The Bottomless Bailout America Loses 23,000 Jobs Every Day The U.S. Financial System Is Effectively Insolvent This Is What A Financial Collapse Looks Like IMF: Fifth of Britain's GDP spent so far on bailouts: More than any other major economy, according to a grave assessment of the world financial crisis published today by the International Monetary Fund. 'Run on UK' sees foreign investors pull $1 trillion out of the City: Monies held in the UK on behalf of foreign investors – fell by $1 trillion (£700bn) between the spring and the end of 2008, representing a huge loss of funds and of confidence in the City of London. Recession crime wave hits Britain: His force, which takes the lead nationally on fraud investigations, have 615 live investigations into 689 suspects - from individual white collar cases to multi-million pound "mini-Madoff" investment scams and massive mortgage frauds. Merrill Lynch probes $400m trader loss: A Merrill Lynch currency trader has been suspended after racking up more than $400m in undisclosed losses in recent months, raising further questions about the financial health of the investment bank bought by Bank of America last September. Top U.S., European Banks Got $50 Billion in AIG Aid: The beneficiaries of the government's bailout of American International Group Inc. include at least two dozen U.S. and foreign financial institutions that have been paid roughly $50 billion since the Federal Reserve first extended aid to the insurance giant.
By Ralph Nader
Does anybody in the federal government know or could know “who, what, where and when” of the massive, complex, vertical, horizontal, global collapse of Wall Street and its planetary tentacles in over 100 countries abroad? Step forward if you exist! Uncle Sam needs you!Continue
Output suffers biggest slump in 25 years
By Gráinne Gilmore, Economics Correspondent
In a further sign of the struggles that are facing workers in America, the number of people forced into part-time work because their hours were cut or they were unable to find full-time work rose by 787,000 to 8.6 million last month. Yet despite the gloomy figures, analysts drew hope from evidence that the pace of job losses was easing. Continue
There is a grave risk of a global L-shaped depression.
By Nouriel Roubini
Even with the $2 trillion of government support, most of these financial institutions are insolvent, as delinquency and charge-off rates are now rising at a rate--given the macro outlook--that means expected credit losses for U.S. financial firms will peak at $3.6 trillion. So, in simple words, the U.S. financial system is effectively insolvent. Continue
Argentina's Economic Collapse
Video
Documentary on the events that led to the economic collapse of Argentina in 2001 which wiped out the middle class and raised the level of poverty to 57.5%. Central to the collapse was the implementation of neo-liberal policies which enabled the swindle of billions of dollars by foreign banks and corporations. Continue
Sunday, 8 March 2009
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