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Archive | October, 2012

Deposit Insurance – Who is it for really?

Government backed Deposit Insurance is like the rip cord on a parachute. It is the thing you know will save you if it all goes horribly wrong. As long as it is there you can pull it and the parachute will open saving you from otherwise certain death. The government guarantees your money if your […]

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What the Banks contribute to GDP

Further to Saturday’s look at the FT’s careful shepherding of public opinion, the weekend provided another fine example of the same process but done so very subtly I suspect the perpetrator, The BBC’s Robert Peston, was not even aware he was doing it. My thanks to Phil for pointing it out and providing the link. […]

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Israeli forces board peaceful ship Estelle.

So the latest news on the Swedish ship The Estelle which was sailing towards Gaza is that it has been boarded by Israeli military in international waters. The ship has been boarded, seized and the civilians on board have been arrested/detained/captured (depending on how you view the situation). The Ships’ communications (web connection) have been […]

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China dangers – sub prime reporting

For the last few days most financial reporting on China has been like this article from the FT. Wen upbeat on China’s economy Wen Jiabao, China’s premier, has given his most optimistic assessment of the Chinese economy since the start of the year, saying that it had stabilised and that the government’s target of 7.5 […]

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Why are we bailing out the banks? part three – Lies and Opposition

At the end of part two I suggested that the mainstream justification for bailing out the banks, namely that by so doing we have provided them with the money they need in order to lead the rest of us to recovery by investing in the real economy – was what Goebbels and his boss would […]

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Why are we bailing out the banks? Part two. Theory, Ideology and Failure.

In part One I argued that if we want to understand why our rulers have insisted we MUST bail out the banks we simply have to look at who owns the banks and the vast bulk of the wealth they house. And surprise, surprise the owners of most of the financial ‘wealth’ are…our rulers and […]

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Why are we bailing out the banks? Part One. The Simple Answer.

We’ve all seen the film ‘Groundhog Day’. Well, we’re in it.  Every morning the radio plays a song which has the chorus, “I rob you babe”.  And sure enough when the news comes on, they have. A full five years of pumping money in to the banks and still our leaders will not even consider […]

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Fixing the Libor Rates – By Far the Greatest Financial Scandal Yet – Guest Post by Jonathan Sugarman.

This is the text of a speech (Which you can see here) given by  Irish whistle-blowing former banker Jonathan Sugarman speaking recently in Athens.  Τhe function was organized by ATTAC-Hellas in collaboration with the Greek Committee for a Public Debt Audit.  Sugarman spoke on the Libor scandal, the lack of transparency in banking practices, the […]

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