Deutsche Bank, one of Europe’s behemoths, is in very deep trouble having lost 90% 0f its share price value since 2007, has been falling sharply all this last year (48% loss this year) and, with its $42 Trillion in Derivatives exposure was singled out by the IMF, as the bank which , “appears to be the most […]
A note on Deutsche Bank Read More »
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 »
In this season of good will to all and general cheer let us talk of “The Undeserving.” They are an emotive topic. They divide people. Do they exist or are they a political scapegoat? I personally do not feel anyone is born undeserving. But some people achieve it. Some seem to take a cruel and
With the latest installment of the ‘US debt ceiling’ melodrama over, for now, perhaps it’s a good time to ask, what was it all about really? I know that officially it was supposed to be an edge of your seat, high stakes thriller about how much debt the US government can carry before some disaster
Global Debt, Global Currency Read More »
There are many paradoxes in economics. To an outsider it is full of contradictions and inconsistencies. Not least of which is its utter failure to predict the current financial crisis. If the great and the good didn’t spot this crisis coming then perhaps they don’t qualify to be called the great and the good. Economics
Illogical Economics – Guest post by Hawkeye Read More »
Every credit has its debit, every positive its negative. So for every secret there must be a lie, and every lie must be kept secret. This is the currency of power today. Fiat truth. We are not allowed to have any secrets any more. And yet those who insist they must know the truth about
The official line, as reported by Bloomberg, is that, Cyprus Bank Deposits to Be Taxed in $13 Billion Bailout What this means is that 6.75% 0f the money in any account up to €100 000 and 9.9% of any amount over that has already been frozen in the account and will, if the plan goes
EU imposes collective punishment on Cypriots Read More »
Think back to the neo-liberal glory years when every ‘right thinking’ person could see clearly that governments simply had to be shrunk and their spending and debt reduced. Isn’t it interesting that this was also the era when the old limits on bank leverage – how much the banks could print – were removed. It was also the
Some small thoughts – On the power-struggle between ‘money’ and debt. Read More »
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,
The Humiliation of Greece Read More »
