A U.S. Default Seen as Catastrophe Dwarfing Lehman’s Fall (Oct 2013)

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Source: Bloomberg – A U.S. Default Seen as Catastrophe Dwarfing Lehman’s Fall

Notable excerpt:

Anyone who remembers the collapse of Lehman Brothers Holdings Inc. little more than five years ago knows what a global financial disaster is. A U.S. government default, just weeks away if Congress fails to raise the debt ceiling as it now threatens to do, will be an economic calamity like none the world has ever seen.

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No Banker Left Behind (Aug 2013)

banksters

Source: NY Times – No Banker Left Behind

Notable excerpts:

The Detroit bankruptcy case has been cast as a contest between bondholders and pensioners that can be resolved only by shared sacrifice.

In principle, we have no problem with that, though in practice, the pensioners’ fair share will have to take into account their extreme vulnerability: Public pensions are not federally insured and many municipal retirees do not receive Social Security.

What we do have a problem with is shared sacrifice that does not seem to apply to the big banks that abetted Detroit’s descent into bankruptcy.

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Miners Flailing As 10-year Gold Rush Grinds To A Halt (Aug 2013)

gold_mine

Source: The Australian – Miners flailing as 10-year gold rush grinds to a halt

Notable excerpts:

IT has been a quarter from hell for Australia’s gold industry, and the wallets of the nation’s goldmining executives are lighter as a result.

The sector has been reeling in recent weeks, with a wave of redundancies, salary cuts and writedowns illustrating how painful life became as the 10-year bull run in gold prices ground to a swift halt.

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The Fed Is Paying Banks NOT To Lend 1.8 Trillion Dollars (Jul 2013)

federal-reserve

Source: The Economic Collapse Blog – The Federal Reserve Is Paying Banks NOT To Lend 1.8 Trillion Dollars To The American People

Did you know that U.S. banks have more than 1.8 trillion dollars parked at the Federal Reserve and that the Fed is actually paying them not to lend that money to us?  We were always told that the goal of quantitative easing was to “help the economy”, but the truth is that the vast majority of the money that the Fed has created through quantitative easing has not even gotten into the system.  Instead, most of it is sitting at the Fed slowly earning interest for the bankers.

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Flash From The Past: Nothing Has Changed Since LTCM Bailout In 1998 (May 2010)

history_repeats_itself

Source: Huffington Post – Wall Street Vet Involved In 1998 Long-Term Capital Management Bailout Says Nothing Has Changed

Ten years before this latest crisis, the U.S. government engineered the bailout of a financial firm that had borrowed billions of dollars to make big bets on exotic securities. The firm was a hedge fund called Long-Term Capital Management.

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