The Accelerating World / Global Financial Crisis / Collapse

[Red Dawn]

With the ongoing and increasing global financial crisis/collapse gripping the world I thought it would be a good idea to start a thread to highlight the daily headlines that could end up leading to something worse than the Great Depression...

"Michael O'Higgins thinks the country is heading into a slump that could be worse than the Great Depression"

http://www.silverbearcafe.com/private/O'Higgins.html

"Last month, the US Treasury Department, with the blessing of the Federal Reserve Board, brokered a scheme to raise $80-$100 billion to prevent the collapse of the SIVs—a plan devised in the first instance to forestall a potentially disastrous crisis at Citigroup. There are growing indications that the scheme may fail."...

http://www.wsws.org/articles/2007/nov20 ... -n06.shtml


"One million pay mortgage with credit card"

"More than a million households have had to pay their mortgage or rent using a credit card in the last year alone, new research shows"

"According to housing charity Shelter, around six per cent of people have had to use credit to pay for the roof over their heads, with younger people the most likely to fall into the trap"...

http://tinyurl.com/3bdk3n

[Red Dawn]

To understand what is happening you have to go back to who was responsible for it all in the first place...The EVIL ones...and the two words that caused it all..."Deregulation"..."Globalisation"...The insanity off free market' economics, or should that read GREED of the few at the expense of the many.

"Milton Friedman, free-market economist who inspired Reagan and Thatcher, dies aged 94"...

http://tinyurl.com/49gjlw

"The deflation of Friedman"...

http://tinyurl.com/2pnql8

"What do we owe to Thatcherite economics?"...

http://news.bbc.co.uk/1/hi/business/3685881.stm

The influence that Thatcher had over Reagan as regards economic thinking (or lack off) was key to todays events.

"They really respected each other's views, and if that is not influence, I don't know what is".

"President Reagan said: "We met before she became prime minister and I became president, and the moment we met, we discovered that we shared quite similar views of government and freedom. Margaret ended our first meeting by telling me that we must stand together, and that is exactly what we have done ever since"...

http://news.bbc.co.uk/1/hi/world/americas/1185177.stm


"Ian Gilmour served as defence secretary during Edward Heath's administration, before becoming Lord Privy Seal in Margaret Thatcher's first government"

"In September 1981 he was sacked by Mrs Thatcher and remained a prominent critic of what he regarded as extreme Thatcherite policies"

"He responded to his sacking by Mrs Thatcher by issuing a statement declaring that she was steering "full speed ahead for the rocks"...

http://news.bbc.co.uk/1/hi/uk_politics/7007648.stm


"It is 25 years since Margaret Thatcher became prime minister. Click on an individual in the image or use the drop-down menu below to find out more about the members of her first cabinet, and what has happened to them since"...

http://tinyurl.com/3ca5ml

[Red Dawn]

"Mervyn King shifts blame to chancellor"...

http://tinyurl.com/2ekfwm

"More bankers will walk the plank"...

http://tinyurl.com/2yojyq

Above links courtesy of Spidered News...

http://www.spiderednews.com/

[Red Dawn]

"One earth, three planets' worth of damage"...

http://tinyurl.com/2tnmdg

[Red Dawn]

"Everybody hates the dollar"...

http://tinyurl.com/28krd3

[Editor]

"More bankers will walk the plank - Sainsbury's - Crash beckons - Shanghai, where small Chinese investors are clearly barking mad."

http://www.spiderednews.com/Markets_I.h ... ss&feed=24


--

Video : The Truth About The Economy: Total Collapse

http://www.spiderednews.com/DebtandCred ... vid=192273

[Red Dawn]

"How Millions of American Will Lose Their Homes"...

http://www.youtube.com/watch?v=biP2JOf5euo

[Red Dawn]

"A Fed Panic and a Massive Bailout of American Banks Paid for by the Entire World"...

http://tinyurl.com/3bfbxy

"Capitalism and Freedom" Unmasked"...

http://tinyurl.com/36zxwe

[Red Dawn]

"The financial website MoneyExpert.com said 3.27 million people had had credit-card applications rejected in the six months to the end of September - 17 per cent more than in the previous six months."

"Esther James, of Moneyfacts.co.uk, said: "Its seems as if the credit crunch is beginning to cause credit card chaos - 125 fee and rate increases inside two months is staggering."

http://tinyurl.com/2u6lvv

[Red Dawn]

"Markets fear banks have $1 trillion in toxic debt."

I think we will find out it will be considerably more then the above. It is not just about the housing crises, the world economy is in crisis due to the instability of greed that capitalism has brought to us all.

"Bankers Fear World Economic Meltdown"...

http://www.counterpunch.org/kolko07262006.html

"Anatomy of a credit crisis"...

http://tinyurl.com/27cxlf