Hope2012


Economic News & Analysis
July 28, 2008, 6:16 am
Filed under: business, collapse, consumerism, corporate corruption, economy, history, news, politics

UBS closes Swiss accounts of US clients – TimesOnline, UK 7/18/08

“UBS caved in to mounting pressure from the US Government yesterday and announced plans to close the Swiss bank accounts of all its American customers and prepared to lift the veil of secrecy that has protected its clients for centuries.Mark Branson, the chief financial officer of UBS’s global wealth-management unit, told a Senate hearing into tax evasion in Washington: “We have decided entirely to exit the business. UBS will no longer provide offshore banking or securities services to US residents through our bank branches.”

 

Morgan Stanley warns of ‘catastrophic event’ – Telegraph, UK 6/17/08 

 

US faces global funding crisis, warns Merrill Lynch – Telegraph, UK 7/18/08

 

Who’s Next?: List of Troubled Banks Worries Wall St – ABC 7/15/08

 

Chinese government owns $320 Billion in Fannie & Freddie bonds – Market Watch 7/11/08

 

Why Fannie & Freddie Can’t Fail: Bank of China owns $20 Billion of their debt – China Daily 7/17/08

 

Fannie/Freddie’s ‘Socialism for Rich’ – Consortium News 7/15/08

 

Treasury Secretary Paulson: “Financial Institutions Must Be Allowed To Fail” – Housing Doom 7/2/08

 

The U.S. Economy Is Socialism for the Rich – Alternet 7/24/08

Uncomfortable Answers to Questions on the Economy – NYTimes 7/18/08 

Status Report on the Collapse of the U.S. Economy– Global Research 7/15/08

 

IMF sticks by $1 trillion U.S. subprime fallout (Reuters)  – Yahoo 7/16/08

 

The oldest bank in the US could soon be held internationally accountable on money laundering charges – Alexander Cockburn via FirstPost, UK

A must read, especially in light of the ongoing credit and/or ‘liquidity crisis’
EXCERPT: “On July 3…a Moscow courtroom sizzled with acrid testimonials to the effect that the oldest bank in the US is internationally accountable on charges of money laundering and, if convicted, will have to pony up $22.5bn to the Russian Customs Service, said sum representing just over a third of the bank’s capital [emphasis added].  The outfit in question is the indubitably venerable Bank of New York, founded in 1784 by investors including Alexander Hamilton, first US Secretary of the Treasury, Aaron Burr (who later killed Hamilton in a duel) and the Bank of England. At least part of the start-up capital was money filched from a public works scheme to clean up Manhattan’s drinking water.”

 

Goodbye capitalism –  Financial Times, UK 7/15/08 

“There is a better way to handle the crisis over Freddie Mac and Fannie Mae, without rewarding failure”
We are told that in this society, those who ‘risk’ money in the stock market are ‘gambling’.  Humans are, corporations aren’t.  The Fannie & Freddie ‘rescue’ is a prime example of capitalism’s public subsidy for private benefit.  That money won’t bail out a single human mortgage holder; it will all go to bail out the corporate persons that government officials say are ‘too big to fail’.  I say – LET THEM FAIL!

 

Attack of the Global Pirate Bankers – The Nation 7/22/08

 

Tracking Rogue Financial Networks – HSToday 7/21/08

 

The Modern Stealth Depression – Minyanville 7/16/08

 

Primary Sources: WWII Ration Books – Mother Jones blog 5/13/08

 

Did 7 million Americas die of starvation during the Depression? – Pravda, Russia 5/7/08

 

National Debt to the Penny and Who Owns It – Treasury.Gov

 

The System is Broken. We’re Entering a Two Economy Society”: An Interview with Michael Hudson – Dissident Voice 7/3/08

 

This Land Is Their Land: How the Rich Confiscate Natural Beauty from the Public – Alternet 6/17/08

 

Detroit diggers – BBC 7/10/08

“Motown becomes Growtown as urban farming takes root “

 

Shoppers Buy Slices of Farms– NYTimes 7/9/08

 

The Economic Organization of POW Camps – R A Radford, 1945 (University of Albany NY)

 

Argentina’s Economic Collapse – America in 24 months time? – YouTube via ITulip

“The documentary divided into twelve parts tells the story of how debt combined with political corruption impoverished a nation that was once so rich that the expression “Wealthy as an Argentine” was once in common use throughout the world.When the USA took on trillions in debt starting in the early 1980s, did we enter a Dante’s hell as Argentina did when it took on its debt under a military dictatorship in the 1970s? Is it only a matter of time before US debts lead inexorably to currency crisis, inflation, and political chaos? The story will strike North Americans as uncomfortably familiar.”
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Comment by theglaringfacts




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