The Accelerating World / Global Financial Crisis / Collapse

[Red Dawn]

Feb 3, 2010

"CORRUPTION: U.S. Banks Abetting Corrupt Regimes, Probe Finds"...

http://www.ipsnews.net/news.asp?idnews=50212

[tio]

When you do "connect the dots" tio you will find the picture is an abstract one of infinite complexity...

Hey Red, man I am not that ambitious I am like a mole that burst through the lawn into the midday sun, sitting here is rather startling. It was for purely selfish reasons that I decided to head up and have a look around since the quiet and uneventful mole life I had wanted was unceremoniously sucked down the tubes, without so much as a goodbye. I could not take these mole type events personally .. forever .. no matter how much I wanted to. Even I could see it that it was a mole-a-geddon of sorts. I just wanted to know why since I was totally clueless, and I mean devoid.

I think most people know of the ancient Chinese curse 'may you live in interesting times' and I think that I and everyone else can give that a big fat *check*. What most people may not be unaware of is that this is the first of three increasingly severe curses. The next being 'may you come to the attention of the authorities' .. *HA* .. what do you think? ... The last and most telling curse being the seemingly innocuous 'may you find what you are looking for' ... well it's a bit late now isn't it?

BIS Super Secret Meeting Of Top Central Bankers
Elaine Supkis
http://emsnews.wordpress.com/2010/02/07 ... l-bankers/

The fact that the topics in this meeting and the importance of what is decided is life and death for all humans on this planet, yet it is kept secret…this darkness is exactly what is evil about all of this. That is, the very need to keep it secret proves that this action is evil. For if humanity could listen to what is being said, we would be filled with fear and loathing and might even revolt.

The decisions of bankers matter a great deal. And the power of various ‘democratic’ governments to crush other populations so they can capitalize their own banks is an old history that is very, very, very bloody and noxious. The key to all of this is how one does this dirty business.

This drain of all profits infests all our systems as we sell off all our industrial and service bases to aliens. We have done this for just half a century and already the dire effects are obvious to me if not to others.

the advent of the Derivatives Beast and the AIG insurance on loan losses caused the APPEARANCE of solvency which was totally fake. When AIG went under and the fiction of AAA ratings was exposed and all the swap deals defaulted, the US and UK fixed this mess by moving record losses onto the public ledgers.

This, in turn, put both the UK and US into danger of sovereign collapse which is why this secret emergency meeting was called. This means both the US and UK are about to lose their AAA ratings. After all, the ratios in the above graph are now reaching Great Depression levels.

The gnomes looting the world via credit markets knows no limits. They got fat ever since they killed the ratings system and created the Derivatives Beast which enabled them to lend without having a credit base or any responsibility of paying off bad loans that boomerang back on them…this growth of personal wealth is quite addictive and they will cling to this model whereby much of the capital created via manufacturing, mining and agriculture move towards themselves, not replenishing the capital base of the productive side. That is, banking is NOT productive. It is reductive.

The paltry number of arrests in the wake of the total collapse of our banking and financial systems is due to the political power wielded by the financiers who were NOT destroyed at all during the collapse but saved by our enslaved government. So they continue to suck down 20% of our collective wealth while endangering all the important, PRODUCTIVE sectors such as manufacturing and farming, for example. This outsized influence is very destructive and the fact that these destroyers of our economic base were the ONLY people saved is instructive: we are going to literally be starved in future years to keep these gangsters capitalized!

I miss TV.

more..


George is back ..

The OTHER Reason that the U.S. is Not Regulating Wall Street
Washington's Blog
http://www.washingtonsblog.com/2010/02/ ... ating.html

On March 1, 1999, countries accounting for more than 90 per cent of the global financial services market signed onto the World Trade Organization's Financial Services Agreement (FSA). By signing the FSA, they committed to deregulate their financial markets.

For example, by signing the FSA, the U.S. agreed not to break up too big to fails. The U.S. also promised to repeal Glass-Steagall, and did so 8 months after signing the FSA.

The problem is also that the U.S. has signed WTO agreements that have given the keys to the too big to fails, and have neutered their regulators. Even if some politicians tried to stand up to Wall Street - or even if we "throw out all of the bums" currently in political roles - the U.S. would still be locked into the WTO's scheme for helping the financial giants to grow ever bigger and to take ever-bigger and ever-riskier gambles.

Indeed, the financial giants are pushing hard for further deregulation, demanding that the WTO's "Doha round" of agreements be signed.

"You have to realize that what they’re trying to do is to roll back the Enlightenment, roll back the moral philosophy and social values of classical political economy and its culmination in Progressive Era legislation, as well as the New Deal institutions. They’re not trying to make the economy more equal, and they’re not trying to share power. Their greed is (as Aristotle noted) infinite. So what you find to be a violation of traditional values is a re-assertion of pre-industrial, feudal values. The economy is being set back on the road to debt peonage. The Road to Serfdom is not government sponsorship of economic progress and rising living standards, it’s the dismantling of government, the dissolution of regulatory agencies, to create a new feudal-type elite."

And Foreign Policy magazine ran an article entitled "The Next Big Thing: Neomedievalism", arguing that the power of nations is declining, and being replaced by corporations, wealthy individuals, the sovereign wealth funds of monarchs, and city-regions.

We either stand up, or we slip back into a darker age.

[Editor]

http://business.timesonline.co.uk/tol/b ... 019880.ece

Ethel Austin joins the list of clothing store casualties as shoppers stay home

As long as the banksters get their bonuses, MPs won't care ...

[Red Dawn]

February 4, 2010

"Senator Chris Dodd, the chairman of the Senate Banking Committee, scolded Wall Street representatives at a hearing Thursday for sending “an army of lobbyists whose only mission is to kill the common-sense financial reforms” needed by the public."...

http://robertreich.org/post/371113369/w ... ial-reform

[Red Dawn]

9 February 2010

"Government debt: a new stage in the global financial crisis"...

http://www.wsws.org/articles/2010/feb20 ... -f09.shtml

[desertson]

Falling like flies.

http://www.presstv.ir/detail.aspx?id=11 ... id=3510213

[Editor]

http://www.bobsguide.com//guide/news/20 ... 80%99.html

Greenspan - Further falls in stock market would be a ‘cause for concern’

All Greenspan knows is how to blow bigger bubbles to compensate for prior burst bubbles he helped create.

Stocks SHOULD fall to "fair value" .. but thanks to artifically held low interest rates AND insider buying (c.f. PPT - Plunge Protection Team), it is a rigged casino.

[Editor]

http://www.thisismoney.co.uk/markets/ar ... _page_id=3

Cadbury slams government as Kraft shuts factory

Cadbury's former chairman Roger Carr launched a withering attack on the government last night for failing to defend strategic firms.

Bitter aftertaste: Kraft broke promises about shutting the Somerdale plant.

The director, who also chairs Centrica, called on politicians to define which companies it is in the national interest to protect.

Carr has been criticised for failing to defend Britain's last major confectionery firm from the clutches of American food giant Kraft without putting up more of a fight.

In a speech at Oxford University's Said Business School, he said the government must decide which firms are of 'strategic importance'.

Carr has previously attacked Lord Mandelson saying that the 'crocodile tears' of the government were no use in Cadbury's bitter bid battle after the Business Secretary warned Kraft about safeguarding jobs.

Last night Carr said: 'If the government really does care, it is essential they decide in advance of a bid if a company is of strategic importance, publicly confirm that position, and develop an instrument that may be applied to dissuade or derail a bid if an asset is declared of strategic importance.'

BAE Systems and Rolls-Royce are rare examples of UK firms enjoying state protection.

His comments come as Kraft was slammed last night for breaking a promise to keep a key factory open.

Around 400 employees will lose their jobs after the Toblerone maker confirmed it would push ahead with Cadbury's plan to shut the Somerdale plant in Somerset.

The closure comes on the same day that former chief executive Todd Stitzer cashed in share options worth £4.6m, acquiring 1,363,520 shares at £5.03p-a-share. He sold them immediately for £8.41p a share.

The factory was due to close in the spring but Kraft had pledged to keep it running - a key promise during the bid battle.

Jennie Formby, union Unite national officer, said: 'It is with great anger that we heard Kraft's announcement. This sends the worst possible message to the 6,000 other Cadbury workers in the UK and Ireland.'

Justin Cadbury, great-great grandson of founder John Cadbury, said: 'This is a disaster for Cadbury and the country. It makes one sceptical about all the promises Kraft made to push the deal through the board lead by Roger Carr.'

[Editor]

Is the BBC spinning for Kraft ? No mention of it being a promise made IN THE BID :

http://news.bbc.co.uk/1/hi/business/8507066.stm

Cadbury's Bristol plant to close by 2011

The Somerdale plant in Keynsham is set to close by 2011

Cadbury's new owner, Kraft, says it plans to close the company's Somerdale factory in Keynsham, near Bristol.

Just last week it said it would keep it open. The shutdown would mean the loss of 400 jobs.

Cadbury had earmarked the plant for closure but Kraft's takeover had raised hopes of a reprieve.

[Editor]

http://www.telegraph.co.uk/earth/energy ... warns.html

Britain faces 'oil crunch' within five years, Richard Branson warns

An oil crunch more serious than the financial crisis threatens to strike Britain within five years, Sir Richard Branson and other business leaders have warned.

Consumers face a spike in costs for heating, transport, food and other goods, according to the report entitled ''The Oil Crunch - a wake up call for the UK economy''.

It said the challenges facing the UK would exceed those presented by the financial crisis and said the poorest in society were most vulnerable to potentially significant increases.

'Unless we do so, we face a situation during the term of the next government where fuel price unrest could lead to shortages in consumer products and the UK's energy security will be significantly compromised,'' it said.

So more fuel protests thanks to high taxes on fuel which went to rescue the Banksters and their multi-billion bonuses ???