MSM: Greece sees few glimmers of hope

(FinancialTimes) – With Greece’s budget deficit at record levels and the country’s banks exposed to troubles both at home and abroad, doomsayers are predicting that Greek banks will go the way of Iceland’s. Continue reading

Video: Robert Fisk on the Gulf ‘ditching the dollar’ in oil trade

(AlJazeera)- Gulf states have held secret talks with Russia, China, Japan and France to replace the US dollar with abasket of currencies in the trade of oil, the UK’s Independent newspaper says. Continue reading

Racketeering 101: Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information

And so the guns come out blazing. The Clearing House Association, another name for all the banks that were bailed out over the past year with the generous contributions from all of you, dear taxpayers, are now threatening with another instance of complete systemic collapse if Bloomberg’s lawsuit is allowed to proceed unchallenged, let alone if any of the “Audit The Fed” measures are actually implemented. Continue reading

MSM: Supine politicians, arrogant, greedy banks and why they could trigger another crash

(DailyMail) – One cannot imagine headlines more certain to rouse public rage than those this week: ‘Massive bonuses for bankers’; ‘record payouts at Goldman Sachs ‘; ‘greed is back’. Amid the worst recession for a generation, the financial communities in Britain and the U.S. will this year award themselves prizes on a scale to gasp at. Continue reading

America is now the world’s biggest debtor

The latest Treasury auction of $19 billion of 10-year notes was at a yield of 3.365%. The bid to cover was 3.28 to 1, the highest ever. This was the third of four sales this week totaling $73 billion. Continue reading

A new world is being born, one without the US dollar greasing the wheels of commerce

Yekaterinburg, famous tragically as the spot Lenin chose to have the Tsar and his family executed in 1918, and ironically as the fiefdom of Boris Yeltsin, who finished off the Russian revolution itself in 1991, witnessed something no less remarkable last week when leaders of the so-called BRIC nations (Brazil, Russia, India and China) held their first summit, following the yearly meeting of the Shanghai Cooperation Organisation (SCO). Continue reading

MSM: Dollar hits new multimonth low vs euro, pound, yen

(AP) – The dollar kept falling Friday, notching fresh multimonth lows against the euro, pound and yen as a warning that Britain’s debt level may result in its credit rating being cut ricocheted into worries about the massive U.S. deficit. Continue reading

Geithner’s ‘Dirty Little Secret’: The Entire Global Financial System is at Risk

US Treasury Secretary Tim Geithner has unveiled his long-awaited plan to put the US banking system back in order. In doing so, he has refused to tell the ‘dirty little secret’ of the present financial crisis. By refusing to do so, he is trying to save de facto bankrupt US banks that threaten to bring the entire global system down in a new more devastating phase of wealth destruction. Continue reading

Congresswoman Introduces Bill To Ban Global Currency

In the wake of discussions of and hints at a move toward a new global currency, a Republican Congresswoman has introduced a resolution in the House “that would bar the dollar from being replaced by any foreign currency.” Continue reading

MSM: US backing for world currency stuns markets

US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is “quite open” to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund. Continue reading

MSM: China calls for new reserve currency

China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund. Continue reading

MSM: Too big to fail? 5 biggest banks are ‘dead men walking’

WASHINGTON – America’s five largest banks, which already have received $145 billion in taxpayer bailout dollars, still face potentially catastrophic losses from exotic investments if economic conditions substantially worsen, their latest financial reports show. Continue reading

MSM: Up to 20,000 jobs will go as RBS chief prepares to sell off unwanted assets

Royal Bank of Scotland will embark this week on a radical plan to split itself in two as it cuts tens of thousands of staff across the globe and confirms the biggest annual loss in British corporate history. Continue reading

MSM: Financial Crisis – International Trade In Jeopardy

GENEVA (AFP) — The World Trade Organization warned Wednesday that the financing of global commerce is “deteriorating” amid the financial crisis and the situation is likely to worsen over the coming months.

“The market for trade finance has severely deteriorated over the last six months, and particularly since September,” WTO Director-General Pascal Lamy told ambassadors of the organisation’s 153 members following a meeting with trade experts and bankers. Continue reading