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International bankers, the IMF, the Eurozone and other horrors

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International bankers, the IMF, the Eurozone and other horrors Empty International bankers, the IMF, the Eurozone and other horrors

Post  eddie Sat Jun 18, 2011 10:06 pm

Andy has deleted his previous posts on these subjects, leaving only incomprehensible thread fragments which are best entirely removed by the Mods because they now make no sense- a bit like International Finance itself, really.

Nice one, Andy.

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UK 'should not join Greek bailout'

June 18, 2011

International bankers, the IMF, the Eurozone and other horrors N0010981308314379644A
Greek police struggle to restore order during anti-cuts demonstrations (AP)

A fresh financial bailout for Greece should only involve countries which have joined the single currency, Government officials have said.

The UK was not involved in the original bailout for Greece last year, which was funded via bilateral loans within the single currency area.

Germany and France have already signalled there is no reason for London to pay a share of any repeat bailout in the face of a worsening Greek economic crisis.

And ahead of talks between EU finance ministers Prime Minister David Cameron's official spokesman said: "I don't want to speculate on what might happen.

"There is no proposition on the table on this and we are not part of those arrangements, those bilateral arrangements."

In Brussels a Government official commented: "The UK is of the view that the Greek problem is to do with the eurozone. The original problem was resolved with bilateral loans, put together for Greece last May and it is appropriate that only those involved in the original bailout should be involved - the UK will not be involved."

There was a "theoretical risk", he said, that if a second bail-out package were agreed, some may want to use a bailout fund set up after the Greek crisis last year, which involves contributions from all EU countries.

But he added: "We do not get the benefits of the euro, as we are not members, so we should not be involved (in a bailout)."

EU eurozone finance ministers are due to agree next week on the latest payment from the 110 billion euro (£96.5 billion) Greek bailout approved in May last year. And they are also under pressure to settle the terms of a second bail-out, following the failure of existing Greek austerity measures to revive the economy and close the Greek national deficit gap.

Chancellor George Osborne will be attending the talks in Luxembourg, but he will expect Germany and France to stick to their public acknowledgement that the issue does not involve the UK.

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Post  eddie Sat Jun 18, 2011 10:09 pm

IMF chief charged with sex attack

16 May 2011

International bankers, the IMF, the Eurozone and other horrors N0474931305420565268A
IMF chief Dominique Strauss-Kahn is being questioned by US police in connection with the alleged sexual assault of a hotel maid (AP)

The leader of the International Monetary Fund, a possible candidate for president of France, was pulled off a plane in New York moments before it was to depart for Paris and arrested over sex attack allegations involving a hotel maid.

Dominique Strauss-Kahn, 62, was arrested on charges of a criminal sex act, attempted rape and unlawful imprisonment. He was taken off the Air France flight at John F Kennedy International Airport on Saturday afternoon by police officers.

Strauss-Kahn's lawyer, Benjamin Brafman, said his client will plead not guilty at his expected arraignment. "He denies all the charges against him," said Mr Brafman, one of the city's most high-profile defence attorneys whose clients have included mobsters and such celebrities as Sean "P Diddy" Combs and rapper Jay-Z. "And that's all I can really say right now."

Mr Brafman and another lawyer briefly went in and out of the Harlem police precinct where Strauss-Kahn was being held.

France woke to the news with a measure of shock and surprise.

Strauss-Kahn was expected to be the main challenger against President Nicolas Sarkozy, whose political fortunes have been flagging, in next year's presidential elections. The arrest could shake up the race and throw the long-divided Socialists back into disarray about who they could present as Mr Sarkozy's opponent.

"It's a cross that will be difficult for him to bear," said Dominique Paille, a political rival to Strauss-Kahn on the centre right, on BFM television.

"It's totally hallucinating. If it is true, this would be a historic moment, but in the negative sense, for French political life," Mr Paille said. Still, he urged, "I hope that everyone respects the presumption of innocence. I cannot manage to believe this affair."

Later, police said the maid picked Strauss-Kahn out of a line-up. Sofitel hotel spokewoman Stacy Royal said the maid had worked there for three years and had been a satisfactory employee.

It was not clear why Strauss-Kahn was in New York. The IMF is based in Washington, and he was due in Germany.

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Post  eddie Thu Jun 30, 2011 9:27 pm

Greece awaits new vote on cuts

June 30, 2011

International bankers, the IMF, the Eurozone and other horrors N0226671309400992310A
A protester holds an iron stick as he stands in front of the Greek parliament during clashes at Athens's main Syntagma square (AP)

Greek lawmakers are set to vote on a bill to fast-track fresh austerity measures demanded by creditors, following two days of rioting in Athens that left some 200 people injured.

Greece's international creditors have insisted that Greece back an austerity package and the associated implementation bill in return for giving more money to the country.

On Wednesday, parliament approved the five-year 28 billion euro (£25 billion) package of spending cuts and tax increases, leaving details of the cuts to be approved today.

If the bill to implement the austerity measures is cleared, the eurozone and the International Monetary Fund will be in a position to release the 12 billion euro (£10.4 billion) that is due from last year's package of rescue loans for Greece.

Without the financial assistance, Greece was facing bankruptcy as soon as the middle of July.

A Greek default on its debts could trigger a major banking crisis and potential turmoil in global markets, similar to what happened when the Lehman Brothers investment house collapsed in 2008 in the United States. As a result, markets around the world breathed a sigh of relief after Wednesday's vote.

The 12 billion euro will tide Greece over until mid-September, according to government officials, but it looks like it will need a lot more money in the years to come. Creditors are considering giving Greece a second, major support package to cover upcoming financing gaps.

Last year's 110 billion euro (£96 billion) package was predicated on Greece being able to tap bond market investors for cash next year but with the country's interest rates at exorbitant levels, that looks highly unlikely. The austerity measures being imposed in Greece in return for outside help are being met with resistance.

On Wednesday, riots erupted for a second day outside the parliament in Athens, with police clashing and firing tear gas at protesters after a failed attempt to blockade the building.

Government officials said they were unhappy with policing of the riots which lasted nearly 10 hours but police spokesman Thanassis Kokkalakis said they had succeeded in protecting parliament and preventing serious injuries and property damage. No major protests were planned on Thursday, and power company workers called off a strike which had caused days of rolling blackouts.

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Post  eddie Thu Jun 30, 2011 9:44 pm

British banks 'fall behind rivals'
June 30, 2011

International bankers, the IMF, the Eurozone and other horrors N0216201309350833714A
Royal Bank of Scotland has slipped to tenth place in a world ranking of banks since last year

The UK's biggest banks have fallen behind their overseas competitors following the credit crunch and there are "serious doubts" the sector will ever fully recover, a new report has warned.

Profits in the global banking industry have bounced back to near pre-crisis levels but those at UK-listed institutions are still 58% below their 2007 peak, according to the Top 1,000 World Banks ranking published by The Banker magazine.

Four years ago, the British banking industry was the second most profitable in the world after America, but it has been overtaken by China, France and Japan.

Saddled with bad debts, UK banks are battling increasing regulation, the poor state of the domestic economy and compensation claims for mis-selling payment protection insurance. Meanwhile, banks in emerging economies are breathing down their necks.

Brian Caplen, editor of The Banker, said: "The British banking sector was the envy of the world in the boom years. It now faces a Herculean task to regain the position of strength it had four years ago.

"The poor state of much of the British banking sector three years after the crisis is a worry and there are serious doubts over whether the sector will ever recover."

Royal Bank of Scotland, which is 83% owned by the taxpayer, was last year in fourth place on the table of the biggest banks according to tier one capital - a key measure of strength - but has slipped to 10th. Taxpayer-backed Lloyds fell from 12th place to 18th, while Barclays dropped from 10th position to 12th.

However, HSBC - which has high exposure to Asian economies - moved up to third from fifth. Standard Chartered, with its main business in Asia, Africa and the Middle East, has risen from 42nd place to 36th.

American banks still dominate the top of the ranking with Bank of America at number one, JP Morgan at number two and Citigroup at number four.

The worst losses were recorded by Irish banks - Anglo Irish lost 23.5 billion US dollars (£14.7 billion) and Allied Irish Banks lost 15.8 billion US dollars (£9.9 billion).

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Post  eddie Sun Aug 07, 2011 5:24 am

The international credit rating of the US has been downgraded for the first time in history. The global economy is fucked:

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US credit rating downgrade prompts warning from China• S&P cuts US credit rating from AAA to AA+ for first time

• China says it has 'every right to demand' US tackles debt
• Barack Obama repeats call for parties to work together

Larry Elliott, Jill Treanor, Dominic Rushe and David Batty guardian.co.uk, Saturday 6 August 2011 11.45 BST

International bankers, the IMF, the Eurozone and other horrors Barack-Obama-007
Barack Obama appealed to politicians from both parties to refocus on efforts to stimulate the stagnant economy. Photograph: Jonathan Ernst/Reuters

The United States has lost its top AAA credit rating for the first time, in a move that could severely undermine the recovery of the world's largest economy and prompt further calamitous falls on world stock markets next week.

Ratings agency Standard & Poor's decision to cut the debt rating after another dire day on the world stock markets on Friday could increase the cost of borrowing for the US and set off more panic selling when stock markets reopen on Monday.

The downgrade is an embarrassment for the Obama administration, coming less than a week after protracted wrangling among Republicans, Democrats and the White House took the US to the brink of default.

In his weekly radio address, Obama appealed to politicians from both parties to set aside partisanship and refocus on efforts to stimulate the stagnant economy.

"Congress reached an agreement that's going to allow us to make some progress in reducing our nation's budget deficit. And through this compromise, both parties are going to have to work together on a larger plan to get our nation's finances in order," Obama said.

China, the world's largest holder of US debt, condemned the "short-sighted" political wrangling in the US and said the world needed a new and stable global reserve currency.

In a comment article the official Xinhua news agency said China had "every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets. International supervision over the issue of US dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country."

S&P had held back cutting the rating earlier on Friday after the US government reportedly questioned its maths. But the agency insisted it was going ahead with the downgrade to AA-plus, saying the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilise the debt situation.

It is the first time S&P has issued a "negative" outlook on the US government since it began rating the credit-worthiness of railroad bonds in 1860. Michael Hewson, a market analyst at CMC Markets, warned: "This crisis will run and run, and could make Lehmans look like a Tupperware party."

The dramatic reversal of fortune for the world's largest economy means that US treasuries, once seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany or France. The move is likely to raise borrowing costs for the US government, companies and consumers.

Unnamed US officials had been telling the media that S&P's analysis was deeply flawed, but S&P said in a statement: "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilise the government's medium-term debt dynamics."

Britain's stock market suffered another major sell-off on Friday, ending its worst week since the collapse of Lehman Brothers in 2008 with almost £150bn wiped off the value of the country's top 100 companies.

After a calamitous five days for stock markets on both sides of the Atlantic, the FTSE 100 closed 146 points lower at 5247 to record its third day of triple-digit declines – a trading pattern last witnessed in the immediate aftermath of Lehman's bankruptcy in September 2008.

Better-than-feared US employment figures failed to calm the markets. A rally prompted by news that America's economy generated an extra 117,000 jobs last month fizzled out within an hour in London, after the German government ruled out providing extra money for Europe's bailout fund, and rumours about the impending S&P move swirled around Wall Street.

After the European markets closed, Wall Street – which had suffered a 512-point fall on Thursday in one of its worse performances since 2008 – was encouraged by remarks from the Spanish government that the prime minister, José Luis Rodríguez Zapatero, agreed with the French president Nicolas Sarkozy's desire for greater co-ordination.

Even so, the Dow Jones Industrial Average, on a day of wild fluctuations, ended just 60 points higher. Tensions were also eased after Italy's prime minster, Silvio Berlusconi, promised to accelerate austerity measures by a year, and summoned a meeting of G7 finance ministers as soon as possible.

His comments followed rumours that the European Central Bank could reverse its hardline stance and begin buying Spanish and Italian government bonds in return for quicker reforms.

Dealers have been frustrated by the lack of urgency shown by the ECB in supporting Italy and Spain. During Thursday's market mayhem, they had bought only bonds issued by Ireland and Portugal.

Amid fears of an escalation in the crisis, Mervyn King, the governor of the Bank of England, held a conference call with David Cameron and the chancellor, George Osborne – both on holiday – to discuss the impact of the financial crash on Britain's banks and the struggling UK economy. The Bank is likely to cut its growth forecast for the UK when it publishes its latest quarterly inflation report on Wednesday.

"They discussed the financial situation and the chancellor asked the governor for his judgment," a Treasury source said. "They agreed to monitor the situation."

The source said the chancellor was keeping up the pressure on eurozone leaders to carry through the terms of the second bailout of Greece, which was intended to calm the markets when announced on 21 July but has failed to do so, with concerns widening to Italy and Spain. "What we are communicating to our European counterparts is you must deliver on what you have promised," a Treasury source said.

The US jobless rate went down from 9.2% to 9.1%. Analysts said the increase in non-farm payrolls was bigger than the 85,000 jump expected by Wall Street, but the figures were not good enough to make traders feel less gloomy about the possibility of a global double-dip recession.

Glenn Uniacke, senior dealer at Moneycorp, said there was relief at the US jobs figures. "With employment growth in the world's top consumer market an indicator of the future strength of the global economy, today's non-farm payroll figures gave the markets a modest upside surprise and President Obama some short-term reprieve following the blood-letting of the past week," he said.

"However, the data won't stop the rot and is not sufficient to change the bearish outlook from traders, with a sustained figure of 200,000-plus needed for any major positive impact on the unemployment rate. The markets were seen swinging wildly straight after the data, unsure how to interpret the ray of light in an otherwise gloomy week."

The British economist Baroness Vadera, a former Labour minister and G20 adviser who played a role in devising a rescue package for the international banking system at the time of the 2008 crash, said the current crisis could be even worse.

She told BBC Newsnight: "It feels as scary, but it is different. The reason it is potentially worse is that governments stepped in [in 2008-09] all over the world and saved the banking system in order to save their economies, but now who is going to step in to save governments?

"When we went into that crisis, interest rates were quite high, so we did have monetary policy to use as a tool and now we are at the outer limits of that. Lastly, we are currently facing quite a lot of inflationary pressures, particularly coming from commodities and emerging markets, so our room for manoeuvre is a lot more limited."

guardian.co.uk © Guardian News and Media Limited 2011


Last edited by eddie on Sun Aug 07, 2011 5:37 am; edited 1 time in total
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Post  eddie Sun Aug 07, 2011 5:29 am

^

I'm reminded of the passage in Bob Dylan's Chronicles in which he goes for a motorcycle ride with his wife as a pillion passenger and fetches up at a general store owned by a Chinese bloke who predicts that China will essentially inherit the earth.
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Post  eddie Sun Aug 07, 2011 5:36 am

Euro leaders race to stem global panic over US credit rating downgrade

Finance ministers from G7 countries hold urgent talks to try to prevent loss of confidence in world's biggest economy

Toby Helm, Nils Pratley and Tania Branigan guardian.co.uk, Saturday 6 August 2011 19.12 BST

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'We'll be carefully watching the evolution of what might happen on Monday,' said French finance minister, Francois Baroin. Photograph: Carl Court/AFP/Getty Images

World leaders are battling to prevent panic from spreading across financial markets as the sudden downgrading of the US credit rating triggered fears of global turmoil when stock exchanges open.

Finance ministers from the G7 leading industrial countries – many of them away on summer holiday – agreed to a series of urgent weekend telephone talks to try to prevent a loss of confidence in the world's biggest economy. But the uncertainty grew when the Saudi market dropped a massive 5.5%.

French finance minister Francois Baroin, whose country holds the G7 presidency, said he been in contact with colleagues for 24 hours. "We'll be carefully watching the evolution of what might happen on Monday," he said.

Chancellor George Osborne, holidaying in California, held talks with his G7 counterparts and David Cameron, who is in Tuscany. Officials said Osborne would be ready to interrupt his holiday if a full G7 meeting was called.

Treasury sources said the chancellor had been using the discussions to address the interconnected problems of the debt crisis in the eurozone as events unfolded in Washington. Osborne was reported to be urging richer eurozone states such as Germany and France to back the radical step of issuing so-called "eurobonds", meaning they would underwrite the debt of poorer eurozone nations in return for gaining a formal say in the future running of their economies.

The European Central Bank will hold a conference call with EU leaders to discuss its response to the eurozone's debt crisis, an ECB source said. Italy's pledge to speed up austerity measures and whether the ECB should buy Italian government bonds are expected to be discussed.

S&P's downgrading of the US credit rating on Friday added to fears over debt levels and economic growth in the world's biggest economy and in large European nations, like Italy and Spain. As the effect was felt across the globe, China, the largest foreign holder of US debt, issued an extraordinary demand that Washington change its economic ways and address its "debt addiction". It said the rating reduction would be followed by more "devastating credit rating cuts" and global financial turbulence if the US failed to learn to "live within its means".

"China, the largest creditor of the world's sole superpower, has every right to demand the United States address its structural debt problems and ensure the safety of China's dollar assets," it said.

It also insisted the US should slash its "gigantic military expenditure and bloated social welfare costs", and repeated its demand for a new global reserve currency to replace the dollar.

In London, opinion was split between those who believed the markets would take the US credit decision in their stride and others who believed it could trigger a series of events that would do untold damage to the global financial system.

Paul Dales, senior US economist at thinktank Capital Economics, said the loss of the AAA rating "shouldn't be a complete disaster" and that any adverse reaction should prove temporary. However, he added: "The downgrade comes at a time when the financial markets and advanced economies are very fragile. The extra uncertainty could easily prolong the latest slide in equity prices. In the worse-case scenario, this could prove to be the trigger for another financial crisis that sends the US and other western economies back into recession."

Erik Britton, director of Fathom Financial Consulting, a City-based consultancy, said there was a fear that the US downgrade "will trigger a chain reaction across global bond markets that could culminate in an Italian or Spanish sovereign default and a systemic banking crisis".

He said that US government debt had been viewed as "risk free" by the markets, but that had now changed, meaning that the yields on US bonds would rise and their price would fall. Because other bonds would be similarly affected, massive problems would result for banks worldwide which would be left holding bonds of declining value.

"A small further rise in the Italian government bond yield, which could be triggered by the US downgrade, would make a default there inevitable. And that would present a systemic threat to the global financial system that would make Lehmans look like a walk in the park," said Britton.

The Treasury said the US credit rating decision was a "complete vindication" for the government's robust approach to cutting the deficit: "When this government came to power, Britain's AAA rating was on negative outlook from S&P, but thanks to the decisions we've taken to deal with out debts and support a sustainable recovery our rating has been reaffirmed, helping to keep borrowing rates down for taxpayers, homeowners and businesses," said a spokesman.

But the shadow chancellor, Ed Balls, said the plan to reduce the deficit was not working because there was no growth in the economy. "The problem in Britain is that George Osborne's plan is not working. By trying to go too far and too fast, confidence has been knocked and last year's recovery has been choked off," he said.

guardian.co.uk © Guardian News and Media Limited 2011
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Post  tatiana Sun Aug 07, 2011 10:08 am

we're all going die, so let's get high
we're all going to die, so let's be nice.





I love you



Laughing Shocked Cool Basketball sunny
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Post  eddie Sun Sep 25, 2011 11:33 am

Two news stories this week:

I note with interest (sic) that the world economy is completely fucked.

It also appears that there are more obese people in the world than starving people.

Is this the beginning of the end of Capitalism as we know it?
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Post  Lee Van Queef Sun Sep 25, 2011 10:09 pm

eddie wrote:

It also appears that there are more obese people in the world than starving people.


So would more staving people than obese people be more prefable?! What a Face
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Post  eddie Mon Sep 26, 2011 12:50 am

TickleCockBridge wrote:So would more staving people than obese people be more prefable?! What a Face

Facile and unworthy.
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Post  Lee Van Queef Mon Sep 26, 2011 1:21 am

Ouch.
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Post  eddie Sat Oct 08, 2011 11:31 am

Q&A On Significance Of Mervyn King's Warning
[Mervyn King is Governor of the Bank of England]

Sky News
By Tadhg Enright, business correspondent


Mervyn King's warning about the financial crisis potentially being the worst ever was stark - but what does it mean for you?

Could Mervyn King's comments knock confidence?

They certainly could but King did his best to reassure consumers and businesses by insisting that the worst of the economic crisis is behind us.

The Bank of England 's job is to decide which interest rate and other monetary policies are the right ones to deliver a healthy economy and its governor said that the £75bn of additional quantitative easing was "the right thing to do".

Many people had been asking whether this could be history's worst financial crisis but hearing such comments from Britain's most powerful banker, whose responsibility is not to unnecessarily frighten consumers and investors, could be seen as worrying because the Bank has access to official economic data before the rest of us so it is the most aware of the probems the economy has.

Is this really the worst economic crisis ever - and why?

Mr King said that this "could" be the worst economic crisis ever .

We won't really know until it's over. Back in the Great Depression of the 1930s, several countries defaulted on their debts.

Right now Europe is supposed to be designing a plan to avoid a similar scenario.

Many believe a default by Greece is unavoidable but managable but the fallout would be far more severe if there were several defaults.

How will this affect me?

Unless confidence is restored to the banking sector by ensuring it has enough money to cope with a Greek default, the danger is that the credit supply will dry up and the world economy grinds to a halt with no-one willing to risk losing their money.

If that happens, there is a risk that unemployment could rise and you or someone you know could lose your job.

What is quantitative easing?

QE is a complicated way of adding more money into the economy. The Bank of England simply creates new money and uses it to buy up bonds/debts that private banks and other lenders have given to other companies/institutions.

The hope is that the banks will then choose to lend more money. In principle it should also reduce the cost of borrowing for consumers.

Will it work?

Not even the Bank of England has said it can be sure it works although it recently calculated that the £200bn of QE announced in November 2009 added up to 2% to economic growth.

Critics argue that in troubled times many banks use QE as an opportunity to reduce the size of their loans rather than extending more credit to consumers and businesses.

Could it make inflation worse?

Yes, and the Bank of England says that the QE already in the system could be responsible for adding around 1.5% to inflation.

The reason is that adding more money into the system reduces the value of sterling which makes imports to the UK more expensive.

The Bank of England is supposed to set policies that keep inflation at a target of 2% but it has been running at twice that target for well over a year.

Mr King says that inflation in September has probably gone above 5% but that it has now peaked and is likely to fall back sharply next year and could even go below 2% by the end of 2012.

Is the Government likely to take action now as well?

The Government is responding to the weakening economy with a strategy known as "credit easing" which is similar to QE but the exact way it will work has yet to be defined.

However, "credit easing" typically involves buying bonds from businesses, effectively giving them loans.

Small and medium businesses, which the Chancellor says this scheme is targeted at, normally don't issue bonds so a way to get the money to them will have to be devised.
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Post  eddie Sun Oct 16, 2011 3:31 am

Wall Street Protests Spread To City Of London
Sky NewsSky News

Protests against the global financial system have hit London as demos that started in New York's Wall Street spread around the world.

Part of a "global movement for real democracy" to highlight social and economic injustice , protesters are marching in the heart of the capital's financial centre.

A number of campaign organisations, including direct action group UK Uncut, have said they support the Occupy London Stock Exchange protests.

The so-called OccupyLSX group's Facebook page on the protest has more than 13,000 followers, with more than 5,000 confirmed attendees.

Laura Taylor, a supporter of the group, said: "Why are we paying for a crisis the banks caused?

"More than a million people have lost their jobs and tens of thousands of homes have been repossessed, while small businesses are struggling to survive.

"Yet bankers continue to make billions in profit and pay themselves enormous bonuses, even after we bailed them out with £850bn."

Another supporter, Kai Wargalla, said: "We want to stand with the 99% - the overwhelming majority who value people over profit.

"We want to make our voices heard against greed, corruption and for a democratic, just society.

"We stand in solidarity with Occupy Wall Street , protesters in Spain, Greece and the Middle East who started this movement.

"They have inspired people all over the world to step forward and make their voices heard."

OccupyLSX issued a statement that said: "The words corporate greed ring through the speeches and banners of protests across the globe.

"After huge bailouts and in the face of unemployment, privatisation and austerity, we still see profits for the rich on the increase."

In Europe, the movement is joining up with anti-austerity protests that have raged for months across the continent.

In Frankfurt, some 5,000 people took to the streets to protest in front of the European Central Bank.

Hundreds have marched through the Bosnian city of Sarajevo carrying pictures of Che Guevara and old communist flags that read "Death to capitalism, freedom to the people".

Several thousands have joined protests in Rome a day after Premier Silvio Berlusconi survived a confidence vote.

Hundreds of people also joined peaceful protests in Sydney, Tokyo, Manila, Hong Kong and Seoul.


Last edited by eddie on Sun Oct 16, 2011 5:14 pm; edited 1 time in total
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Post  eddie Sun Oct 16, 2011 3:36 am

US police arrest dozens in anti-Wall Street protests
AFPBy Brigitte Dusseau

International bankers, the IMF, the Eurozone and other horrors 2011-10-13T150620Z_01_BTRE79C15Z500_RTROPTP_2_WALLSTREET-PROTESTS

US police arrested some 50 anti-Wall Street protesters across the country, but New York backed off plans to evict an unauthorized camp in the Financial District.

Most arrests were on Friday in the western United States, where the protests spread from New York.

In Denver, 23 people were detained, Sergeant Mike Baker from the Colorado State Patrol told AFP, after 135 officers moved in early Friday to evict protesters camped out in front of the state Capitol building.

Fox News reported brief scuffles, but no injuries.

Ten others were arrested in Seattle, Washington, and another man in San Diego, California, police there said.

In New York, a tense confrontation between the country's biggest protest camp and police ended when plans were called off to forcibly clean the square.

Hundreds of protesters have been camped out on the square for four weeks and the police order to evacuate during the cleaning was seen as a ruse to ensure their eviction.

At the final hour, the owners of the Zuccotti Park plaza said they were delaying the cleaning and that protesters could stay for now.

An impromptu celebration march to nearby Wall Street ended with scuffles and 14 arrests when protesters ignored police instructions to remain on the sidewalks so as not to impede traffic, the New York Police Department said.

Several demonstrators were pinned down on the pavement by police, including one who had apparently been hit by a policeman on a motorcycle.

This marred what was seen as a surprise victory for the largely peaceful demonstrators, many of whom stayed up all night cleaning the plaza themselves in order to demonstrate that there was no need for the owners to intervene.

Brookfield Properties, which owns the site, "believes they can work out an arrangement with the protesters that will ensure the park remains clean, safe, available for public use," Deputy Mayor Cas Holloway said.

Protesters were jubilant, chanting, "People united will never be defeated!"

"It is a big victory for us," said Senia Barragan, a spokeswoman for the demonstrators, explaining that the movement had been helped by the large numbers who came out to support them.

The group again vowed to stay put.

"I was ready to be arrested," said Zach Loeb, a 27-year-old part-time librarian, who has helped set up a library in the park.

"I feel thrilled, energized, but my guard is not down," he added.

On its website, occupywallst.org, the group said it was organizing a family sleep in the park from 8:00 pm (2300 GMT) Friday night, which it said "would be a direct challenge to the misconception that this is a movement that only represents the young, the radical and the broke."

A small band of protesters began camping out in Zuccotti Park on September 17, preaching an anti-capitalist message that has resonated in an America gripped by high unemployment and a struggle to emerge from a painful recession.

Sister protest groups have sprung up in other major US cities, and former vice president turned climate change activist Al Gore on Thursday became the latest high-profile name to throw his support behind the movement.

Up to 600 protesters have been camping out overnight in the New York park, and there are now signs of permanence, such as food stalls, an infirmary and an information desk.

But protesters have no toilet facilities of their own and depend on local restaurants. As their numbers have grown, so have reports of locals complaining about people urinating in the streets.

Last month, more than 700 protesters were arrested for blocking weekend traffic on Brooklyn Bridge in New York.

In Boston, some 700 police launched the biggest crackdown so far on the movement early Tuesday, descending on parks to arrest more than 100 protesters for unlawful assembly.

A poll by Time magazine showed 54 percent of Americans had a somewhat favorable or very favorable view of the protesters, while 23 percent disapproved and the remaining 24 percent of those surveyed were undecided.
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Post  eddie Sun Oct 16, 2011 5:13 pm

Anti-Greed Demos Go On Amid Global Protests
Sky NewsSky News

Anti-capitalist protesters in London continued their demonstrations through the night as the movement that began in New York spread worldwide.

Thousands had flocked to the area around the London Stock Exchange in an effort to replicate the growing protests taking place in the US' financial centre, Wall Street.

The day of global action saw violent clashes in Italian capital Rome, with demonstrations inspired by the movement also starting in New Zealand, parts of Asia and elsewhere in Europe.

Thousands took to the streets in cities including Frankfurt, Berlin, Vienna, Lisbon, Paris, Auckland and Tokyo.

Around 5,000 people also marched at the scene of the initial Occupy Wall Street protests in New York.

In London, protesters pitched tents outside St Paul's Cathedral as night fell, after police cordoned off the home of the Stock Exchange in Paternoster Square.

Scotland Yard had said it would be "illegal and disrespectful" to camp in front of the cathedral, where Wikileaks founder Julian Assange was among several people who addressed the crowd

But a spokesman for the Metropolitan Police later said: "We are not going to move anyone at this time."

The force said it had made efforts to ensure Saturday's protest was largely peaceful and no officers in riot-gear appear to have been deployed.

Five arrests were made throughout the day's action in London - three for assault on police and two for public order offences.

A spokesman for the protesters said the Occupy London Stock Exchange demonstration was to "challenge the bankers and the financial institutions which recklessly gambled our economy".

"This occupation and 20 other occupations all around the UK have been directly inspired by what's happening all across America and especially Wall Street," he added.

Some claimed police had used disproportionate force in dealing with protesters outside St Paul's.

Peaceful demonstrations also took place on the streets of Edinburgh and Dublin.

But police in Rome fired tear gas as protests developed into a riot, with bank and shop windows smashed, cars burned and bottles thrown.

Police in riot gear also charged demonstrators and fired water cannons at them.

Several police officers and protesters were injured, including one man trying to stop others from throwing bottles.
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Post  eddie Thu Oct 20, 2011 8:30 pm

Dark Knight Rises: Batman to Occupy Wall Street

Scenes from Christopher Nolan's final Batman film set to be shot against backdrop of Occupy Wall Street protests, claim reports

Ben Child
guardian.co.uk, Wednesday 19 October 2011 12.27 BST

International bankers, the IMF, the Eurozone and other horrors Thedarkknight460
From 'Pows!' to OWS … the denouement to Christopher Nolan's Dark Knight trilogy will reportedly be set partly against the backdrop of the Occupy Wall Street protests

Christopher Nolan may be planning to shoot scenes from his third and final Batman movie, The Dark Knight Rises, against the backdrop of the Occupy Wall Street protests, reports the LA Times.

The Dark Knight Rises
Directors: Christopher Nolan
Cast: Anne Hathaway, Christian Bale, Tom Hardy

Production on the film is set to shift to New York for 14 days from 29 October. The newspaper's anonymous source says cast members have been told scenes could be shot in and around the Zuccotti Park and midtown Manhattan areas, where thousands are currently camped out to express their disapproval of corporate greed. The paper suggests the demonstrations could be used as a setting for scenes from the film, rather than the film being rewritten to focus on the protests.

The Dark Knight Rises shoot has so far visited locations as diverse as Pittsburgh, Los Angeles, London and Jodhpur, India. The film, which once again stars Christian Bale as Batman and Bruce Wayne, Michael Caine as Alfred, and Gary Oldman as Commissioner Gordon, also features franchise newcomers Anne Hathaway, Tom Hardy, Joseph Gordon-Levitt and Marion Cotillard. It is scheduled for release in July next year.

The casting call for the New York shoot says the characters will inhabit "a city besieged by crime and corruption". A Warner Bros spokeswoman has confirmed the production is heading to the city, but told the Times she could not elaborate further.

Occupy Wall Street passed its 30th day on Monday and has inspired similar protests around the world, including an event in London. The movement aims to highlight social and economic inequality, and has largely targeted the power and influence of corporations from the financial services sector.

© 2011 Guardian News and Media Limited or its affiliated companies. All rights reserved.

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Post  eddie Thu Nov 03, 2011 6:51 am

The Greek Prime Minister has ordered a referendum on the latest EEC bail-out proposals and set the cat amongst the pigeons.

It's all looking very serious. Italy next? Then Spain? Then France?





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Post  eddie Thu Nov 03, 2011 7:16 am

Euro Showdown: Greek PM Faces Bailout Anger
Sky News

The Greek prime minister is facing a showdown with EU leaders over his plans for a referendum on the eurozone bailout, which has now been backed by his cabinet.

French president Nicolas Sarkozy and German chancellor Angela Merkel are both said to be furious at the development.

They have summoned George Papandreou for emergency talks in Cannes on the eve of a G20 summit of major world economies.

It comes as Reuters reported EU and International Monetary Fund sources saying an 8bn euro payment would not be given to Greece until after the referendum.

The money, the sixth tranche from a 110bn euro package agreed for Athens last year, was signed off last week but is reportedly on hold. Without the payment, Greece faces bankruptcy.

Mrs Merkel earlier said European leaders stand by the overall rescue plan, and want "clarity" from Athens regarding the referendum.

Meanwhile the European Commission President, Jose Manuel Barroso, has warned that conditions for Greek citizens will become "much more painful" if they fail to accept the deal.

The agreement reached by European leaders last Thursday in Brussels will see banks accept a 50% writedown of Greece's debt - higher than the 40% they had originally offered.

It was also agreed that the 440bn euro (£386bn) bailout fund will be increased to around 1trn euro (£876bn).

Mr Barroso urged the Greek government to show it will make an effort to achieve public support - and added that the consequences of the plan failing were "impossible to predict".

Greece's PM George Papandreou will be accompanied at the emergency talks by his finance minister Evangelos Venizelos, who has just been discharged from hospital following treatment for stomach problems.

The Greek cabinet supported Mr Papandreou's shock call for a referendum on the European economic rescue plan despite Tuesday's heavy falls on the financial markets.

Markets were calmer on Wednesday, but in a further sign of shaky confidence, the head of the eurozone bailout fund put off a planned attempt to raise 3bn euros due to "deterioration of market conditions".

In Italy, cabinet ministers are to gather to launch "urgent" reforms ahead of the G20 summit as Prime Minister Silvio Berlusconi struggles to fight off contagion from the eurozone debt crisis.

Mr Papandreou told his ministers that putting the issue to the Greek people was the only way to safeguard the proposed debt-and-loan deal.

Some of Greece's ministers said they had expressed reservations about the referendum but decided to support the government ahead of a key confidence vote expected in parliament on Friday.

"We will not implement any programme by force, but only with the consent of the Greek people," Mr Papandreou said.

"This is our democratic tradition and we demand that it is also respected abroad."

He said a referendum "will be a clear mandate, and a clear message within and outside of Greece, about our European course and our participation in the euro", according to a text of his speech to the meeting issued by his office.

Greek journalist Anthee Carassava said: "The Greek prime minister was facing his own domestic pressure and that is obviously what he is going to be telling them, that this is not an easy task to bring on additional austerity measures and more pain to Greeks.

"I think he is going to reach out and try and make them understand what made him announce this sudden decision."

Mr Sarkozy said news of the referendum had "surprised all of Europe".

"Giving the people a say is always legitimate but the solidarity of all countries of the eurozone cannot work unless each one consents to the necessary efforts."

Speaking on Jeff Randall Live, Constantine Michalos, the head of the Athens Chamber of Commerce, said Mr Papandreou's referendum call was a "suicidal move" that had sent the markets "completely in the doldrums".

"He came out of the blue with this referendum idea, which he hadn't communicated even to his closest cabinet ministers... or with the major leaders of the European Union," he said.

"The euro has been threatened. And of course the credibility factor concerning Greece - which has been a problematic issue for months now as a result of the debt crisis - has worsened even more."
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Post  eddie Thu Nov 03, 2011 2:54 pm

Greece: Bailout Funds Held Until After Vote
Sky News

Greece will not receive any more money from the eurozone emergency bailout fund until after its referendum, the leaders of France and Germany warned ahead of a G20 summit set to be dominated by the fallout from the decision.

French President Nicolas Sarkozy, who is hosting the meeting in Cannes, said: "We said clearly to the Greek authorities that the EU, like the IMF, cannot envisage paying the sixth tranche until Greece has adopted the package and all uncertainty has been lifted.

"We cannot commit the money of taxpayers ... until the rules that were agreed on October 27 are respected. Without that, neither Europe nor the IMF can pay a single cent."

European leaders agreed a deal last Thursday that would see banks accept a 50% writedown of Greece's debt, higher than the 40% they had originally offered, and would also incraese the 440bn euro (£386bn) bailout fund to around 1trn euro (£876bn).

But Greek prime minister George Papandreou's decision to put the deal to the people sent stock and bond markets across the world falling.

Speaking after emergency talks with Sarkozy and German Chancellor Angela Merkel on Wednesday, Mr Papandreou said he was confident that his people would accept the EU bailout plan in the vote set for December 4.

"I believe the Greek people are wise and capable of making the right decision for the benefit of our country," he said.

"We are part of the eurozone and we are proud to be part of the eurozone."

Some of Greece's ministers said they had expressed reservations about the referendum but decided to support the government ahead of a key confidence vote expected in parliament on Friday.


Ms Merkel made it clear that, although she wished Greece would remain in the eurozone, the outcome of the referendum, whatever the question, would affect whether it was able to stay in the bloc.

"The euro as a whole must remain stable. We would prefer to ensure this with Greece rather than without it. But the top priority is stability," she said.

Mr Sarkozy's office said several eurozone leaders attending the G20, including the Spanish and Italian prime ministers, would meet on Thursday morning in Cannes to review the situation.

Major Asian economies warned Europe to tackle the crisis before it has a serious impact on economies elsewhere in the world.

China's deputy finance minister Zhu Guangyao said: "Like our European friends, we did not expect the Greek (call for a) referendum. It was an independent decision taken by Greece. I hope this period of uncertainty would be contained."

The White House said US President Barack Obama wanted "unanimity of purpose" to emerge from the G20 and White House spokesman Jay Carney said the situation would be a key subject.
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Post  eddie Fri Nov 11, 2011 10:42 am

Eurozone Gloom Deepens As Recession Looms
Sky News

International bankers, the IMF, the Eurozone and other horrors 16102514_400x240
Eurozone Gloom Deepens As Recession Looms

The eurozone's economic gloom has deepened with a stark warning of a "serious recession" next year - which is likely to hit the UK.

Azad Zangana, European economist at Schroders, told Sky's Jeff Randall that the outlook for the region "is negative and politicians have missed their opportunity to prevent a European credit crunch".

The global investment firm warned in its economic outlook report: "Many eurozone banks are already on life support - unable to raise funds in capital markets and heavily reliant on liquidity from the European Central Bank.

"However, this will not be enough to stop banks from de-leveraging, and reducing lending to the real economy.

"As a result, we are now forecasting a serious recession in the eurozone in 2012, which is also likely to result in recessions in the wider European region, including the UK."

The comments come as Prime Minister David Cameron said Italy now posed a "clear and present danger" to the eurozone's future.

He repeated his call for eurozone leaders to act swiftly to save the single currency: "Italy is the third largest country in the eurozone.

"Its current state is a clear and present danger to the eurozone and the moment of truth is approaching.

"If the leaders of the eurozone want to save their currency then they - together with the institutions of the eurozone - must act now."

The Prime Minister warned: "The longer the delay, the greater the danger.

"Here in Britain, outside the euro, we must prepare for every eventuality - and that is exactly what we will do."

The European Commission economic forecast echoed the fears, with Economic and Monetary Affairs Commissioner Olli Rehn warning: "Growth has stalled in Europe, and there is a risk of a new recession."

The fresh fears come despite the announcement of a new - interim - leader to bring stability in Greece.

Former European Central Bank vice-president Lucas Papademos has been installed as caretaker leader in the interim government, whose urgent job is to approve the terms of more austerity measures in exchange for the latest slice of EU bailout money to stave off bankruptcy for a few more months.

Meanwhile, in Italy, it appeared Prime Minister Silvio Berlusconi may be gone by the weekend.

He had pledged to stay until economic reforms were in place - which Italian President Giorgio Napolitano said could now be approved in days, rather than weeks.

That would clear the way for a new government, likely to be headed by former EU Commissioner and leading economist Mario Monti.
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Post  eddie Fri Nov 11, 2011 11:43 am

What's a bond trader?

International bankers, the IMF, the Eurozone and other horrors Steve-Bells-If--10.11.201-001
Steve Bell. The Guardian. 9th November, 2011.
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Post  eddie Fri Nov 11, 2011 6:20 pm

Eurocrisis topples Greek leader:

International bankers, the IMF, the Eurozone and other horrors Eurozone-crisis-topples-l-001
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Post  eddie Fri Nov 11, 2011 6:22 pm

Italy follows fashion for Eurocrisis:

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Post  Lee Van Queef Sat Nov 12, 2011 9:00 pm

eddie wrote:

International bankers, the IMF, the Eurozone and other horrors Thedarkknight460


These 'Fathers For Justice' chaps have certainly upped their game in the costume department.
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