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Archive | June, 2011

The Killing Fields

They may be the lowest form of human life, but when it comes to defending their wealth the Financial class are not stupid. They know they need to make us, not them, pay for those debts whatever it costs. That’s why, to quote one leading market analyst, ‘there are still doubts on whether the peripheral […]

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Truth, Threats and the IMF

Three men spoke out this last week, between then they paint a picture of our crisis: John Lipsky, Acting Head of the IMF, Greek Deputy Prime Minister, Theodorus Pangalos and Mervyn King Governor of The Bank of England. According to the Greek Deputy Prime minister, Theodoros Pangalos, Greece “may have trouble”  passing some of the […]

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A lovely little detail from Switzerland

Sometimes its the little details that tell the story. Here’s one such small detail that makes me think that I’m not the only person in Europe who thinks this crisis isn’t over. A friend of mine in the financial world in Switzerland, told me today that the Swiss banks have very nearly run out of […]

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Why this crisis is not over – Part 2

For the last 3 years the only plan our leaders have had, has been to ‘kick the can’ down the road. They wouldn’t admit to it of course, but that is what their actions of the last 3 years have amounted to. Putting off making any real changes or reforms that the bankers would not […]

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Why the Crisis is not over and will recur – Part one

The Greek government has won its confidence vote.  Stock markets will rally. So is it over? Crisis averted? MarketWatch think so. They’re already talking about this being see as the moment when Greece avoided default.  But they are wrong. Step back and ask yourself why, after two years of virtually zero percent  Central Bank interest […]

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Greek Translations

Just in case any of you have friends or relatives in Greece, some of the articles from the blog in which I have argued that Greece, Portugal and Ireland DO have an alternative to the endless and unjust austerity and bank bail-outs that are being forced upon them, are now being translated into Greek on […]

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Guest Post by Hawkeye – Irresponsible borrowing and irresponsible lending

Tensions in Greece are reaching melting point. And the debate is a clear and straightforward one. What we are witnessing is a propaganda battle between the forces calling for Austerity and those (perhaps indirectly) proposing Default. Those calling for Austerity claim lazy workers, socialism and corrupt politicians created a dire fiscal problem that Greece must […]

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"Orderly Default" – Liars lexicon

What is meant by this phrase “orderly default” which is all over the news this morning? It sounds so sensible. I think it is another entry in the liars lexicon. When the banks and pundits say orderly, they mean orderly for the banks. Not orderly for Greece or the Greeks or the Portuguese or Irish.  […]

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Greece – It’s all about bailing out French and German Banks

Twenty thousand Greek citizens gathered outside the Greek parliament on Wednesday to protest against their government’s attempt to force through another round of even more severe austerity measures dictated by the EU and the IMF. Inside the Parliament, two government deputies defected from the government saying they would not vote for the measures. It is […]

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Guest Blog by Hawkeye – Potemkin Firewalls

In today’s news we are hearing that George Osborne is endorsing the UK’s Independent Commission on Banking (ICB) interim recommendations for ring-fencing Retail & Investment Banking. This is being couched as a tentative step towards the re-instatement of Glass-Steagal type separation of banking practices. On Radio 4’s Today programme Robert Peston declared the move one […]

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