Category Archives: Economy

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 →

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 →

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 →

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 →

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 →

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 →

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 →

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 →

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 →

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 →

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 →

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 →

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 →

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 →

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 →