On Wednesday Feb 7th 2007 HSBC issued a profit warning. It was the first in its 142 year history. The bank told its share holders it would have to take an unprecedented charge of $10.5 billion because one of its units, its sub prime lender, was in deep trouble. And so began the sub prime …
The present crisis is not yet over and yet we are already overdue for the next. In Part One I suggested that not only are the 1% well aware of this but that while they have been telling us how we must ‘save’ the present system and assuring us that any radical break with the …
The Next Crisis – Part two – A manifesto for the supremacy of the 1% Read More »
We are off on our first family holiday in five years. I am more excited than the kids. We will be gone a month and during that time almost entirely off the grid. Before we go I wanted to say thank you – to all of you who come to the blog to read and …
Some time ago (May 2012) I wrote two articles about ETFs suggesting they were The Next Accident Waiting to Happen. In that first part I described how they work and who owns and runs them. My argument was that, I think the signs are already there to suggest ETFs are where the instability and risk …
An Apology I have thought more about what I wrote in The Humiliation of Greece and have come to the conclusion that I was, in part, wrong. So I would like to offer a sincere an unreserved apology to all those who read it I would also like to offer an explanation of where I …
It’s not often we get to witness the moment when a leader sells his nation for money. Such a moment occurred in Athens last week. At the behest and on the authority of Prime Minister Samaras and President Papoulias, an amendment to Greek law was drawn up last week. There was no debate in parliament, …
Sub -level Three. Vulture world. Without carrion eaters the world would be strewn with corpses. Vultures eat the dead. Vulture funds, however, eat the still living. Argentina defaulted on its debts. It borrowed money, said it would pay it all back, signed contracts binding it to that promise and then reneged. It forced its creditors …
Argentina and America – of Vulture Funds and Justice. Part 2 Read More »
Argentina told to pay hedge funds $1.3bn Was the headline in the FT on Thursday 22nd November 2012. The judge who made the ruling, Thomas Griesa, said “After 10 years of litigation this is a just result.” I’m not so sure. In my opinion the headline and the ruling it reports are just the tip of a …
Argentina and America – of Vulture funds and Justice Read More »
Headline in the FT “Spain to force banks to set aside €30bn.” This is a bad joke. One which ordinary Spanish people are going to pay for in blood. First, €30bn is a joke because it is not enough and the Spanish central bank and the government know it. Second, 30bn of what? The Spanish …
Reuters headline is that the yield on Portugal’s ten year debt dropped due to high demand at this auction. Which as the article goes on to suggest, averts bond disaster and lowers the pressure on Portugal. I see this as the now customary Pravda style “all news must be good news”. What the facts tell …
Portugal’s bond auction – behind the ‘Pravda’ headlines Read More »
