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Trade-Exchange Rates

  • Inside the Financial Tsunami: What Brought It On?
    11 October 2008 par (Open-Publishing)
    2 comments

    The financial tsunami now inundating global economies and markets was brought on by imprudent easing of US lending norms and extreme over-leveraging by giant US investment banks, analysts say.
    The dotcom bubble burst in 2000 and the collapse of the World Trade Centre, a mighty symbol of US economic and financial prowess in 2001, made Alan Greenspan, the then chief of the US banking regulator, the Federal Reserve, believe that a US recession was a certainty and it had to be staved off. (…)

  • Its time for the bankrupt G7-cabal to ask for a pimped up G10 Meeting including the rich BRIC countries
    11 October 2008 par (Open-Publishing)

    How can the cause of the global financial crash, the bankrupt G7-US-vassal-states, want to credibly assure the global financial problem to be solved?
    The global investor confidence can only be reclaimed if solvent countries such as Russia (repaid its total foreign debt recently) and heavy weights such as China, India and Brazil, in the negotiations carried out.
    A global problem can only be solved globally. The sooner this, the arrogant Western high finance recognizes, the better for all (…)

  • International Trade Seizing Up Due to Banking Crisis (Updated)
    10 October 2008 par (Open-Publishing)

    International Trade Seizing Up Due to Banking Crisis (Updated)
    I have been more than a tad concerned about near-paralysis in the money markets and imploding equity prices. But this e-mail, from a well connected international investor not prone to alarm or (normally) the use of capital letters says that the banking crisis is staring to bring international shipping to a halt.
    By way of background, letters of credit of various sorts are essential for trade. For instance, imagine the (…)

  • PANIC DECLARED Empty store shelves, gas pumps, ATMs ahead.
    9 October 2008 par (Open-Publishing)

    Who am I to declare a panic? Don’t worry about that yet; just stock up on a little cash and canned goods. When everything the feds do JUST MAKES THINGS WORSE — we are in a panic. Not just grandpa’s Depression, but a good old-fashioned running-scared panic when the shelves go bare (you can see it sporadically in some Targets now) because the stores or their venders run short on ready cash. A panic is a time when people hoard things and wait to be rewarded with lower prices, which of (…)

  • After Bailout, AIG Executives Head to Resort
    9 October 2008 par (Open-Publishing)

    by Peter Whoriskey
    Less than a week after the federal government offered an $85 billion bailout to insurance giant AIG, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000, Rep. Henry Waxman (D-Calif.) said today at the the opening of a House committee hearing about the near-failure of the insurance giant.
    Showing a photograph of the resort, Waxman said the executives spent $200,000 for rooms, (…)

  • BAILOUT: America’s Financial Ruin
    8 October 2008 par (Open-Publishing)

    BAILOUT: America’s Financial Ruin
    By Patrick Wood, Editor October 6, 2008
    When push came to shove, Humpty Dumpty discovered the shortest distance to the cobblestones below: straight down.
    Being quite dead, Humpty’s body is stinking up the whole neighborhood. The eyewitnesses call it murder. The coroner, bypassing the eyewitnesses, rules it an accident. The public clamors for taxpayer funds to clean up the mess. Congress passes a bill for superglue to be liberally applied to the broken (…)

  • First Blood : Broke after Wall Street crash, desi kills family, self
    8 October 2008 par (Open-Publishing)

    S Rajagopalan | Washington
    An unemployed Indian American financial manager gunned down five members of his family and took his own life - after seeing his fortune wiped out by the stock market collapse.
    Karthik Rajaram, 45, an MBA in finance who had worked for top accounting firms and was part-owner of a financial holding company, shot his wife, three children and mother-in-law in the head before turning the gun on himself in their gated community home in Los Angeles last weekend. He (…)

  • Betrayed by the bailout: The death of democracy
    7 October 2008 par (Open-Publishing)

    Online Journal Oct 6, 2008
    By William John Cox Online Journal Contributing Writer
    On Friday, October 3, 2008, the American people were betrayed by those whom they had elected to represent them. The members of Congress who voted for the Wall Street “bailout” violated their oath of office to “support and defend the Constitution” . . .”that I will bear true faith and allegiance to the same” . . .”and that I will well and faithfully discharge the duties of the office on which I am about to (…)

  • Bail Out The Homeowners! By Paul Craig Roberts
    7 October 2008 par (Open-Publishing)

    Counterpunch 04 October, 2008
    I s the Paulson bailout itself as big a fraud as the leveraged subprime mortgages?
    Yesterday, here on CounterPunch , I discussed the bailout as proposed and noted that the proposal cannot succeed if it impairs the US Treasury’s credit standing and/or the combination of mark-to-market and short-selling permits short-sellers to prosper by driving more financial institutions into bankruptcy.
    A reader’s comment and an article by Yale professors Jonathan Kopell (…)

  • Iceland Risks Bankruptcy, Leader Says
    7 October 2008 par (Open-Publishing)

    Iceland Risks Bankruptcy, Leader Says
    By CHARLES FORELLE
    REYKJAVÍK, Iceland — Saying Iceland was at risk of "national bankruptcy," Prime Minister Geir Haarde prepared to give regulators authority to take over the nation’s ailing banks as a worsening financial crisis all but cut off the island from the global financial system.
    Credit lines to Iceland’s banks closed down Monday, Mr. Haarde said in a televised address. Late Monday, Iceland’s parliament was voting on an emergency law that (…)