Newswires: Credit crisis

British charity aiding Palestinian refugees ordered to close

Interpal, a British charity providing development and relief for Palestinians in the Israeli-occupied West Bank and Gaza Strip, has been served notification from the Islamic Bank of Britain that the charity's account will be closed as of 8 December. This comes as a result of Lloyds TSB, the Islamic Bank's clearing bank, serving notice to "cease all dealings with Interpal," according to a statement released by the charity. Assed Baig reports for EI.  more >>

Statement From G-20 Summit: In English

Via: Solari: The Editor of Expresso in Portugal wanted my take on the recent G-20 communique. Here is my “translation” of the official statement: 1. Now that the growth of debt and derivatives bubbles has stalled, we are committed to using governmental-central bank mechanisms to cover the positions of any of the large private financial institutions whose [...] Related posts:

1. Plunge Protection Team Issues Statement Don't panic. Via: U.S. Treasury: While addressing our challenges, we...
2. U.S. Government’s Audited Financial Statement Shows $3.5 Trillion Deficit in 2005 Via: USA Today: The federal government keeps two sets of...
3. Statement Introducing the Free Competition in Currency Act The man is taking his life in his hands. Via:...

Texas: Vice President Dick Cheney and Former Attorney General Alberto Gonzales Indicted

Via: Houston Chronicle: A South Texas grand jury has indicted Vice President Dick Cheney and former Attorney General Alberto Gonzales on state charges related to the alleged abuse of prisoners in Willacy County’s federal detention centers. The indictment, which had not yet been signed by the presiding judge, was one of seven released Tuesday in a county [...] Related posts:

1. Cheney: Vice President’s Office is Not Part of the Executive Branch The make-it-up-according-to-our-whims phase. Via: RawStory: The Office of Vice President...
2. Attorney General: Piracy Funding Terror Please see: Militant Electronic Piracy: Non-Violent Insurgency Tactics Against the...
3. New York Attorney General Sues First American Corp. for Allegedly Colluding with Washington Mutual Inc. to Use a List of Preferred Appraisers to Inflate Mortgage Appraisals Note this passage from the story below: Washington Mutual isn't...

China Passes Japan as Biggest U.S. Treasuries Holder

Via: Bloomberg: China surpassed Japan in September to become the biggest foreign holder of U.S. Treasuries, as foreign investors sought the relative safety of government debt as stocks plunged 9.1 percent that month. Total net purchases of long-term equities, notes and bonds increased a net $66.2 billion in September from $21 billion the previous month, the Treasury [...] Related posts:

1. Dollar Slide Drives Budget as Japan Shuns Treasuries Via: Bloomberg: Add another ailment to the U.S. misery index...
2. Yakuza: Organized Crime Represents The “Biggest Private Equity Firm in Japan” I've said it before: The setting in Snowcrash is the...
3. China Is Becoming the Biggest Producer of Pharmaceutical Ingredients in the World Via: New York Times: Concerns about Chinese drugs have become...

Iraq: Workers March on Ministry of Finance to Protest IMF-Inspired Wage Cuts

British court ruling increases risk of home repossession

A British court ruling allowing lenders to seize properties after only two missed mortgage payments has made a mockery of claims by the Brown government to be protecting ordinary people from losing their homes. more >>

Interpal faces closure

Article copied from Interpal, a charity who support the Palestinian refugees. Lloyds TSB is calling for IBB to stop Interpal's account without any legal, economic or other reason given. more >>

CITIGROUP TO CUT ANOTHER 53,000 JOBS

Via: AP: A person briefed on Citigroup’s plans says the banking giant is cutting another 53,000 jobs in the coming quarters. CEO Vikram Pandit is revealing the plan at the company’s town hall meeting Monday with employees. The person didn’t want to be identified because the plans haven’t been made public yet. The 53,000 job cuts are in addition [...] Related posts:

1. Citigroup to Layoff 30,000 Employees Via: CNBC: Citigroup's job cuts could reach 30,000 or more...
2. Citigroup to Shed Nearly $500 Billion in Assets B. Billion. $500 billion. Via: AP: Citigroup Inc. said Friday...
3. Employers Slash Jobs by Most in Five Years Via: AP: Employers slashed jobs by 63,000 in February, the...

Traders to Collect Big on Slick Bet

WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Here’s a different kind of Peak Oil chart than the one you’re used to seeing. Via: Financial Times: Investors who placed summer bets that oil prices would fall below $100 a barrel are set to make huge profits on Monday, with some speculators reaping [...] Related posts:

1. Gold Down as Traders Lock in Profits After Record Highs WARNING: This is not a recommendation to buy, sell or...
2. Dollar May Get ‘Crushed’ as Traders Weigh Up Bailout Via: Bloomberg: Treasury Secretary Henry Paulson's plan to end the...
3. Goldman, Merrill Almost ‘Junk,’ Their Own Traders Say Via: Bloomberg: Goldman Sachs Group Inc., Merrill Lynch & Co....

UK: Housing Market ‘Far Worse’ Than Figures Suggest

Via: Independent: House prices across the UK have already fallen far further than official data and market indicators suggest, Rightmove, the online estate agent warned yesterday, as it revealed that up to 300 estate agents were quitting its service every month. While the latest figures from leading mortgage lenders such as Halifax suggest that prices are down [...] Related posts:

1. Housing Glut: From Bad to Worse Nice! Via: CNN: The number of homes for sale in...
2. Top UK Analyst: Britain Could be Heading for a Another Housing Market Crash Hint: Feel free to substitute "Britain" with any other English-speaking...
3. UK: Government Plans Housing Market Rescue WARNING: This is not a recommendation to buy, sell or...

U.S. Senator Jim Inhofe: “There Is No Way of Knowing,” Where Paulson Transferred Bailout Money

Via: Tulsa World: U.S. Sen. Jim Inhofe said Saturday that Congress was not told the truth about the bailout of the nation’s financial system and should take back what is left of the $700 billion “blank check” it gave the Bush administration. “It is just outrageous that the American people don’t know that Congress doesn’t know how [...] Related posts:

1. U.S. Companies Are Still Competitive… For Bailout Money Maybe the firms can hire BlackWater vans and aircraft to...
2. Hank Paulson: Robber in Chief Via: Housing Panic: The Patriot Act of Finance, otherwise known...
3. Few Limits Proposed for Paulson in Aftermath of Economic 9/11 Dems squealing flaccidly, as usual. Via: Wall Street Journal: If...

Citi and Sun to Layoff 16,000 People

Via: Blogging Stocks: The two companies announcing big layoffs: a big bank and a leading tech company that sells to banks. According to reports, Citigroup may lay off 10,000 employees — adding to the 23,000 it has already cut in the last year. Sun Microsystems announced it will can 6,000 people — 18% of its work [...] Related posts:

1. Citigroup to Layoff 30,000 Employees Via: CNBC: Citigroup's job cuts could reach 30,000 or more...
2. CITI FACING LIQUIDITY CRISIS Via: Business Week: For all its financial might, Citigroup (C)...
3. Richest Two Percent of People Own More than Half the World Via: Reuters: Two percent of adults have more than half...

Hillary for Secretary of State?

I’m sick of this already, by the way. No more posts about Obama cabinet rumors. The final selections will be horrible enough to have to consider. But if this doesn’t get your Change and Hope motor running, I don’t know what will. Via: Guardian: Speculation is rife about the possibility of Hillary Clinton becoming secretary of state in [...] Related posts:

1. Bill Clinton ‘Shocked’ Hillary Donor Was a Fugitive Bill Mena Airport Clinton was shocked by the revelations... Via:...
2. U.S. Armaments Industry Backing Hillary Clinton In the councils of government, we must guard against the...
3. OBAMA CONSIDERING JON CORZINE, ANOTHER FORMER GOLDMAN SACHS CHIEF EXECUTIVE, FOR TREASURY SECRETARY Change can happen. Change we need. Yes, friends, change is...

Major U.S. Cities Seek Emergency Funding from U.S. Government

Good luck. Via: Reuters: Three major American cities buffeted by the global financial crisis are requesting at least $50 billion in federal funds to help pay for infrastructure improvements, pensions and short-term borrowing. Philadelphia, Phoenix and Atlanta are asking U.S. Treasury Secretary Henry Paulson to release funds from the $700 billion financial bailout authorized by Congress last month. Philadelphia [...] Related posts:

1. UK: Plan Would Allow Banks to Seek Emergency Funding in Secret Via: Telegraph: The City watchdog has laid out plans to...
2. U.S. FEDERAL RESERVE OFFERING EMERGENCY FUNDING TO BRITISH BANKS U.S. Dollar holders: Brace for impact. Via: Telegraph: The Fed's...
3. CHINA: 36 MAJOR CITIES TOLD TO KEEP FOOD, OIL RESERVES WARNING: This is not a recommendation to buy, sell or...

Have the Saudis Actually Bought $3.5 Billion Worth of Gold Over the Last Two Weeks?

I don’t really know what “gold” means here. Does it mean that the Saudis have purchased gold futures contracts? That would be hilarious if they are planning on taking physical delivery of metal. Good luck with that. As of right now, 13 billion Saudi riyals is the equivalent of US$3.471 billion. Via: Gulf News: There has been an [...] Related posts:

1. Saudis Won’t Increase Oil Output, Gold Back Above $900 I wasn't even going to mention this Bush-asking-the-Saudis-for-a-Biscuit bullshit, but...
2. MERRILL LYNCH DUMPING CDOs ONCE WORTH $30.6 BILLION FOR 22 CENTS ON THE DOLLAR It looks like the race is on to try to...
3. U.S. Banks Citigroup and Merrill Lynch Reveal Fresh $15 Billion Loss, Deutsche Bank Holding More Toxic Waste on Balance Sheet than Shares Are Worth HAHA Another weekend of financial news so horrific that it...

Russia: Autoworker union leaders attacked, threatened – call for immediate investigation

LabourStart headline - Source: IMF more >>

Illegal tax scheme gives $140 billion to biggest US banks

By Bill Van Auken |   An extra-legal measure quietly enacted by the Treasury Department in the shadow of the $700 billion Wall Street bailout package will hand the country’s biggest banks another $140 billion windfall, the Washington Post reported this week. In a five-sentence memo issued on September 30, on the eve of the first House vote [...] more >>

The Summers Conundrum

Maybe I need to add a Change and Hope category. Via: The Nation: We all know in the backs of our minds that Barack Obama’s incredible victory will eventually be followed by disappointment. But does it have to come so soon, and hit so hard? The answer will be yes, if Lawrence Summers is named treasury secretary [...] Related posts:

1. Brzezinski Embraces Obama Over Clinton for President So, the Them like Obama. He just seems like Hillary...
2. Ron Paul Warns of Great Shift Toward Global Government Under Obama Via: Infowars: Texas Congressman and 2008 presidential candidate Ron Paul...
3. White House Firing U.S. Attorneys Involved with Republican Corruption Investigations Via: Talking Points Memo: Okay, so we already know that...

Global: Steel unions agree to environmental global strategy

LabourStart headline - Source: IMF more >>

Will Larry Summers Repeat History if Named Treasury Secretary?

"Chalked up a less-than-stellar record on civil rights issues" While in a Leadership Role in Bill Clinton's Treasury Department By Bill Conroy Via the Narcosphere November 8, 2008 http://narcosphere.narconews.com/notebook/bill-conroy/2008/11/will-larry-summers-repeat-history-if-named-treasury-secretary more >>

What to do about the Crisis? What to do about Hackney! Emergency HSN meeting

Start: 11/11/2008 - 19:30 End: 11/11/2008 - 21:00 Timezone: Etc/GMT Hackney Solidarity Network has called an 'emergency' meeting for all Hackney activists, non aligned, community, socialist, trade union, green or whatever, to discuss what we in Hackney need to do, or need to change what we are doing, in response to the recent developments in capitalism including declining share values, increased state debt, house price reductions, increased mortgage rates, price increases of food and fuel and so on. read more more >>

Hackney Solidarity Network meeting - What to do about the crisis?

Start: 11/11/2008 - 19:30 End: 11/11/2008 - 21:30 Timezone: Etc/GMT Hackney Solidarity Network has called an 'emergency' meeting for all Hackney activists, non aligned, community, socialist, trade union, green or whatever, to discuss what we in Hackney need to do, or need to change what we are doing, in response to the recent developments in capitalism including declining share values, increased state debt, house price reductions, increased mortgage rates, price increases of food and fuel and so on. It is clear we will have a period of high(er) unemployment, housing repossessions, empty flats, cuts in wages,cuts in council spending, read more more >>

The Marquis de Saud

Gordon Brown, Peter Mandelson and Ed Miliband have all gone, cap-in-hand, to the Gulf this weekend to beg for more money to help alleviate the desperate plight of the world’s rich. Speaking after talks in Riyadh, Mr Brown said he believed Saudi Arabia would contribute to an IMF fund to help countries at risk of [...] more >>

Bigger role for Financial Stability Forum (FSF)

Myriam vander Stichele Looking at official documents, it seems that the Financial Stability Forum (FSF) will get a very important role before and after the 15th November meeting, even if the IMF tries to get more of a role as a “builder” (see article in Le Monde, 30 10 08). The FSF has been giving advice on [...] more >>

After financial meltdown, now it’s smeltdown

The men who made Iceland go cap in hand to the IMF are now bent on ruining its landscape Björk, The Times - After touring for 18 months I was excited to return home a few weeks ago to good, solid Iceland and enjoy a little bit of stability. I had done a concert there earlier [...] more >>

Barclays' coal investments targeted in Leamington Spa

Leamington Rising Tide took aim at a town centre Barclays over the weekend in protest at the bank's heavy investment in dirty coal. Banners, leaflets and balloons let people know that 'Barclays are fuelling global warming'. One of the banners used an image of scales to demolish the myth that Barclays cares about climate change: they invest a whopping 3,300 million invested in coal against 15 million inrenewable tech on the other. Over the last two years, Barclays has been involved in 17 separate loans to the coal industry, and together with RBS and HSBC, has loaned $70 billion to E.ON alone. A clown played a special Barclays song he wrote for the event, and several chats were had with interested people. At the end of the demo the helium balloons were let off inside the bank. They were still up there an hour later! more >>

Defense Spending: Difficult Choice Lie Ahead

Economic travails and the fiscal burden associated with the Paulson recovery plan have thrown the spotl... more >>

Class War TV Times 25 - 31Oct

A great week of loafing around ahead for the revolutionary couch potato, with good programming virtually every night. Any more of this and we will be paying the licence fee! Sat 25 Oct 7.10pm BBC2 - Stephen Fry in America. Perhaps recalling Oscar Wilde's visit more than a century earlier, Stephan Fry visits West Virginia's coal mining industry. Sun 26 Oct 4.25pm BBC2 - Down The Line. More to get Class War Trainspotters angry - the axing of rural train services analysed. 9pm ITV3 - The Molly Maguires. An important section of American working class history - the rise and fall of the Molly Maguires. Sean Connery attempts to do them justice............ 10pm UKTV History - The life and leagacy of English radical William Cobbett. Mon 27 Oct 8pm Ch4 - Dispatches: Don't Bank On the Bailout. A City speculator asks how much the City is to blame for the global financial crisis. How honest will he be? 8.30pm BBC1 - Panorama. The volume of data on individuals kept by both the state and private companies. 9pm BBC2 Prescott: The Class System and Me. After nearly a decade as a New Labour Cabinet Minister, John Prescott suddenly rediscovers his working class roots. How much did the BBC pay you John? 10pm BBC4 - When Borat Came to Town. The Romanian village of Glod, which 'starred' in the film Borat. Tues 28 Oct 10.40pm ITV1 - The Troubles I've Seen. You get celebrity insights into everything these days. This is how celebrities 'survived' the Northern Ireland conflict............ 10pm More4 - True Stories: Jesus Politics. Religious faith and the US political system. Weds 29 Oct 10pm BBC4 - A Year In Tibet. The role of Buddhism in Tibetan society. What chance the BBC being even slightly critical of every liberals favourite religion? Thurs 30 Oct 7.30pm BBC2 - Credit Crash Britain: HBOS Breaking the Bank. "Bail out the banks loan art to the churches......." Fri 31 Oct 9pm BBC2 - The American Future: A History by Simon Schama. The far from bashful Simon Schama puts forward the issue of race in American politics.  more >>