Mike Haywood’s Banking Crisis Digest, Nov 18th

Best of the Best

Must read……Bank of Canada Governor speaks the truth   http://www.theglobeandmail.com/news/opinions/jeffrey-simpson/mark-carney-the-man-who-speaks-the-truth/article2270030/

Downward Spiral   http://www.foreignpolicy.com/articles/2011/12/15/downward_spiral

Greeks fearing collapse of eurozone bailout pulled record sums from bank    http://www.guardian.co.uk/business/2011/dec/16/greeks-fearing-collapse-of-eurozone-bailout-pulled-record-sums-from-bank?newsfeed=true

Eurozone deal close to collapse as IMF warns of global depression    http://www.telegraph.co.uk/finance/debt-crisis-live/8960067/Debt-crisis-live.html

Banks use accounting loopholes to inflate profits and bolster bonuses    http://www.guardian.co.uk/business/2011/dec/14/banks-accounting-loopholes-profits-bonuses?newsfeed=true

Debt is Endemic In Our System… And the Deleveraging Will be Brutal For Businesses and Investors Alike    http://www.zerohedge.com/contributed/debt-endemic-our-system-and-deleveraging-will-be-brutal-businesses-and-investors-alike

Banks Face Crisis Of Confidence, As Europe Falls Further    http://www.huffingtonpost.com/2011/12/14/europe-crisis_n_1149302.html

Down Goes Gold As Dollar Flexes, Euro Toasted   http://www.forbes.com/sites/johndobosz/2011/12/14/down-goes-gold-as-dollar-flexes-euro-toasted/

The Cookie Crumbles    http://kunstler.com/blog/2011/12/the-cookie-crumbles.html

Lehman Brothers: financially and morally bankrupt   http://www.guardian.co.uk/commentisfree/cifamerica/2011/dec/12/lehman-brothers-bankrupt?newsfeed=true

Why do ‘prices’ of so many commodities and currencies fluctuate independent of supply/demand fundamentals today?   http://kingdomecon.wordpress.com/2011/12/17/why-dont-prices-of-key-commodities-reflect-the-underlying-supplydemand-factors/

Commodities Creamed, Stocks Reeling As Market Gets Strong Whiff Of Deflation   http://www.forbes.com/sites/greatspeculations/2011/12/14/commodities-creamed-stocks-reeling-as-market-gets-strong-whiff-of-deflation/

Why bringing the bankers to heel is so important…   http://www.feasta.org/2011/12/14/why-bringing-the-bankers-to-heel-is-so-important/

Is the United States Too Big to Succeed?    http://mises.org/daily/5830/Is-the-United-States-Too-Big-to-Succeed

Why Iceland Should Be in the News, But Is Not   http://www.truth-out.org/why-iceland-should-be-news-not/1322327303

The Future: Expect The Unexpected   http://www.economist.com/blogs/freeexchange/2011/12/future

The Upside Of Down   http://www.theupsideofdown.com/theargument.html

Why New Danger Of A Systemic Collapse Is Far Greater Today Than At Almost Any Tim   http://etfdailynews.com/2011/12/14/why-new-danger-of-a-systemic-collapse-is-far-greater-today-than-at-almost-any-time-tza-faz-fas-tna/

A Glimpse Into the Self-Destructive Psychology of Sharks   http://theautomaticearth.blogspot.com/2011/12/december-14-2011-glimpse-into-self.html

Home Prices in Spain Drop 14 Consecutive Quarters; Banks Stuck with Major Losses Not Marked to Market; Expect Conditions to Worsen   http://globaleconomicanalysis.blogspot.com/2011/12/home-prices-in-spain-drop-14.html

 

Occupy Wall Street

A Rich American Destroys Fiction That Rich People Create Jobs   http://finance.yahoo.com/blogs/daily-ticker/finally-rich-american-destroys-fiction-rich-people-create-152949393.html

Of the 1%, by the 1%, for the 1% (old but good)   http://www.vanityfair.com/society/features/2011/05/top-one-percent-201105

Chinese Village 99% in Rebellion Against 1% Authorities    http://www.nytimes.com/2011/12/15/world/asia/chinese-village-locked-in-rebellion-against-authorities.html

The view from the 1 percent   http://www.washingtonpost.com/national/on-faith/the-view-from-the-1-percent/2011/12/06/gIQAdbbYaO_story.html?tid=patrick.net#article-leaf-page

 

MF Global Collapse

MF Global Told CME It Used Customer Funds: Timeline   http://www.bloomberg.com/news/2011-12-16/mf-global-told-cme-group-it-used-customer-funds-timeline-shows.html

MF Global’s Fractional Reserves   http://mises.org/daily/5833/MF-Globals-Fractional-Reserves

How MF Global Collapsed by over Hypothecat​ing and Who is Next?    http://www.marketoracle.co.uk/Article32087.html

MF Global Customers Target JP Morgan   http://www.forbes.com/sites/emilylambert/2011/12/15/mf-global-customers-target-jp-morgan/

Banks warn over MF Global even as land prices soar   http://www.agrimoney.com/news/banks-warn-over-mf-global-even-as-land-prices-soar–3971.html

Why MF Global Really Went Bankrupt   http://www.forbes.com/sites/timworstall/2011/12/16/why-mf-global-really-went-bankrupt/

 

Global Banking Crisis, Economy, and Systemic Risk

BofA, Goldman, Barclays Have Credit Ratings Cut by Fitch    http://news.businessweek.com/article.asp?documentKey=1376-LW9K4X6S972801-0HTA7QQSIFKGP2KRNR37RTIROM

China: Banking crisis looms    http://www.chinaworker.info/en/content/news/1680/

Japanese Debt: The Bubble Of The Century?     http://seekingalpha.com/article/313574-japanese-debt-the-bubble-of-the-century

Euro zone’s web of debt   http://www.irishtimes.com/newspaper/letters/2011/1214/1224309043492.html

Forget David Cameron’s veto, another eurozone crisis is only weeks away   http://www.telegraph.co.uk/news/worldnews/europe/eu/8953775/Forget-David-Camerons-veto-another-eurozone-crisis-is-only-weeks-away.html

Austrian Banks Facing Payback as Hungary’s $22 Billion Debt Slaves Revolt    http://www.bloomberg.com/news/2011-12-13/austrian-banks-facing-payback-as-hungary-s-debt-slaves-revolt.html?source=patrick.net

Spanish house prices tumble   http://online.wsj.com/article/SB10001424052970204026804577099981125553986.html

What would currencies be worth if euro broke up?   http://www.telegraph.co.uk/finance/financialcrisis/8960332/Graphic-How-exchange-rates-could-collapse-after-a-Euro-break-up.html

Contagion From The Eurozone   http://www.declineoftheempire.com/2011/12/contagion-from-the-eurozone.html

 

Eurozone debt crisis /Ireland/Italy/Spain/Portugal/Cyprus/Greece/Iceland

Divisions in eurozone over ECB bond-buying   http://www.telegraph.co.uk/finance/financialcrisis/8963541/Divisions-in-eurozone-over-ECB-bond-buying.html

Fitch warns Spain and Italy as Moody’s downgrades Belgium    http://www.telegraph.co.uk/finance/financialcrisis/8962488/Fitch-warns-Spain-and-Italy-of-downgrade-as-Moodys-cuts-Belgium-by-two-notches.html

Europe’s crisis develops, what happens next?    http://www.abc.net.au/unleashed/3732632.html

Eurozone crisis threat to UK farming   http://www.fwi.co.uk/Articles/14/12/2011/130576/Eurozone-crisis-threat-to-UK-farming.htm

Europe’s bank meltdown will hit home here   http://www.marketwatch.com/story/europes-bank-meltdown-will-hit-home-here-2011-12-13?reflink=MW_news_stmp

Europe’s Banks Retreat From the East   http://online.wsj.com/article/SB10001424052970204336104577094463786265648.html

Europe Crisis Drags On, Raising Concerns About U.S. Banks   http://www.huffingtonpost.com/2011/12/12/us-banks-european-sovereign-debt-crisis_n_1143800.html?ref=mostpopular

Why Iceland Should Be in the News, But Is Not   http://www.truth-out.org/why-iceland-should-be-news-not/1322327303

Portugal May Nationalize Banks in Historic Irony: Euro Credit    http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/12/13/bloomberg_articlesLW4ZGY0YHQ0X.DTL

 

US Foreclosure and Bank Fraud and fraud in high places

Fannie and Freddie execs charged with fraud   http://www.telegraph.co.uk/finance/financial-crime/8961598/Ex-heads-of-Fannie-and-Freddie-sued-by-US-regulator-over-sub-prime-exposure.html

Another Day, Another Claim of an Imminent Foreclosure Fraud Settlementhttp://news.firedoglake.com/2011/12/13/another-day-another-claim-of-an-imminent-foreclosure-fraud-settlement/

 

UK Property Market

Eurozone Debt Crisis Hurting London Home Prices in Q4   http://www.worldpropertychannel.com/europe-residential-news/london-home-prices-chesterton-humbertscebr-november-house-price-poll-of-polls-london-home-listings-flats-for-sale-in-london-eurozone-debt-crisis-banking-crisis-in-europe-5085.php

Housing crisis in the north of England deepens    http://www.guardian.co.uk/housing-network/2011/dec/16/grim-up-north-housing-crisis-deepens?newsfeed=true

 

Global Pension “time bomb” and aging population

California pension disaster looms nearer    http://www.ocregister.com/opinion/retirement-331571-stanford-california.html

Private Pensions: Quantitative Easing Hits Pension Funds    http://www.pensioncalculator.org/14261/news/private-pensions-quantitative-easing-hits-pension-funds/

Canada pension deficit understated, think tank says   http://ca.reuters.com/article/businessNews/idCATRE7BC1SX20111213UK Company Pensions: Private Sector Pension Deficit Hits £222bn  http://www.pensioncalculator.org/14229/news/company-pensions-private-sector-pension-deficit-hits-222bn/

ºNew Study: With Giant Pension Debts, California Is Screwed   http://www.forbes.com/sites/ericsavitz/2011/12/13/new-study-with-giant-pension-debts-california-is-screwed/

 

Deflation or inflation?

Deutsche Bank launches exchange traded notes linked to inflation or deflation expectations    http://cpifinancial.net/v2/News.aspx?v=1&aid=10361&sec=Investment%20BankingGood Deflation/Bad Deflation, Good Inflation/Bad Inflation   http://wallstreetpit.com/87674-good-deflationbad-deflation-good-inflationbad-inflationCommodities Creamed, Stocks Reeling As Market Gets Strong Whiff Of Deflation   http://www.forbes.com/sites/greatspeculations/2011/12/14/commodities-creamed-stocks-reeling-as-market-gets-strong-whiff-of-deflationAsk the experts: What will 2012 mean for the housing market?   http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8956048/Ask-the-experts-What-will-2012-mean-for-the-housing-market.htmlLatest Price Data Show US on Brink of Deflation as World Economy Slows   http://www.economonitor.com/dolanecon/2011/12/16/latest-price-data-shows-us-on-brink-of-deflation-as-world-economy-slows/

 

US Unemployment

Jobs — Can America Make A Come Back?    http://www.declineoftheempire.com/2011/12/jobs-can-america-make-a-come-back.html

Alternative Currencies, changing the Banking System

Creating New Money: A Monetary Reform for the Information Age    http://www.positivemoney.org.uk/2011/12/creating-money-monetary-reform-information-age/

Eureka articles that challenge the status quo

As Economic Growth Fails, How Do We Live?   http://energyeconomyonline.com/As_Growth_Fails_Part_I.html

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