In parts one and two I looked at how Argentina came to default and at how Vulture funds manage to take entire nations to court and contrive to enforce court judgements upon them. They were concerned with history and the law of sovereign defaults. In this last part I want to look more broadly at …
Argentina and America – of Vulture Funds and Justice. Part Three Read More »
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 »
FT Headline this morning: Warning on £66bn public bank stakes Taxpayers may never see the return of the £66bn spent on shares in Royal Bank of Scotland and Lloyds Banking Group… The article is quoting from the Public Accounts Committee report on the sale of Northern Rock. A sale in which, by the way, we, the …
Losses on bailed out banks and lies about public debts. Read More »
In part one of this series I suggested that the simple reason we were bailing out the banks and simultaneously cutting public spending was because, If the banks were to be wound up it is their [the wealthiest 10%’s] credit/debt backed ‘money and the assets held in it, which would burn to ash….So the simple reason our …
Why are we bailing out the banks? – Part Four – What happens now? Read More »
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 …
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 …
Why are we bailing out the banks? Part two. Theory, Ideology and Failure. Read More »
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 …
Why are we bailing out the banks? Part One. The Simple Answer. Read More »
Part one was the Bad Bank. Part two was, what might be in the BB courtesy of Bankia and the other Caja. Part three… Part two of this series ended talking about Recourse and Non-recourse loans. Noting that Spanish mortgages are recourse. Meaning that if the borrower defaults the lender/bank has recourse to not only the collateral …
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 …
