Sunday, September 25, 2011

While world leaders party with looted funds, the world prays for an economic miracle


The only "crisis" is how to spend looted money

The Independent
By Ben Chu
09/24/2011

After an incredibly volatile day on world markets, the head of the International Monetary Fund, Christine Lagarde, warned of a looming "collapse in global demand" which threatens to push economies around the world into a new recession.

    "Dark clouds over Europe and huge uncertainty in the United States" mean that "the challenge could not be more urgent", she told politicians and leading economists in Washington, who are meeting there in an attempt to tackle the world's economic woes. 

Lagarde:  Destroyer of Third World countries
Calling for immediate action to support global growth and stabilise the international financial sector, Ms Lagarde said: "The actions I am calling for today are not for the coming years – they are for the coming months."

The stark warning followed the failure of the G20 group of leading economies to convince investors that they would avert a new global banking crisis. A communiqué from G20 finance ministers and central bank governors pledging to "take all necessary action to preserve the stability of banking systems and financial markets" failed to deliver a significant lift to investor sentiment. Stock markets in Europe and the US picked up slightly by the close of trading yesterday, but generally failed to recover the large losses experienced earlier in the week.

    The Chancellor, George Osborne, who is in Washington for the IMF summit, attempted to ratchet up the pressure on his European counterparts, warning that they had six weeks to agree on radical measures to address the eurozone sovereign debt crisis before the next G20 meeting in November in Cannes. "There is now a quite clear deadline set which is the Cannes summit," he said. "The eurozone has six weeks to resolve this political crisis." The Chancellor claimed that European finance ministers are finally waking up to the fact that they must act faster to resolve the Continental debt crisis, saying that the "leading lights of the eurozone are aware of the fact that time [is] running out for them".

   The G20 communiqué had sought to reassure financial markets that prompt action would be taken to ensure that all banks have sufficient capital buffers to absorb any economic shocks.

    It said: "We will ensure that banks are adequately capitalised and have sufficient access to funding to deal with current risks."

    But no new plan to inject capital into the Continent's fragile financial sector was announced. The IMF claimed this week that there is a potential €200bn-hole in the balance sheets of European banks as a consequence of strains in the European sovereign debt market.

On  Iran's Ahmadinejad:  "It's ... this ... big ...
And Ms Lagarde repeated her call for European leaders to act quickly to strengthen the balance sheets of their banks. A move by the credit rating agency Moody's to further downgrade eight Greek banks underlined the stresses in the Continent's financial sector.

     The G20 communiqué also promised that the powers of the eurozone's emergency stabilisation fund, the EFSF, will be significantly boosted by the time of the Cannes meeting, enabling it to recapitalise banks and increase emergency lending to troubled states.

    But that is dependent on national parliaments sanctioning an increase in the EFSF's powers. The German Bundestag will vote on the measures on 29 September. The German Chancellor, Angela Merkel, is facing problems convincing her Christian Democrat Party and her coalition partners, the Free Democrats, to back the legislation.

    Despite instructing European leaders to take radical action in the face of the looming economic emergency, Mr Osborne refused to budge from his own radical deficit-reduction strategy. The Chancellor rejected claims he is contributing to the deficiency of global demand with his determination to wipe out the bulk of the UK's budget deficit by the end of this parliament. "This is a debt crisis. You can't separate debt and demand," he said. "They are intricately linked. Unless you deal with debt you can't deal with demand."

     The Chancellor also stressed that, despite his opposition to the UK ever joining the single currency, it is in Britain's national interest for the eurozone to survive the present crisis: "I'm very clear that a break-up of the euro is bad for Britain ... It is in Britain's interest that the euro works, that it's stable."

    Although Britain is not in the eurozone, the British banking sector is significantly exposed to turmoil in the currency bloc. A stress test of Europe's banks in July by the European Banking Authority showed that the Royal Bank of Scotland, Barclays and HSBC have extended loans amounting to €204bn to governments and companies in troubled eurozone nations.

    If the single currency were to collapse, British banks would register large losses on those loans. Despite rising fears about the health of European banks, Mr Osborne yesterday insisted that British banks are perfectly safe: "UK banks are well capitalised and liquid." 


This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. The 5th Estate is making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc.  We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.



-------------------------------------------------------------------------------------------------------------------

ANDREW KREIG: EXPERTS REJECT FIRE AS CAUSE FOR 9/11 WTC COLLAPSES

The real truth on 9/11 slowly continues to bleed out

 photo
Technical experts are mounting major challenges to official U.S. government accounts of how three World Trade Center skyscrapers collapsed in near-freefall after the 9/11 attacks 15 years ago.

Many researchers are focusing especially on the little-known collapse of

READ MORE >>

-------------------------------------------------------------------------------------------------------------------

The Geopolitics Of The United States, Part 1: The Inevitable Empire

The Empire and the inevitable fall of the Obama criminal regime

 photo
STRATFOR Editor’s Note: This installment on the United States, presented in two parts, is the 16th in a series of STRATFOR monographs on the geopolitics of countries influential in world affairs.

Like nearly all of the peoples of North and South America, most Americans are not originally from the territory that became the United States.

READ MORE >>

-------------------------------------------------------------------------------------------------------------------

Geopolitics Of The United States Part 2: American Identity And The Threats of Tomorrow

A look back at 2011 predictions for the future in order to put events of today into perspective

 photo capitalism_zpsah78uy5p.jpg
We have already discussed in the first part of this analysis how the American geography dooms whoever controls the territory to being a global power, but there are a number of other outcomes that shape what that power will be like. The first and most critical is the impact of that geography on the American mindset.

READ MORE >>

-------------------------------------------------------------------------------------------------------------------


By Robert S. Finnegan

This e-mail outlines and confirms the acts of espionage against Indonesia and Indonesians by Akiko Makino and the others involved both in Kobe University and in AI Lab at University of Airlangga, Surabaya; Bahasa Indonesia original follows English translation...

READ MORE >>

-------------------------------------------------------------------------------------------------------------------

UPDATED 01/07/2015 : New Analysis Challenges Tamiflu Efficacy; Hong Kong Corona Virus Outbreak

UPDATED 01/07/2015 : FOX NEWS CORPORATE PHARMA SHILL MEGAN KELLY AND FOX NEWS QUACK DOCTOR NOW PUSHING TAMIFLU FOR PREGNANT WOMEN AND CHILDREN;

 photo TAMIFLU_small_zpssojx6okt.jpg
THE 5TH ESTATE UNEQUIVOCALLY WARNS THE PUBLIC NOT TO TAKE OR GIVE THIS PROVEN DANGEROUS, INEFFECTIVE DRUG TO ANYONE

Obama criminals now resulting to biowarfare in quest to destroy Chinese and ASEAN economy; "novel virus substrain" points directly to a Kawaoka / Fouchier / Ernala-Ginting Kobe lab virus weaponized and genetically altered to specifically target and infect the Asian population: Ribavirin...

READ MORE >>

-------------------------------------------------------------------------------------------------------------------


 photo WHO02_zpsplmhtlpr.jpg
The 5th Estate has just purchased a library on H5N1 "Novel" virus pandemics, there are dozens of PDF and Exel documents we feel will assist you in saving lives following intentional releases of the H5N1 and now MERS viruses; we will begin by printing those that appear to be extremely relevant here: H5N1 Kobe-Kawaoka-Ernala series continues soon with more "Smoking Gun" e-mails from Teridah Ernala to The 5th Estate . . .

READ MORE >>

-------------------------------------------------------------------------------------------------------------------


By Robert S. Finnegan

On October 12, 2002 the Indonesian island of Bali experienced a terrorist attack that rocked the world. It was unquestionably well-coordinated and executed, the largest in the country's history.

READ MORE >>