Here’s a question for you. Why have we heard nothing in the media or parliament about A People’s or a Sovereign Debt Jubilee? Is it because a People’s Debt Jubilee is simply a nice but unworkable fantasy dreamt up by crackpot bloggers like me? This is what I have been wondering. And then in response to the …
A recent article on ZeroHedge is all outraged at the news that the US government is going to act as guarantor for a 1 billion eurodollar bond issuance by Egypt. The article asks, “Uh, should Congress perhaps have something to say about the fact that America is now somehow the guarantor of recently revolutionary African …
For those of you were interested in reading a little more about the world of Tax evasion, corruption and off-shore financial fraud this is a link to a very good article by Nicholas Shaxson, author of Treasure Islands, which he sent me this morning. As you will see it delves further into the dirty link …
More on China and The Caymans and British Virgin Islands Read More »
This morning Europe woke up to find the Asian markets had all plunged. Japan down 1.5%, the Hang Seng down 2%, Shanghai smarting at 2.93% down and India down over 2% as well. European bourses promptly ran for the exits. London opened 1.7% down, Paris 2% down and Frankfurt down 1.8%. A second day of …
This wonderful image by Escher of two hands drawing each other is one of my favourite pieces of modern art. For me, it is a brilliant visualization of the idea of bootstrapping. Or to put it more loosely, how you get something from nothing. Evolution is an example. From something simple you can get something …
Today S&P downgraded the giant French bank Credit Agricole (GCA). The reason given is GCA’s massive exposure to Greek debts. Credit Agricole is sitting on a volcanoe of Greek debt and also owns Greece’s Emporiki bank which means it is therefore potentially on the hook for Emporiki’s insolvency as well. Not a surprise then that the French …
Are German banks in worse shape than the French? Read More »
For those of you wondering if our ‘recovery’ is on track and if our future’s are being assured by those smartest men in the room. In April the Philadelphia Fed’s index of manufacturing in its area stood at 18.5. (These indexes are compiled by regular surveys) “Economists polled by MarketWatch had expected the gauge to …
Newsflash! – Economists continue to be ‘surprised’. Read More »
“This shit is not democracy!” This is what crowds in Madrid were shouting earlier this week. “NO ONE EXPECTS THE SPANISH REVOLUTION.” Proclaimed one placard. Utterly wonderful! Here you can find comments and links to videos showing police clearing peaceful protesters and here you can find photos. According to the AP news wire this morning, …
A couple of weeks ago I had the great good fortune to have a long talk with Nicholas Shaxson, the author of “Treasure Islands – tax havens and the men who stole the world.” We had a wide ranging discussion including, of course, his book, the reactions he’s had to it, particularly from within the …
There seem to be to be two broad narratives of our present situation. The dominant, official narrative, is that there was a technical crisis of money flow, precipitated by a bolus of bad debts which then caused a collapse of confidence in the value of several large asset classes. What was required was to show that …
