Coninued from part one. If you haven’t read part one and have the time to do so, it helps with this one. CDS insurance gave some bright sparks an idea. The insurance is otherwise known as a CDS – Credit Default Swap. The similarity to CDO (Collateralized Debt Obligation) is irritating but don’t let it deflect you. It’s just …
CDOs – Part 2 – How the banks bet our house would burn down Read More »
Now across Europe the great blame game will rumble back into play. Our banks, your banks, their banks, or is it your feckless householders or ours, certainly can’t be theirs, they’re still doing well in Germany. Expect lots more national stereotypes to be wheeled out for ritual defamation. So let’s ask who it was took …
This is NOT and never was a sovereign debt problem. It has always been a private bank problem which is merely being laundered through some unfortunate nations. I am not saying certain nations do not have their own governmental debt problems. They do. Some of them are large and are due to stupidity having mated …
Ireland have a bank run on their hands and they now do not have much time in which to stop it running out of control. Yesterday I argued that Ireland was resisting a bail out because it does not want to be forced to raise its corporation tax. If Ireland is forced to do it, …
When other countries are lining up to get a bail out Ireland is fighting tooth and nail to avoid one. Why? Does it not seems a little strange to you? I want to suggest that many experts are looking in the wrong place for an answer. A major part of the reason Ireland is resisting …
We have been very kindly offered a private house in Edinburgh as a venue for a talk about the book and blog and a general chance to meet up and discuss things. It wil be on 30th November, starting at 7.30 pm. If any of you are interested would you please drop me an email? …
Basically we are in a ship that is coming apart as a rough sea starts to come over the top of her. Rates on US Debt are creeping up. If they continue up then the US housing market and the recovery based unsteadily on it will collapse in rubble. In the UK inflation is now …
Speculation on the Dollar’s demise and other peachy things Read More »
Well we’re deep into the next wave of bank and bail-out propaganda. Notable so far has been Channel Four covering themselves in glory once again. You can always count on Channel Four as a bellwether of how concerned the well to do chattering class is. Always to be relied upon to do the corporate world’s work …
CDOs- how the banks burnt our houses down – Part One Read More »
Mark Serwotka, general secretary of the Public and Commercial Services Union (PCS), the fifth largest trade union in the UK read the book and sent us this: “This is an excellent book. The Debt Generation cuts through the cosy consensus that there was no alternative to the bank bailouts, and is a timely reminder that …
A note of warning for those who saw or heard about C4’s Trillion Pound Horror Story. It’s a three part series commissioned by C4. A word of caution. The producer was Martin Durkin. A few years ago he made a series also for C4 called Against Nature which compared environmentalists to Nazis and was so …
