Tuesday, November 30, 2010

Eurozone Contagion Fears Deepen

ReutersVideo--November 30, 2010--The euro zone debt crisis is deepening as investors pushed the spreads on Spanish, Italian and Belgian bonds to euro lifetime highs and Portugal warned of the risks facing its banks.

Monday, November 29, 2010

Europe Debt Domino Effect

November 29, 2010
Insight on Europe’s debt debacle.

Obama Proposes Federal Employee Pay Freeze

Obama Proposes Federal Employee Pay Freeze Nov. 29 2010 |
President Obama proposes a two-year civilian pay freeze for federal employees.

California Going the Way of Ireland, Greece?

Reagan.com's Mike Reagan on the mounting budget crisis facing the state.

Thousands Protest Irish Nightmare Economy

Leo Panitch: U.S. created financial crisis and European banks turned the Irish Miracle into a nightmare

Sunday, November 28, 2010

85 Billion Euro Bailout Approved for Ireland

itnnews--November 28, 2010--Head of eurozone ministers Jean-Claude Juncker announces that an 85 billion euro bailout package has been announced.

Saturday, November 27, 2010

50,000 Protesters March against IMF in Dublin

Itn news—Nov. 27, 2010--An estimated 50,000 demonstrators have gathered in Dublin to protest against plans for an IMF bailout of the Irish economy.

Friday, November 26, 2010

Irish Banks Sink on Expectations Banks Heading Toward More State Ownership

"Irish banks Allied Irish Bank (AIB) and Bank of Ireland (IRE) are lower amid expectations that the banks are heading toward greater state ownership, AP reports.

There is deep skepticism that an international bailout loan -- whose details are expected to be unveiled Sunday -- will be enough for Ireland to resolve its debts, the story said.

Speculative media reports in Dublin and Brussels fueled nervousness, with claims that the International Monetary Fund and European Central Bank experts driving the loan talks in Dublin would like to make Ireland's senior bondholders -- chiefly foreign banks -- eat losses in Ireland's debt-crippled banks.

AIB was last down 12.48% and IRE down 8.86%."

Thursday, November 25, 2010

Ireland Struggling Economy

World Business: Ireland, once one of Europe's hottest economies is in a sorry state. Laden with debt, but desperate to avoid asking for help from the IMF and EU, the country has to take drastic action. With four companies going bust every day, and unemployment soaring, it will take all the luck of the Irish to get out of this economic mess.Reporter: Diana Muriel

Wednesday, November 24, 2010

Ireland Announces 4-year Plan to Raise $20B

The AP is reporting that Ireland has unveiled the most severe budget cutbacks in its history on Wednesday. The country mired in debt has announced a four-year plan of spending cuts and tax hikes to raise 15 billion euros ($20 billion).

Approximately 24,000 state employees could lose their jobs in the process and the sales tax could rise to 23%. The 2011-2014 plan will shave 10 billion euros ($13.3 billion) from spending and bring in 5 billion euros ($6.7 billion) from extra taxes.

The austerity plan is a prerequisite for Ireland to receive an EU-IMF loan estimated at 85 billion euros ($115 billion). Ireland is hoping its deficit, estimated to reach a record 32% this year, will fall to 3% of GDP by 2014.

Tuesday, November 23, 2010

Greece austerity programme on track

Greece's International lenders have cleared the way for the country to receive the next installment of its $150bn bailout package.

Officials from the EU and IMF say while its austerity programme remains largely on track, Greece needs to make an "extra effort" to reduce its budget deficit.

Meanwhile, rubbish collectors in Athens, Greece's capital, have been on strike for days, protesting cuts in wages and benefits imposed by austerity measures.

Barnaby Phillips reports from Athens.

Monday, November 22, 2010

Ireland Debt Problems Ready to Cross the Pond

Former IMF Executive Desmond Lachman discusses why Irelands debt woes could spread like wildfire.

European Debt Union: Ireland in Euro Cage

Rt discusses Irish bailout with British conservative MP Douglas Carswell.

Dubliners Angry Over Bailout

itnnews--November 22, 2010--Dublin residents have expressed anger and disappointment over the application to the EU and IMF for a rescue package.

Ireland Formally Applies for Bailout

FBN's Connell McShane on Ireland's request for a bailout from the EU and the IMF.

Saturday, November 20, 2010

US foreclosures under scrutiny

US foreclosures under scrutiny

The number of homes being repossessed in the United States fell nationwide this past month, and could fall even further.

But hundreds of thousands of Americans are on the brink of losing their homes, amid accusations that banks have been wrongly handling foreclosures.

The foreclosure crisis began with the recession of 2008, when the US housing bubble burst. Lenders were faced with millions of defaults at once, and lacked the manpower to process all the paperwork.

This contributed to what has become known as "robo-signing", bank staff signing off on repossessions, without properly checking all the documents. Now there is an ongoing legal investigation into foreclosure practices in all fifty states.

And several major financial institutions have temporarily halted thousands of foreclosure proceedings while this is going on.

Al Jazeera's Scott Heidler traveled to the frontlines of the foreclosure crisis, to the city of Portland, Maine, where the allegations first emerged.

James Turk Gold $8000

Gold is in a 2nd stage of a bull market. We will see a more rapid price appreciation than in the past years. Price target until 2015: 8000 Dollar. Price manipulation has come to an end. Gold as natural alternative to currencies. Chances of hyperinflation 100%.Gold prohibition possible.

Economic Collapse: 40.8 Million Americans Now On Foodstamps

As of May 2010, the record number of Americans receiving foodstamps has risen to 40.8 Million while Gov. leaders plan to cut 6.7 Billion dollars from the program.

Friday, November 19, 2010

Economist Ha-Joon Chang on Currency Wars and G20

Democracy NOW! - DN! - Korean-born economist Ha-Joon Chang teaches economics at the University of Cambridge and is the author of the forthcoming book 23 Things They Don't Tell You About Capitalism. "Obama] has to buy time to restructure the economy without creating a recession by sustaining this deficit spending, because otherwise our other option is going back to the 1930s," Chang says. "Don't forget that in the 1930s a lot of countries started cutting this deficit as soon as things looked slightly better, and many of them went back into recession." Published with written permission from democracynow.org. http://www.democracynow.org Provided to you under Democracy NOW creative commons license. Copyright for this news broadcast belongs to democracynow.org, an independent non-profit user funded news media,

Wednesday, November 17, 2010

Bailout for Ireland ?

Nov. 17 2010 | Ireland has agreed to work with a joint EU-IMF mission to help its banking sector, but will the debt-stricken country continue to resist a bailout? Art Hogan, director of global equities at Jefferies joined CNBC to discuss the matter.

Tuesday, November 16, 2010

Monday, November 15, 2010

Banks Will Take Responsibility for Mortgage Meltdown

FBN's Charlie Gasparino on what to expect from bank foreclosure hearings on Capitol Hill.

Irish Bailout Will Lead to Domino Effect

Nov. 15 (Bloomberg) -- Stuart Thomson, international fixed-income fund manager at Ignis Asset Management, talks about the prospects of an Irish bailout and for contagion in Europe. He speaks from Edinburgh with Maryam Nemazee on Bloomberg Television's "Countdown."

Sunday, November 14, 2010

Outsourcing Becomes Major Economic Problem - Dylan Ratigan

Dylan Ratigan—Nov. 12, 2010—Outsourcing becomes a major economic problem. Millions of American jobs shipped to China.

Friday, November 12, 2010

Irish Banks in Trouble?

Irish Banks in Trouble?
Nov. 12 2010 | 6:00 AM ET

"The problems facing the Irish banks are considerable," Neil MacKinnon, global macro strategist at VTB Capital, told CNBC Friday. James Bevan, chief investment officer at CCLA Investment Management, joined the discussion.

Thursday, November 11, 2010

The Purpose of Taxation - Andy Gause

Fact: Taxation is a relief valve on the economic machine to ease inflationary effects on the dollar.

Naked Capitalism and QE2

Naked Capitalism's Yves Smith: Banks to Cash In on QE2 "Carry Trade" - Fed's 600 B quantitative easing may well make more profits for bankers

Wednesday, November 10, 2010

QE2 a Bad Idea - John Ryding

RDQ Economics Chief Economist John Ryding discusses why the Fed's latest round of quantitative easing wont benefit the economy.

Tuesday, November 9, 2010

Do You Know Where Your Tax Dollars are Going?

FBN's Gerri Willis takes a look at how Uncle Sam is spending your hard-earned money.

Monday, November 8, 2010

China is stock piling GOLD

Tetsuya Yoshii, VP for derivative products at Mizuho Corporate Bank is bullish on gold given China's demand for the precious metal as it diversifies out of U.S. paper and dollar-based assets. He makes his case to Linda Yueh of Oxford University & CNBC's Martin Soong.

Sunday, November 7, 2010

Bankruptcy of U.S. is Mathematical Certainty, Says John Allison, Former CEO of Nation's 10th Largest Bank

“I think the first thing we have to realize is where we’re going and to face it objectively,” Allison told CNSNews.com, when asked about the trillion-dollar-plus deficits the federal government has run for three straight years, the more than $13 trillion in federal debt, and the $61.9 trillion long-term shortfall the government faces (according to the analysis of the Peter G. Peterson Foundation) if the government is to pay all the benefits it has promised through entitlement programs.

“If you run the numbers, on all those numbers that you just talked about, which I think are accurate, very accurate, in 20 or 25 years, the United States goes bankrupt,” said Allison. “It’s a mathematical certainty.read more >>>>

Saturday, November 6, 2010

Thursday, November 4, 2010

Quantitative Easing 2: US economy continues to sink (03Nov10)

The broke United States are pretending that printing more money will recover their economy - it won't. The money meant and banks will make the money, and the little people paying the taxes will be hung out to dry. The US economy is sinking to oblivion.

Congratulations to idiots like Gordon Brown and President Obama, who actually believe in their idol Keynes in how to ruin an economy.

What the money markets have done is give a loaded gun to sucker politicians, and said if you don't give us money, we'll pull the trigger and collapse the economy. The politicians give these crooks more money, and the economy continues to sink anyway. The politicians are in on the scam.

If people like Brown and Obama wonder why people do not support them, look at what the politicians have DELIBERATELY done to their economies.

Recorded from Newsnight, 03 November 2010.

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