Friday, 30 September 2011 09:26 'PIMCO CEO signals the collapse of entire global banking system underway as a panic driven institutional bank run drains French banks of nearly all their capital. PIMCO’s CEO tells the Financial Times that the institutional bank run on French Banks has left them with as little as 1% capital against the total assets reported on their balance sheets and institutional panic in the global financial system is underway If this is true, we are looking at the collapse of the very foundation of the entire European banking system which in turn means the collapse of an essential pillar of the entire global banking banking system.' Friday, 30 September 2011 08:58 'The Teamsters Union and New York Transit Workers Union have thrown their support behind the Wall Street protests. Alexander Higgins – reporting live from the protests – notes that United Airlines pilots marched in the protest wearing their full pilot uniforms.' Read more: Wall Street Protest Growing Friday, 30 September 2011 08:17 'It’s as if Solyndra never happened. The Obama Administration is giving $737 million to a Tonopah Solar, a subsidiary of California-based SolarReserve. PCG is an investment partner with SolarReserve. Nancy Pelosi’s brother-in-law happens to be the number two man at PCG.' Read more: Crony Socialism: Obama Gives $737 Million to Solar Firm Linked to the Pelosi Clan Friday, 30 September 2011 07:38 Friday, 30 September 2011 06:42 'Hague first used the phrase in 1988 when he was Tory leader. He had claimed that Europe would have to handle the fallout from the plan to generate the single currency. Read more: 'Euro a Burning Building With No Exits' Friday, 30 September 2011 06:34 'The Treasury said on Thursday that the initiative is hoped to raise 35-40 billion euros (USD 47-52 billion), Reuters reported. It said the government's measures to boost its income through the means could reduce the country's budget deficit by 9.8 billion euros (USD 13.2 billion) by 2020. Friday, 30 September 2011 06:24 'The European Commission said Thursday in its monthly survey of economic conditions around the 17 euro area countries that economic sentiment further fell in September following the previous month's steep collapse, the Associated Press reported. Read more: EU Economic Confidence Sinks Further
While speaking to reporters, Hague insisted it was “folly” to form this system. “It will be written about for centuries as a kind of historical monument to collective folly. But it's there and we have to deal with it."
"I described the euro as a burning building with no exits and so it has proved to be for some of the countries in it," he said.'
"Today a big structural reform gets underway to reduce the debt and to help the country's modernization and growth," Italy's Economy Minister, Giulio Tremonti, noted.'
The region's economic sentiment indicator stands at 95, against August's 98.4, and is below the long-run average. The last time it was lower was in December 2009.
Among the seven largest economies, confidence in Italy declined the most, down by 5.1 points. It was followed by France, down by 3.5 points, and UK, down by 3.4.'
Friday, 30 September 2011
Posts
