In Case You Missed It Did Vladimir Lenin Predict The Banking Disaster Of 2008? Banks dump Greek debt on the ECB as eurozone flashes credit warnings: Foreign holders of Greek and Portuguese debt have seized on emergency intervention by the European Central Bank to exit their positions, leaving eurozone taxpayers exposed to the credit risk. Stranger than fiction? `There's No Money Left,' U.K. Minister Learns From Predecessor: Arriving for work at the U.K. Treasury last week, the incoming chief secretary, David Laws, found a note from his predecessor, Liam Byrne, offering advice on the job. Spanish debt auction comes close to failure: Spain came close to its first debt auction failure on Tuesday, highlighting the funding problems for weaker eurozone economies. How bankers brought Ireland to its knees: Once noted mainly for the export of people, Ireland became one of Europe’s wealthiest countries, overtaking its former colonial master. It used EU regional aid to modernise, above all in education and infrastructure, and then it put in place low-tax, business-friendly policies that became a magnet for investors. Chinese electronics tycoon becomes country's richest prisoner: Huang Guangyu, who dropped out of school and made fortune from electronics, jailed for 14 years for manipulating markets Conspiracy of Banks Rigging States Came With Crash : A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion municipal bond market. How Investors Made Millions from People Facing Eviction: A six-year conspiracy by veteran real estate investors to rig bids and stifle competition at tax sale auctions made two chief organizers at least $10 million, largely from fees homeowners paid to keep from losing their properties, according to federal prosecutors. More homeowners choose to default on loans: The report found that the incidence of strategic default is higher among those with higher credit scores and larger loan balances.
Wednesday, 19 May 2010
By Mike Whitney
Real organic personal income is nearly $500 billion lower now than it was at the peak 16 months ago and this has never occurred before coming out of any technical recession. Continue
"Imperialism the Highest Stage of Capitalism"
By V. I. Lenin
The epoch of imperialism opens when the expansion of colonialism has covered the globe and no new colonies can be acquired by the great powers except by taking them from each other, and the concentration of capital has grown to a point where finance capital becomes dominant over industrial capital. Lenin enumerated the following five features characteristic of the epoch of imperialism:Continue
By 39 Online
Foreclosure and Unemployment Blamed for Spike in Suicides. Continue
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