The United Nations’ crime and drug watchdog has indications that money made in illicit drug trade has been used to keep banks afloat in the global financial crisis, its head was quoted as saying on Sunday.
So, let’s see if I have this right, organized crime money is being used to keep organized crime banks [...]
Posts under ‘Credit crisis’
UN. Drug money used to keep ailing banks afloat
The economic crisis and the Left
Economist Doug Henwood writes about on the current economic crisis and what, if anything, the left can do out it in Gloomy, w/ a 15% chance of depression
He runs Left Business Observer, a left / socialist newsletter and listserv, has a show on WBAI, and is savvy enough about economics that he often gets quoted [...]
Iceland’s government collapses
This comes as no surprise. Their economy is in tatters and protests have been increasing both in numbers and intensity.
At a rally Monday outside Parliament, protester Svginn Rumar Hauksson said demonstrations won’t end yet.
“The protests will continue until it becomes clear that things are really changing,” he said.
John Thain. Former Merrill CEO. Arrogant, stupid, fired
John Thain was fired this week as CEO of Merrill Lynch after zillions more in garbage assets were found on their books by BofA, who bought the company last September.
Thain apparently had been a busy guy since the sale, whining that he should get a huge bonus because he arranged it (conveniently forgetting of course [...]
Iceland announces early election
Jan 21 photo by dvergur
The current PM says he will not run. This is a direct result of their financial crisis and the growing protests.
From Perspective
Peaceful and prosperous were two words you would have used to describe Iceland. Now the island faces ruin as the credit crunch has wiped out banks and rendered the currency [...]
Has the Icelandic Revolution begun?
The Iceland Parliament has been stormed, with bonfires set outside it. The siege continues.
“Beware the fury of a patient man.”
Russian ruble about to cliff dive
The Russian government has given up trying to prop up its sagging ruble, and will instead do a “dirty float”
“A dirty float would look like it was a free market but the central bank would still have a measure of control”
By doing this, their central bank has already admitted they’ve lost control.
Anyway, we love the [...]
Jim Rogers: UK is “finished”
One of the world’s leading investors voiced the markets’ concerns. Jim Rogers, of the Singapore-based Rogers Holdings and co-founder of the Quantum fund with George Soros, told Bloomberg Television: “I would urge you to sell any sterling you might have. It’s finished. I hate to say it, but I would not put any money in [...]
Financial stocks decapitated
The chart is in descending order by %Chg. Note that these are one day changes in price. State Street announced a 71% drop in quarterly income and got decimated. Bank of America and Citigroup are both on life support and probably bankrupt.
Nationalization is coming.
Epic Fail: Royal Bank of Scotland
The Royal Bank of Scotland Group just said, whoopsie, we might lose as much as 28 billion pounds, so the government is bailing them out. Again.
I Want My Bailout Money
I Want My Bailout Money by Michael Adams the Health Ranger is available as a free download from his website.
I want my bailout money
Keep the bills coming
Sweet green cash just drippin like honey
I’m a new kind of thug with a Washington buzz ’cause
Dealing debt pays better than dealing drugs
The prisons are filled with brothers [...]
Credibility of financial markets in question
Hey, even a small stock trader like me can see how the markets often seems rigged. Toss into the mix that ethically and financially bankrupt (former) investment banks get billions tossed at them by the government while giant Ponzi schemes and ripoffs ala Madoff and Dreier destroy the financial resources of many – and even [...]
Option ARMs. The new subprime
With billions of Option ARMs due for recast in 2009 and 2010 another crisis is on the making. But this time problems are expected to be more pronounced than the subprime crisis since the economy is already nearing its trough, the consumer confidence has slumped to an all time recent history low and financial markets [...]
Rick Wolff on economic crisis and socialist strategy
Noted Scholar and author Rick Wolff discusses the Economic Crisis and Socialist Strategy at the Brecht Forum/NY Marxist School October 6th, 2008
“Everyone was in on it and everyone is in trouble now. Any differentiation between Wall Street and Main Street is bizarre.”
Doug Henwood on the Economic Crisis
Left Business observer and writer Doug Henwood discusses the economic crisis at the Brecht Forum October 10, 2008. Co-sponsored by the Nation
Henwood is an economist, has a radio show on WBAI, and runs LBO-Talk, one of the main listservs on the hard left. This is definitely worth listening to.
