“Sir” Richard Branson And 20.000 Dead refugees A Story Of Inequality To Raise Your Hairs.

This morning I opened my usual news sites and two articles stood out. The articles were about two kinds of “refugees”. One of the stinking greedy rich kind and one of the poor refugee dying in a boat accident kind. Here are two tales on both ends of the wealth spectrum: “Sir” Richard Branson leaves […]

And There She Blows! The Next Phase of the European Collapse.

While Italy (here is the blacklist of the 10 Italian cities most likely to collase) and Spain (which has only 40 days worth of funds left) are clamping down on Short selling (Betting that the value of their currencies will go down) in order to protect what’s left of their economies, Moody’s is downgrading Germany, […]

On Wiley E Coyote and Where We Are in the Banking Collapse

Watching Wiley E Coyote running mid-air while you know he is going to fall of the cliff gets me every time! It is not so funny of course when the banking system begins to resemble Wiley E Coyote, yet that is exactly what is happening and here is why: The Global Economy: It’s All About […]

$ 500 trillion to $1.5 Quadrillion in Derivatives or why $2 billion is just the beginning of the end

If you think a $2 billion loss at JP Morgan is big just wait until we get to the collapse of the estimated $500 trillion to 1.5 Quadrillion derivatives bubble collapses. When news broke of a 2 billion dollar trading loss by JP Morgan, much of the financial world was absolutely stunned.  But the truth […]

The Numbers That Matter: $15,564,809,891,768 And $8.354 Billion

Without wasting our readers’ time, here are the only two numbers that matter today: $15,564,809,891,767.99 – This is how high record US federal debt is as of today. Although “record” and “US debt” in the same sentence is now redundant. So just debt. (source) $8.354 billion. This is how much net US tax revenues (net […]

Be Honest – The European Debt Deal Was Really A Greek Debt Default

Once the euphoria of the initial announcement faded and as people have begun to closely examine the details of the European debt deal, they have started to realize that this “debt deal” is really just a “managed” Greek debt default.  Let’s be honest – this deal is not going to solve anything.  All it does […]

Four US banks hold a staggering 95.9% of U.S. derivatives: The $600 Trillion Time Bomb That’s Set to Explode

OH Oops, Do you want to know the real reason banks aren’t lending and the PIIGS have control of the barnyard in Europe? It’s because risk in the $600 trillion derivatives market isn’t evening out. To the contrary, it’s growing increasingly concentrated among a select few banks, especially here in the United States. In 2009, […]

Out Of The “Hard Landing” Pan And Into The “Crash” Fire – Are Things About To Get Even Worse For China?

Just in case you’re wondering if things are any better in China just becasue they make things while earning a slave wage, think again! Over the past week one of the more hotly debated and market moving topics was the resurgence of speculation that China may be on the verge of a “hard landing.” To […]

Inside Job: An inside view of John Key’s world and how he and his bankster mates stole the world.

In the unauthorised biography (the page on which he was quoted as saying it has been taken off line, John Key says there must be more to life than this meaning he wanted to enter the exiting world of New Zealand’s politics instead of the high strung world of Wall streets scamsters and remember how […]

Lehman investors receive $100m surprise

Handy to have an ex Wall street baker as a prime minister I’m sure if you are a rich guy investing in risky derivatives. He knows after all were the skeletons are buried, eh. One group of investors holding collateralised debt obligations issued by the collapsed investment banking giant Lehman Brothers will receive an unexpectedly […]

Value of taxpayer’s holding in British banks plummets

Each family has invested £3,000 in bailed-out banks, with a paper loss of £11bn By James Moore, Deputy Business Editor Taxpayers are sitting on losses of nearly £11bn from the Government’s “investments” in Britain’s banks, the body charged with overseeing them admitted yesterday. John Kingman, chief executive of UK Financial Investments, said every family in […]

Economist: FDIC gearing up for bank closures

The Federal Deposit Insurance Corp. is gearing up to handle a large number of bank failures expected as a result of bad mortgages, both in residential and commercial real estate, an economist said Tuesday. “They know they’re going to take down a large number of banks and they can’t do it until they’re staffed up,” […]

Bank of England braced for third wave of financial crisis

Surprise £50bn cash injection is attempt to avert new phase of credit crunch. The Bank of England is concerned that the UK’s banking system is heading for a third wave of crisis that could snuff out fragile signs of recovery in the economy. On Thursday the Bank surprised the City by announcing that it would […]

The Many Faces of Bank Nationalization

Calls for nationalizing the banking industry have been bubbling since at least last September 2008, when the current Banking Panic began in the wake of the Lehman Brothers bank collapse, the initial AIG bailout, and the quick absorption of Merrill Lynch-Wachovia-Washington Mutual banks by their larger competitors, Bank of America, Wells Fargo, and JP Morgan […]

Analyst: One Third Of Banks Could Collapse In 2009

Financial analyst Ralph Silva of TowerGroup told CNBC this morning that he expects no less than one third of banks to fail in 2009 and that anything up to a thousand could collapse if they don’t merge. Silva said that only five or six global banks have enough funds to survive comfortably throughout 2009. “The […]

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 […]

Paulson: Foreign banks can use U.S. rescue plan

Oh, this is getting good. If you needed any certainty that the global financial system is collapsing that this is it. Now every bank in the universe can plunder the US taxpayer. WASHINGTON (Reuters) – Treasury Secretary Henry Paulson said Sunday that foreign banks will be able to unload bad financial assets under a $700 […]

Now fear stalks British banks

The storm sweeping the financial world crossed the Atlantic yesterday, with Halifax Bank of Scotland, the UK’s largest mortgage provider, hit hard by a cyclone of speculation. Having watched a series of major US institutions previously thought invincible, such as Bear Stearns, Fannie Mae and Freddie Mac, Merrill Lynch, Lehman Brothers and now AIG run […]

The Crash of Western Capitalist Civilization?

By Richard_C_Cook 15/09/08 “ICH” — – “Train-wreck” doesn’t even begin to describe what is starting to happen to the U.S. today with the financial crisis, an onrushing depression, and the failure of George W. Bush’s war policy as he is faced down by Iran and the Russian bear. But in an even broader sense, the […]

Cullen: the worst is over? Perhaps you should ask John Key.

If I ever needed more prove that the average Kiwi is ignorant about geopolitics Cullen’s statement that the worst of the economic meltdown is over would have me rest my case. From the bottom to the top NZ Pakeha show a staggering lack of insight in how the world works. Even a top politician, the […]

Lehman heads for liquidation after Barclays walks away

US investment giant Lehman Brothers was heading for possible liquidation late Sunday after the front-runner to bail-out the embattled firm, Barclays, pulled out of negotiations. Britain’s third largest bank walked away over concerns that it would have to guarantee Lehman’s trading commitments between now and whenever a deal was struck, a source at the bank […]

Silver State Bank in Nevada is shut

WASHINGTON (AP) — Regulators on Friday shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development. It was the 11th failure this year of a federally insured bank. Nevada regulators closed Silver State and the Federal Deposit Insurance Corp. was appointed […]

As many as 300 banks could fail over the next three years

(Reuters)—More U.S. banks may fail after the collapse of mortgage lender IndyMac Bancorp, straining a financial system seeking stability after years of lending excesses. More than 300 banks could fail in the next three years, said RBC Capital Markets analyst Gerard Cassidy, who had in February estimated no more than 150. Banks face pressure as […]

GM, Ford `On the Verge of Bankruptcy,’ Altman Says

By Greg Miles and Caroline Salas July 22 (Bloomberg) — General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, have about a 46 percent chance of default within five years, according to Edward Altman, a finance professor at New York University’s Stern School of Business. “Both are in very serious shape and […]

Financial collapse edges closer

By Martin Hutchinson The financial crisis in the United States and worldwide entered a new phase this week, as Fannie Mae and Freddie Mac, the two huge US home-loan institutions, began what appears to be a “death spiral” similar to that which claimed Bear Stearns four months ago. Fannie and Freddie are unique institutions and […]