Death of the American Empire: America is self-destructing & bringing the rest of the world down with it
By Tanya Cariina Hsu
Global Research, October 23, 2008
I believe that banking institutions are more dangerous to our liberties than standing armies. (Thomas Jefferson, US President; 1743 - 1826)
America is dying. It is self-destructing and bringing the rest of the world down with it.
Often referred to as a sub-prime mortgage collapse, this obfuscates the real reason. By (…)
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Death of the American Empire: America is self-destructing & bringing the rest of the world down with it
25 January 2009 par (Open-Publishing)
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Wall Street Voodoo
21 January 2009 par (Open-Publishing)
By PAUL KRUGMAN
Old-fashioned voodoo economics — the belief in tax-cut magic — has been banished from civilized discourse. The supply-side cult has shrunk to the point that it contains only cranks, charlatans, and Republicans.
But recent news reports suggest that many influential people, including Federal Reserve officials, bank regulators, and, possibly, members of the incoming Obama administration, have become devotees of a new kind of voodoo: the belief that by performing elaborate (…) -
Edmund de Rothschild, Ex-NM Rothschild Chairman, Dies at Age 93
20 January 2009 par (Open-Publishing)
Edmund de Rothschild, Ex-NM Rothschild Chairman, Dies at Age 93
By Jacqueline Simmons and Ambereen Choudhury
Jan. 20 (Bloomberg) — Edmund de Rothschild, who oversaw the family’s London-based investment bank NM Rothschild & Sons in the first half of the 1970s, has died at the age of 93.
Rothschild, who became a partner at the bank in 1946 before taking over as chairman in 1970, died on Jan. 17, the bank said today. He stepped down as chairman in 1975.
During the 1960s, he helped (…) -
Global Depression. This Doesn’t Look Good: Taiwan, Korea and China Exports Tank
20 January 2009 par (Open-Publishing)
These look a lot like charts of financial variables after a bubble bursts, not charts of the level of exports. That isn’t good.
Looking just as the monthly data risks being misleading. There is a lot of seasonality in Taiwan’s exports. They usually dip in February. It is a short month, it often corresponds with the Chinese new year and the data isn’t seasonally adjusted. A small dip in December after the end of the Western holiday season also isn’t unusual. But such a big dip in December (…) -
Looming Public Debt Crisis: S&P strips Spain of its AAA credit rating
20 January 2009 par (Open-Publishing)
Bloomberg News Monday, January 19, 2009
MADRID: Spain’s AAA sovereign credit rating was downgraded Monday by Standard & Poor’s, the agency, as the country’s first recession in 15 years swelled the budget deficit.
The rating was lowered one step to AA+, S&P said in a statement from London, assigning the grade a "stable" outlook.
It was S&P’s first reduction in Spain’s rating.
"Current economic and financial market conditions have highlighted structural weaknesses in the (…) -
The Oil Card: Global Economic Warfare in the 21st Century
7 January 2009 par (Open-Publishing)
The Oil Card: Global Economic Warfare in the 21st Century
By James R. Norman
Challenging the conventional wisdom behind oil pricing, this compact book sheds an entirely new light on the workings of "free" commodity markets and oil industry supply and demand "fundamentals." Its purpose is to look at the use of oil as an economic weapon.
The book assembles a now well-documented chronology of how the US and its allies, including Saudi Arabia, pushed down oil prices dramatically in the (…) -
Money Owes No Allegiance
6 January 2009 par (Open-Publishing)
By David Glenn Cox http://theservantsofpilate.com
Jan. 5 (Bloomberg) — "The engines that have lifted the U.S. economy out of every recession since World War II will be of little help this time around.
Inventory rebuilding, household spending, home construction and payroll growth — the forces that powered, to a greater or lesser extent, each recovery since 1945 — may remain missing for much of 2009. A glut of unsold properties may keep housing depressed, while shriveled savings will (…) -
The End of the Financial World as We Know It
4 January 2009 par (Open-Publishing)
Op-Ed Contributors: The End of the Financial World as We Know It
By MICHAEL LEWIS and DAVID EINHORN Published: January 3, 2009
AMERICANS enter the New Year in a strange new role: financial lunatics. We’ve been viewed by the wider world with mistrust and suspicion on other matters, but on the subject of money even our harshest critics have been inclined to believe that we knew what we were doing. They watched our investment bankers and emulated them: for a long time now half the planet’s (…) -
All Right, But Just This Once.
24 December 2008 par (Open-Publishing)
All Right, But Just This Once. By David Glenn Cox
Years ago there was a “Far Side” cartoon with an angry lynch mob in front of an old, Western jail. The sheriff was addressing the mob, “Now you boys know that I can’t just turn him over to you without a fair trial. Well, all right, but just this once.”
That pretty much covers my feelings towards Mr. Madoff. I’m all for law and order, but this admitted criminal, who used trust to defraud his victims, will now use the legal system to (…) -
Battle of the Banks
22 December 2008 par (Open-Publishing)
By Rep. Dennis Kucinich (my guy, circa 2008)
Once they were as gods, but the deities of the American banking system are now in ruins, plunged from their pedestals into the maw of taxpayer largesse. Congress voted to give the banks $700 billion, lifting them temporarily out of their sepulcher of debt, while revealing a deep truth about the condition of America’s financial powers:
They never had the money they said they had as they constructed their debt-based monetary system which now (…)