Trouble in Banktopia

By Mike Whitney 27/09/08 “ICH” — – The financial system is blowing up. Don’t listen to the experts; just look at the numbers. Last week, according to Reuters, “U.S. banks borrowed a record amount from the Federal Reserve nearly $188 billion a day on average, showing the central bank went to extremes to keep the […]

Bernanke caught draining liquidity out of the system. Is the liquidity crisis engineered?

Anyone who has taken the time to watch the full 3.5 hours of the 1995 documentary “Money Masters” knows that the Federal Reserve of new York and in fact any central banking system and that includes the NZFR. Anyone who has seen the documentary also knows that the Money Masters orchestrate worlds events such as […]

With All Eyes on the Bailout, House Passes Trillion-Dollar Defense Bill

More wars, more empire. While at home people are being kicked out of their houses their jobs and robbed by the banksters for every cent they have with no end to their financial slavery, their masters just plundered the tax till some more to wage wars on innocents for their oil. When will it end? […]

Is the credit crisis a hoax?

I suspect that part of what we’re seeing in the freezing up of lending markets is strategic behavior on the part of big financial players who stand to benefit from the bailout,” said David K. Levine, an economist at Washington University in St. Louis, who studies liquidity constraints and game theory. By Matthew Benjamin Sept. […]

$1 Quadrillion of Unregulated Debt At Core of Coming Derivatives Crisis

By John Tiffany Counting one dollar per second, it would take 32 million years to count to one quadrillion. Despite all the blather and swearing-on-the-Bible pronunciamentos from establishment “pundits,” our house-of-cards financial system is not fundamentally sound. Expect such indices as the Dow to tumble even much lower when the Pandora’s box of derivatives is […]

Pre-election Militarization of the North American Homeland. US Combat Troops in Iraq repatriated to ” help with civil unrest”

With the coming economic meltdown and the desperate future for the average American citizen if I was Bush, Cheney or one of his banking cronies I would want a big army too when 300 million Americans find out how they have been ripped off and cleaned out. When they are paying for their rich masters […]

Recession confirmed – GDP falls

GDP shrank 0.2 per cent in the June quarter, confirming what everyone already knew – that the country is in recession. The smaller than expected June quarter decline followed a fall of 0.3 per cent in the three months to March, so the country now meets the common definition of recession, two consecutive quarters of […]

The shadow banking system is unravelling

Did we have a shadow banking system in New Zealand. You bet, all those bankrupt financial institutions that was the shadow banking system. Last week saw the demise of the shadow banking system that has been created over the past 20 years. Because of a greater regulation of banks, most financial intermediation in the past […]

Double collapse setting off shockwaves

The meltdown of two of the country’s biggest housing projects has ditched developments worth $700 million and is forcing many in the property sector to rethink their future. This week’s news of receiverships at the $450 million Kensington Park and the $250 million Whisper Cove, both north of Auckland, has left people wondering which project […]

Farmers resigned to lower payout

Fonterra’s forecast of a reduced dairy payout this season has brought farmers back to earth after the boom times of the season just ended. The company has lowered its forecast from $7 a kilogram of milksolids to $6.60 for the season ending next June. The payout soared to a record $7.90 last season, earning the average […]

Bailout Could Deepen Crisis, CBO Chief Says

The director of the Congressional Budget Office said yesterday that the proposed Wall Street bailout could actually worsen the current financial crisis. This Story 9 P.M.: Bush Calls Bailout Vital to Economy, Will Meet With McCain and Obama President Puts His Powers of Persuasion to the Test Transcript: President Bush Delivers Remarks on the Financial […]

Richest Americans See Their Income Share Grow

And the rich just get richer. n a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation’s adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data. Meanwhile, the average tax rate of the […]

Banking System Will Need Another $500 Billion: Gross

Ooh oops, the $ 700,- bailout is not enough. Hey tax payers we would like some more money please. How’s about another $ 500 billion The banking system needs another $500 billion to survive beyond the $700 billion rescue plan being contemplated by Congress, said Pimco founder Bill Gross. Gross said on CNBC that the […]

Jobless claims soar near 7-year high

NEW YORK (CNNMoney.com) — In the first economic reading from the period since the Wall Street crisis erupted, a government report Thursday showed initial unemployment claims rose last week much more than expected. According to a study by the Department of Labor, initial filings for state jobless benefits increased by a seasonally adjusted 32,000 to […]

US to Lose Financial Superpower Status: Germany

Germany blamed the United States on Thursday for spawning the global financial crisis with a blind drive for higher profits and said it would now have to accept greater market regulation and a loss of its financial superpower status. AP In some of the toughest language since the crisis threw Wall Street banks into financial […]

Bush warns of ‘long and painful recession’

If the congress passes the bailout for the Wall street banksters Paulson and his banking mates will get absolute power to run havock in the US and if NZ votes for John Key that chaos will extend to this country. The bailout is a scam in order to rail road any chance the US people […]

Negative year for Super Fund

The New Zealand Superannuation Fund said today it expected to have declined in value over the June financial year with the “dramatic and unsettling” financial environment denting performance. Super fund chief executive officer Adrian Orr attributed the negative returns to the widespread decline in global share prices in recent months thanks to the ongoing global […]

National’s policies too risky

Hallelujah, the mainstream press seems to wake up a bit. As a country our net debt is $159.2 billion. Most of this is private-sector debt. The Government, with $17.6 billion, accounts for 6.1 percent of New Zealand’s gross international liabilities of $289 billion. Bank borrowing is much higher at $138.9 billion. Our current account deficit […]

China scandal hits Fonterra hard

LATEST: Fonterra has taken a massive $139 million hit on the value of its San Lu business in China, following the contaminated milk crisis. The cooperative says San Lu brand has been destroyed. And Fonterra is reacting with shock to news from state media in China that the San Lu Group, 43 percent owned by […]

Questioning of Key over shares ‘fair game’ – expert

The questioning of John Key over his Tranz Rail shares is relevant to the upcoming election with the issue of trust making all parties vulnerable, an Auckland political expert has said. Associate professor Raymond Miller, head of political studies at the University of Auckland, said while it might not be the primary issue, trust would […]

No one saw this coming right? The white house planned finance intervention months ago.

Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough. So the administration plans months ago for a financial meltdown that nobody saw […]

Key cops a battering over share revelations

Labour today poured scorn on National leader John Key over his handling of his Tranz Rail shareholdings. Mr Key has admitted he should have disclosed the full extent of his shareholding earlier, but has denied using his parliamentary position for personal profit. He fronted media today after Finance Minister Michael Cullen yesterday accused him of […]

Dirty Tricks You Tube Campaign To Frame Alex Jones

For those of us who publically express sceptisism about the official Conspiracy theory with regards to the events of 911 one thing and one thing only is important. We want a new and independent investigation into what really happened on that day. For the rest we are all very different. We come from all walks […]

What Nobody’s Saying: The Bailout Will Kill the Dollar

By DAVE LINDORFF What nobody in the corporate media is mentioning amid all the blather about the $700-billion Paulson bailout proposal is the impact it will have on the US dollar. We are told that this huge gift to the financial sector—the assumption, at top dollar, of all the bad debt they’ve piled up–will be […]

Ten Things You Should Know About Bush’s Trillion Dollar Fleecing Plan

The Bush administration’s proposal to bail out some of Wall Street’s biggest players with an unprecedented transfer of public wealth to the private sector sent shock-waves throughout the nation. Already deep in deficit, the administration wants to borrow $700 billion dollars — in addition to the $900 billion already spent this year to prop up […]

Fed Acted Like a Liquidity Drug Dealer: Economist

The Federal Reserve, which has encouraged excessive borrowing, is to blame for the credit crunch that has gripped world markets for more than a year, Marc Faber, the author of the Gloom Boom & Doom Report, told CNBC on Tuesday. “About 15 percent of U.S. households have negative equity. Who supplied the leverage into the […]

Spies heard Al Qaeda celebrating hotel blast

And this is what the main stream News gives us. The Islamist group that has claimed responsibility for bombing the Marriott Hotel in Islamabad was hitherto unheard of, but Pakistani intelligence eavesdroppers heard al Qaeda operatives celebrating the attack. The group calling itself Fedayeen Islam (Partisans of Islam) made the claim of responsibility for Saturday’s […]