Sunday, October 30, 2011

Friday, October 28, 2011

Icelandic People say No

66 of Europe's Top Banks would fail new stress test says Credit Suisse AG

At least 66 of Europe’s biggest banks would fail a revised EU stress test and need to raise about 220 billion euros ($303 billion) of capital, Credit Suisse AG analysts said in a note to clients in October.

Eight banks out of about 90 tested failed the EBA’s July stress test, with a combined capital shortfall of 2.5 billion euros, when the minimum pass level was set at 5 percent.

Royal Bank of Scotland Group Plc, Deutsche Bank AG and BNP Paribas SA would need to the most, a combined total of about 47 billion euros, analysts led by Carla Antunes-Silva wrote in a note to clients today. Societe Generale SA and Barclays Plc would each need about 13 billion euros of fresh capital.

Wednesday, October 19, 2011

Sunday, October 16, 2011

Friday, October 7, 2011

Saving the Dollar: Destroying Jobs and the Financial System

Greek Debt could spell Economic Catastrophe

London Falling like a man eating his own leg- Godfrey Bloom

Democracy and Class Struggle publishes this video for information purposes we do not agree with right wing analysis of Godfrey Bloom in this interview.

LONDON: The Bank of England surprised markets Thursday by sanctioning another 75 billion pounds ($116 billion) injection into a British economy that’s suffering from the shockwaves of Europe’s debt crisis and the British government’s austerity program.

The Bank’s rate-setting Monetary Policy Committee said it was reviving a program of asset purchases which injected 200 billion pounds in between March 2009 and January 2010 to help lift Britain out of a deep recession.

The hope is that by buying government bonds from banks, they will use their cash injection to lend to hard-pressed businesses and households.

The scale of the asset purchases, which will take four months to complete, was more than anticipated by those predicting Thursday’s move.

Most economists thought the Bank would opt to wait until November before deciding on a more moderate 50 billion pound injection.

“It is clearly an indication of the extent to which the MPC is worried about the slowdown that it has chosen to act so soon and so decisively,” said Peter Dixon, economist at Commerzbank.

In a statement, the nine members of the MPC said the pace of global expansion has slackened, especially in Britain’s main export markets — a reference to the euro zone, which is mired in a debt crisis that’s beginning to impact banks’ day-to-day activities.

“Vulnerabilities associated with the indebtedness of some euro-area sovereigns and banks have resulted in severe strains in bank funding markets and financial markets more generally,” the panel said.

Wednesday, October 5, 2011