tagged w/ Global Economic Crisis
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Friday 17 July 2009: Political street theatre group Government of the Dead too kto the streets again, this time on the steps of the Royal Exchange in London's financial district. They came with pig masks, a trough full of pig swill and a banner declaring "Bonuses Are Back". The "Pig Party" was to draw attention to the "business as usual" policy of the banks of sky-high bonus payouts not one year after the UK taxpayer bailed out the economy and banking system to the tune of £500 million.
Government of the Dead: http://graveyard.at/
Blog: jasonnparkinson.blogspot.comFriday 17 July 2009: Political street theatre group Government of the Dead too kto the... more
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1 April 2009 - Financial Fools Day: As the 29 G20 leaders gathered in London, thousands came out on to the streets of the financial district to protest a wide range of issues from climate change to the failing capitalist system and tax payers bailout of the international banking system.
10,500 police were drafted in, at an estimated cost of £10 million, to police the protests and protect the banking institutions from what the police had deemd "the summer of rage". The end product was two policers suspended, scores injured and hospitalised and one man dead after being attacked by an unidentified member of the TSG (Territorial Support Group) riot squad.
Global Economic Meltdown follows on from last year's short film Global Economic Crisis, which documented the initial protests as the UK government bailed out the banks to a sum of £500 billion.
http://current.com/items/89599936_global-economic-crisis-the-first-wave.htm
Music for Global Economic Meltdown comes from Senser, I.C.H, and Rikki Blue.
http://www.senser.co.uk/
http://www.myspace.com/senserband
http://www.myspace.com/ichcolchesterpunx
Other Related Films and Reports
http://current.com/items/89971707_guardian-publishes-catalogue-of-g20-police-brutality-video-evidence.htm
http://current.com/items/89994382_ian-tomlinson-memorial-march.htm
Both films are available on Reel News, a bi-monthly independent DVD release by activists and journalists, covering campaigns and news that did not make the mainstream.
http://www.reelnews.co.uk/
Blog: http://jasonnparkinson.blogspot.com/1 April 2009 - Financial Fools Day: As the 29 G20 leaders gathered in London,... more
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Reporter Johann Hari contributes a sobering portrait of Dubai, a city of One Thousand and One Arabian Lights, for The Independent UK ("The dark side of Dubai", 7 April 2009). Behind the facade of steel and glass molded in all shapes and sizes soaring towards the skies above the sandy beaches and desert floor, Hari's essay peels back the layers to get a perspective of Dubai that lessens the loftiness of the city's urban planning dreams. The global economic crisis has hit this fast-growing city in the Gulf, and now, Hari writes, Dubai has become a "Creditopolis" or "city built on debt' entrapping many workers from abroad of all ranks who find themselves broke, homeless, or simply cannot leave because their passports have been taken by their employers and their salaries have been cut or denied. Numerical statistics on construction workers who have committed suicide have been documented, but not by the city's authorities who have dismissed these deaths as accidents, and have pressured consulates to stop counting. The larger view from the article is a dystopian one, befitting of a J.G. Ballard narrative ("High-Rise", "The Drought"). Capitalistic excess, socio-economic dysfunction between demographic classes and foreign workers, environmental degradation, and a line of credit that may be spread too thin combine to lend an impression of Dubai's looming demise.
Image: Construction workers in their distinctive blue overalls building the upper floors of the new Burj al-Arab hotel (Getty)Reporter Johann Hari contributes a sobering portrait of Dubai, a city of One Thousand... more
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Clips from article:
By the end of 2009, two-thirds of the state's banks will be operating under cease-and-desist orders or other regulatory actions, Anaheim-based banking consultant Gary S. Findley predicts.
"There are more than 300 banks in California, and the reality is that more than a third of those are losing money," Trezza said.
What I gather from this is 1 in 3 banks are losing money and by the end of the year, 2 out of 3 banks will be in Failure mode in California.
And this is only California...
With approximately 8305 FDIC "insured" banks nationwide holding $14 trillion in assets the FDIC fund will not be able to handle a massive bank failure run.
Expect to see more TARPS and Son of TARPS in the near future.
I post this in hopes of opening the eyes of my fellow Citizens to the upcoming Dollar crisis.
Please read article at link and discuss-Clips from article:
By the end of 2009, two-thirds of the state's banks will be... more
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Another one bites the dust...
We are now 4 banks away from the total number of banks to fail LAST YEAR.
Interesting times are ahead.
Be prepared for the upcoming "Dollar Crisis"
Omni National Bank of Atlanta was seized by federal regulators, the 21st bank in the United States to fail this year. Omni National, with $956 million in assets and $796.8 million in deposits, was shut by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver. SunTrust Banks of Atlanta will operate the lender’s six branches and wind down the bank by April 27, the F.D.I.C. said.
The failed bank, which was opened in 2000 and owned by Omni Financial Services, had branches in Georgia, Illinois, Florida and Texas, and two loan offices in Alabama and Pennsylvania. Omni National customers must transfer accounts by April 27, or receive a check from SunTrust after the branches are closed, the F.D.I.C. said.
Please read article at link-Another one bites the dust...
We are now 4 banks away from the total number of... more
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Tuesday 24 February 2009: The Government of the Dead marched along Oxford Street to Tyburn, now known as Marble Arch, where until the 18th Century was the popular home of London's public hangings.
The zombies took with them an effigy of a banker, which they hung from London's famous archway at Hyde Park, a symbolic gesture of disgust at the UK banking system and the £500 billion taxpayer bailout of the capitalist system.
This video is released now as the city of London prepares for mass protest against the G20 summit on the 28th of March and 1st and 2nd of April.
Related links:
http://www.graveyard.at/
http://www.putpeoplefirst.org.uk/
http://www.climatecamp.org.uk/g20Tuesday 24 February 2009: The Government of the Dead marched along Oxford Street to... more
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Global stocks traded higher, as did the dollar against the euro, Thursday after the Federal Reserve's surprise announcement it would buy $300 billion in US Treasurys in order to help the ailing economy.
But experts tell CNBC they have concerns over the Fed's latest move and that the current national balance sheet is a disaster.
Technically, the U.S. is already "bankrupt" because it has a debt that is almost four times the size of its economy, says Puru Saxena, CEO of Puru Saxena Wealth Management. He tells CNBC that the U.S. is at risk of hyperinflation
Stephen Roach, chairman for Asia at Morgan Stanley does not view the Fed's plan to buy $300 billion worth of long-dated government debt as a constructive sign for prospects going forward.
The Fed pumping money into Treasurys won't help, says Martin Weiss, president of Weiss Research. He also discusses what can be done to turn the US economy around.
America is arrogant to deny their similarity to Japan's economy, says Stephen Roach, chairman for Asia at Morgan Stanley. He tells CNBC that the US economy is in a "zero-interest rate" mode, like Japan.Global stocks traded higher, as did the dollar against the euro, Thursday after the... more
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The number of people without a job in Britain has topped two million - the highest it's been since 1971.
Last month alone, a record 138,000 signed on for benefits.
With shoppers and businesses spending far less money, job cuts have spread beyond the financial services and into construction, retail, manufacturing and other areas.
The figures come a day after a leaked International Monetary Fund document claimed Britain would take longer to recover from recession than any other major economy.
Life's not all bad though - here's a dalmatian riding a bike:
http://current.com/items/89837672/dalmation_riding_a_bike.htmThe number of people without a job in Britain has topped two million - the highest... more
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richjm
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8 months ago
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Pepe Escobar: And how the US is shifting the crisis into the rest of the world.
The US Treasury will borrow no less than one trillion dollars from the developing world in 2009. It will need even more in 2010. Pepe Escobar argues the US is indeed in a privileged position: not only it unleashes a global financial crisis, it then sucks up money from all over the world, based on the fact that the US in fact remains the "manager" of choice of global capitalism. As if this was not hardship enough for the developing world, it now also has to cope with the resurgence of the discredited World Bank and IMF. A certain Tim Geithner has been through this before - during the Asian financial crisis in 1997/1998 - and then he got it all wrong.
.Pepe Escobar: And how the US is shifting the crisis into the rest of the world.
The... more
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By the wide stretch of the American River in Sacramento, history is repeating itself. Here, during the Great Depression of the 1930s, men and women who had lost everything and despaired of finding work built rough shelters and huddled around fires.
Now the spiral of job losses and house repossessions has left another wave of Americans homeless, and a new tent city is growing rapidly on lumpy, derelict land between the river and the railway tracks here in the capital of California.
There are more than 300 people living in scattered encampments stretching a couple of miles along the river bank. As many as 50 more arrive each week. Unemployment in Sacramento reached 10.4 per cent in January and California is suffering some of the worst repossession rates in the country, with as many as 500 people losing their homes every day last year.
Charity workers in the city can no longer cope with the number of people coming to them for help. The shelters are full, with one home that caters for women and children turning away 200 people a night.By the wide stretch of the American River in Sacramento, history is repeating itself.... more
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America must work on starting a new economy and not restarting the old one or it will resemble the former Soviet Union, says author and blogger Dmitry Orlov.America must work on starting a new economy and not restarting the old one or it will... more
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GRITtv live today, March 11, at noon eastern.
The neo-liberal order has undoubtedly failed. But what will replace it? Today on GRITtv DAVID HARVEY, a Professor of Anthropology at CUNY and the author of The Limits to Capital and ALEXANDER COCKBURN, co-editor of Counterpunch, on the end (or future) of capitalism.GRITtv live today, March 11, at noon eastern.
The neo-liberal order has... more
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GRITtv
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9 months ago
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What's the real story here?
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Turkish police arrested four more army officers on Saturday in a widening probe into a possible coup plot that has increased tension between the Islamist-rooted government and secularists.
The case, known as Ergenekon, has affected financial markets in the EU candidate country and threatens to plunge Turkey into a fresh bout of political instability at a time when the global economic crisis has slowed growth and foreign investment.
The two colonels and two lieutenants were arrested in Istanbul for alleged links to a right-wing organisation suspected of plotting to overthrow the AK Party government, state Anatolian news service reported.
Two other officers detained earlier this week as part of the investigation were released, Anatolian said.
Eighty-six people including retired army officers, politicians and lawyers are on trial in a case that has opened the once untouchable military to judicial investigation.
Armed Forces chief General Ilker Basbug held crisis talks with Prime Minister Tayyip Erdogan on Thursday after 40 people, including three retired generals, were detained a day earlier. The talks sparked panic selling on the stock exchange and a call for calm from the country's leading business association.
In a new twist, investigators discovered a cache of grenades and bullets linked to the Ergenekon group buried at a picnic area outside Ankara, Turkish media said on Saturday.
The cache was discovered after police found a sketch in the house of a former police chief, media said.
Television stations, consumed by the case, have been broadcasting non-stop images of diggers excavating wooded areas.
Analysts warn that the Ergenekon probe may be explosive in a country with a long history of political and economic instability. Vital EU reforms are on hold and analysts say domestic tensions will delay their implementation.
The secularist establishment, which includes the military, judges and the state bureacracy, says the AK Party is carrying out the arrests as revenge for a 2008 court case that sought to ban the party for anti-secular activities. The AK Party, which has its roots in political Islam, denies this.
Observers says Basbug is under pressure to stand up to a government regarded as hostile to the military. The military has unseated four governments in the last 50 years in Turkey.
Turkey's judiciary, a bastion of secularists who until recently controlled key institutions, has also balked at the latest raids and made its displeasure known after a former prosecutor had his house searched by police.
The leader of the secular main opposition party, Deniz Baykal, said the arrests were reminiscent of "regime change times" during Iran's 1979 Islamic Revolution. (Editing by Tim Pearce)What's the real story here?
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Turkish police arrested four more army officers on... more
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10 October 2008 - Black Friday. Global stock markets crashed lower than at any other time in history. The UK government answer to halt another great depression, but this time on a global scale, was to flood the financial district with a £500 billion bailout from taxpayer's money.
Anger quickly spread, as for years Blair and Brown claimed there was no money for schools, hospitals, for the needy and vulnerable. Yet there was always money for war and now for the bankers, in what was labelled re-nationalisation of the banking system.
The anger spilled into the streets of the London financial district in the first of two waves of protest. Attempts to invade the Royal Exchange and Bank of England were quickly jumped on by police and all street protest was crushed in a show of brute force that is now becoming all too common on the streets of England.
Global Economic Crisis follows the first two protests called to oppose the taxpayer bailout of the worlds richest institutions, as the country heads towards the worst economic crisis ever recorded.
Music comes courtesy of Freeland (Marine Parade, Bucks Music Group) and Rikki Blue.
http://www.marineparade.co.uk/
http://www.bucksmusicgroup.com/
Filmed, Written and Driected by Jason N. Parkinson.
http://jasonnparkinson.blogspot.com/
Additional Footage by da100thmonkey and Reel News.
http://uk.youtube.com/da100thmonkey
http://www.reelnews.co.uk/10 October 2008 - Black Friday. Global stock markets crashed lower than at any other... more
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Markets around the world hammered by credit crunch as governments move to secure bank deposits.
Markets were thrashed again on Monday, as the US credit crisis spreads worldwide. The Dow Jones lost another 370 points and closing at under 10,000 for the first time since October 2004. At one point the Dow was down 800 pts. But managed to recoup half. The day started with reaction to sharp declines in Asian and European markets. Tokyo's Nikkei index fell to its lowest level in four and a half years, sinking 4.25 percent. Hong Kong's Hang Seng index lost 4.3 percent. Markets in China, Australia, South Korea, India, Singapore and Thailand also fell sharply. In Europe the trading was halted twice in Russia with the market closing down 19.1 percent, the DAX in Frankfurt, Germany was down 7.1 percent, while the FTSE 100 index in the UK was down 7.9 percent. Stocks in Paris took a big hit losing 9 percent. Across the Atlantic Brazil lost 5.5 percent; Argentina was off 5.9 percent, while Mexico's index fell 5.4 percent, In Canada the TSX was down 5.3 percent. Faltering confidence in the financial system following a series of bank bailouts forced many European governments to offer deposit guarantees. Expectations are that the US Federal Reserve, the European Central Bank will have a coordinated interest rate cut as early as Monday, the first joint action since the September 11, 2001, attacks on the US.Markets around the world hammered by credit crunch as governments move to secure bank... more
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Leo Panitch: US state plays role of defending global financial system, it had to act in this crisis.
After President Bush signed the controversial bailout bill into law, Senior Editor Paul Jay talked with Leo Panitch to get his analysis of the situation. Leo said it is irresponsible to suggest that the government should have let these banks fail, ultimately advocating for the full nationalization of the troubled banks. Leo then explains the significance of the US treasury bill as the base upon which everything else in the global financial system is valued, as well as explaining the US government's role as the guarantor of the t-bill's value. Finally, Leo criticizes the dominant paradigm that states and markets are separate and opposing forces in the modern capitalist system.
Leo Panitch is the Canada Research Chair in Comparative Political Economy and a Distinguished Research Professor of Political Science at York University in Toronto. Panitch is also the author of "Global Capitalism and American Empire" and his most recent release "American Empire and the Political Economy of International Finance".
See Part 2 at: http://current.com/items/89382669_the_financial_crisis_and_the_real_economy
See Part 3 at: http://current.com/items/89386959_the_financial_crisis_at_the_local_level
Leo Panitch: US state plays role of defending global financial system, it had to act... more
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