can it get worse? – Yes.

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Investors Rally To Bradford & Bingley

B&B’s share price is down to 36p or so, well below the 55p being sold to investors in its upcoming rights issue – that last ditch attempt to keep itself afloat. So why, you may ask, are investors queuing up … Continue reading

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Bradford & Bingley – Oops

Bradford & Bingley is in real trouble now. They need to raise some cash for their balance sheet very quickly indeed, and would already be gone if it weren’t for the Bank of England’s Special Liquidity Scheme. They had originally … Continue reading

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$3 Trillion Stock Market Loss In June

S&P analysts pointed out today that over $3 trillion has been lost from global stock markets in June alone. To put that in perspective, that’s 8.18% of the total value of 52 equity indices lost in a single month. July … Continue reading

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Genocide!

In his book, The Impact Of Science On Society, written in 1952, Bertrand Russell wrote, “At present the population of the world is increasing at about 58,000 per diem. War, so far, has had no very great effect on this … Continue reading

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What’s Behind The Current Commodity Inflation?

According to my MP, in a letter to me, there is no hyperinflationary pressure in the global economy. He should know … he’s on David Cameron’s Shadow Treasury team. Oh dear. Apparently he doesn’t know, because he’s wrong. Commodity inflation … Continue reading

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Whistling Past The Graveyard

So have a guess what kind of company the BBC showcased as the height of British manufacturing talent likely to be affected by the falling dollar as a result of the Fed’s insanity today. It’d have to be something really … Continue reading

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$3 Trillion Bankruptcy Starting To Emerge

Now that the new year has begun, banks are having to open their books to external auditors. Although many banks have admitted to huge losses during Q4 of 2007 already, the auditors seem to be finding that these admitted figures … Continue reading

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Strategy Of Chaos

Yesterday evening’s ITV news reported that the majority of British people see David Cameron as more of a leader than Gordon Brown. This view is echoed by the Telegraph, which seems to be leading the anti-Brown campaign these days. The … Continue reading

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New Japanese Maglev – US Would Rather Blow Things Up

Yesterday brought confirmation from JR Tokai that they would be proceeding with plans to build the first long distance maglev train between Tokyo and Nagoya, despite the lack of government support. The line is expected to be in operation by … Continue reading

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World’s Crops Covered In Gore

Coming on top of many years of underinvestment in food production, Al Gore’s push for ethanol based fuels is having a devastating effect on world crop reserves. It is projected that US wheat stocks will fall to a 60 year … Continue reading

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Hyperinflation!

Global food prices are out of control. In Chicago early trading today, the new benchmark price of wheat for March delivery rose 30 cents to $10.09½ a bushel, more than 7.5 per cent higher than the expiring December contract of … Continue reading

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UK House Prices Falling – London Worst

The London travelling public’s free morning rag, The Metro, reported today that this month’s nationwide 3.2% drop in house prices was as a result of people trying to get their properties sold before the requirement to provide a Home Information … Continue reading

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The Banks Are Already Insolvent

Auditors are in a difficult position in these post-Enron days, with the demise of Arthur Andersen on everyone’s mind. If they refuse to rubber-stamp the banks’ fictitious valuations, the banks will collapse, but if the auditors allow the fiction, they … Continue reading

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Stupid West On Sale

James Turk, founder and editor of GoldMoney, was quoted in the Asia Times yesterday as saying, “pleas to the Federal Reserve by US investors to lower interest rates are no different than those made to the Reichsbank to create more … Continue reading

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Central Bankers Get Oiled

In a last ditch attempt to breathe life into the dead patient before heading to the pub for a final hoorah, the world’s central banks yesterday announced huge liquidity injections in the form of loans to the national banks. The … Continue reading

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China’s Infrastructure Investment Continues Apace

China clearly understands that the key to the success of a modern nation state lies in top class basic economic infrastructure. They plan to lay 4000km of new track and electrify 3000lm of existing track every year until 2010, as … Continue reading

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Signs Of Depression In The USA

Evoking memories of the Great Depression, the spectre of thousands of people applying for a few jobs has returned to the USA. The Cleveland Plain Dealer reports that over 6000 people turned up at a new Wal-Mart branch in Cleveland’s … Continue reading

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“Close The Floodgates!” … “We Can’t!”

Well, they didn’t do it yesterday after all. Instead, the ECB waited until today to make a huge injection of cash to help bailout the rapidly sinking European banking system – €178 billion to be exact. The banks are due … Continue reading

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Economy Update

The economic news continues to get better and better. City of London speculators are betting, via some new tradeable derivatives contracts, that the UK housing market will follow the US, with a drop of 7% in the coming year.  The … Continue reading

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Can It Get Worse For The Banks?

The European market for trading “Covered Bonds” was shut down yesterday afternoon for at least a week, because of unprecedented volatility. Covered Bonds are asset backed securities, which are considered to be super-safe, because they are not only secured against … Continue reading

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Preparation For The Collapse

The cost of commercial leases is plummeting in the City of London. The big banks are putting their requirements for large lets on hold, and are opting for short term, 18 month leases, instead of the normal 10 to 20 … Continue reading

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Weimar Germany, Here We Come

Yesterday, the Fed pumped another $47.25 billion into the markets, the biggest injection of cash since just after 11th September 2001. The Fed is run, of course, by Ben Bernanke. Ben’s a nutter, just like Mervyn King. In 2002, when … Continue reading

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The King & Darling Show

The Bank of England really is a scam on the UK taxpayer. We borrow money from a bank that we own, pay interest on it, and only get 25% of the profits back. And then, as soon as Mervyn King’s … Continue reading

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Global Economy, Bye Bye

As the global financial system disintegrates at an ever accelerating pace, the Federal Reserve finds itself in an impossible position. In an analysis in today’s Financial Times, senior Barclay’s Bank economist, Tim Bond, says that on one hand, “U.S. monetary … Continue reading

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