CRASH 2

A building history of how financial, fiscal and economic globalism went off the rails

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June 11, 2013 · 7:30 am |

CRASH2: The When of Yen and the Zen of Ben

Why is everything the Wrong Way Round? “We’re playing all the right notes Sunshine…” Yesterday, ThomsonReuters noted that, of the 116 second-quarter earnings pre-announcements given by S&P 500 companies, 93 of them have been negative, while only 14 have been … Continue reading →

June 10, 2013 · 10:11 am |

CRASH2: Why Japan is doomed, and how the inside trackers are getting their ducks in a row.

Tokyo’s strategy requires every economic assumption ever made to be proved wrong. Words spoken last year by UCLA’s Dr Michael J Burry at the 2012 graduation of his students: “At the highest levels of economic thought in government, questions are … Continue reading →

June 7, 2013 · 8:30 am | Edit

CRASH2: Forming a pyramid on the cliff-edge

One sneeze, and over we go European bond rates are rising rapidly. Yesterday the rise spiked after Mario Draghi said the ECB was maintaining the key lending rate, and the overnight deposit rate. The ECB also cut its 2013 gross … Continue reading →

June 6, 2013 · 6:25 am | Edit

CRASH2: The pace quickens as US & China reel together

France stops precious metal sales through the mail Nobody knows how long the Believers can keep the neocon-bank-bourse-globalist bird on its wire, but there’s one thing you can’t resist, and that’s data. You can try and hide it, like Mario … Continue reading →

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EUROBLOWN: While the human cost in ClubMed is massive, the financial cost to Berlin is zilch.

By John Ward May 3, 2013

April 23, 2013 · 8:27 am |

CRASH 2: Why awful is the new normal

Next time somebody tries to give you a bullish view, accept the fact that it’s really bullsh*t. Chinese manufacturing slowed in April, exacerbating concerns over the strength of the world’s second biggest economy. Eurozone deficits are falling, but only because … Continue reading →

April 17, 2013 · 1:43 pm | Edit

CRASH 2: Mrs Thatcher is lowered into the ground just as prow of SS Globecantile rises from the sea

Today will be the chapter heading for a future economic history book Man for all Seasons David Cameron consolidated his lead in the human cliché stakes today be remarking that”we’re all Thatcherites now”. Some of us never were, Mr Cameron … Continue reading →

January 31, 2013 · 4:29 pm | Edit

CRASH 2: Take your partners for the menage a trois waltz….

Portuguese obesity advertisement Manolo Barroso tweeted this morning that he was “signing autographs” on his arrival in Vienna. I’m generally in favour of Austrians, although one must remember that Adolf Hitler emerged from their ranks. I’m thus mystified that anyone … Continue reading →

January 30, 2013 · 4:47 pm | Edit

CRASH 2: “We are 100% certain that it just doesn’t matter”.

Truth, Lies and Tickertape in America and Europe It’s a desperate politician that ever uses the term ‘one hundred per cent’, but yesterday Greek Finance Minister Yannis Stournaras said he was that certain 2013 will be Greece’s last year of … Continue reading →

January 29, 2013 · 7:16 am | Edit

CRASH 2: The mad, the bad, and the hysterically silly

George Osborne yesterday showed once more that he’s ahead of the game by suggesting that Britain faces “a difficult time”, the gdp results were “disappointing”, and thus the Pound is falling…so Brits abroad in the eurozone will “feel the pinch”. … Continue reading →

January 26, 2013 · 7:31 pm | Edit

CRASH 2: the hide and seek of it all

Italian banks have been hiding massive derivatives losses…so now MPS bank needs a €3.9bn bailout. The Talvivaara Mining company of Finland is secretly mining uranium, and covering up dangerous accidents. Both the Germans and the Swiss think the Americans are … Continue reading →

January 23, 2013 · 2:10 pm | Edit

CRASH 2: Focus on the Page One stuff

Why the tricksters’ top ten takeaways will tear up everything Over the last fortnight, The Slog has been starting more of an urgent countdown to Crash 2. I’ve begun the process  because the statements, attitudes, preparatory behaviour, central bank policies, … Continue reading →

January 22, 2013 · 7:41 am | Edit

CRASH 2: The sociopathic money is planning one last heist before everything goes bang

Beware the ides of March? Scanning the data on futures betting suggests that there is some insider knowledge out there preparing to profit from a major fall in the VIX, and a rise in precious metals. I’ve posted about the … Continue reading →

January 20, 2013 · 12:18 pm | Edit

CRASH 2: Why it is no longer in doubt

As opportunities shrink, egos expand. Doom is upon us. I have several pointers I use all the time when trying to judge how and when something financial is going to go wrong, fall over or implode. One of the biggest … Continue reading →

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January 18, 2013 · 9:20 am | Edit

CRASH 2: a gathering storm, episode 4.

Multiple can-kicking: the metal fights back As Blockbuster strode robotically into insolvency earlier this week, the German economic march became stuck in the mud resulting from ClubMed and global downpours. Blockbuster Video was a retail outlet squashed between the rise … Continue reading →

January 16, 2013 · 9:09 am | Edit

Cutting outlooks, wealth, services, electricity supplies, and hair. But not banking power.

The banks are being bailed out, the citizens are being fleeced. Quelle surprise. “A frustratingly slow economic recovery in developed nations is holding back the global economy,” pronounced the World Bank yesterday while cutting its world growth forecasts for 2013. … Continue reading →

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January 16, 2013 · 1:42 am | Edit

Every man for himself, episode 3

The cracks between sovereign States (and the States and their citizens) are becoming more obvious The evidence of sovereign reversion to selfish war I’ve been referring to for a fortnight now continues to pile up. German newspaper Handelsblatt reports that … Continue reading →

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January 9, 2013 · 1:28 pm | Edit

THE TRADE DEFICIT….A word on the quiet to George Osborne:

Dear Chancellor Harsh maybe, fair undoubtedly: you have thus far saved £18bn of government expenditure in over two years, but failed to (a) stop the debt rising and (b) rebalance the economy. The word ‘rebalance’ there is a tad euphemistic, … Continue reading →

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January 8, 2013 · 7:22 pm | Edit

CRASH 2: The Fat Lady may not be singing, but all seven veils have been removed.

It’s a quiet news week (as they say) so far. But as I posted last Saturday, a lot of the élite’s diaphonous veil of defence is being lifted. The World Economic Forum’s 2013 report talks of a widening gap between … Continue reading →

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January 8th 2013· 10:43 am | Edit

CRASH 2: Measuring the consequences of 180 measures

Where the world is headed gets more obvious every day in more and more ways. Two examples from yesterday, for example, were landing gear that didn’t land, and Government success by numbers. Very different stories, but very similar endings. For … Continue reading →

July 20, 2012 · 7:45 am | Edit

CRASH 2: Thank God it’s Friday?

I don’t like Mondays It may be Friday, and there may be two days of respite in which lies can be spun and bailouts cobbled together. But this time, none of the idiots who got us here have anywhere to … Continue reading →

June 11, 2012 · 10:08 am | Edit

CRASH 2: Urgent – RBS on the edge…but don’t miss Summer recess Sir Humphrey, whatever you do.

Some of you will be fed up of hearing me issue RBS warnings, but equally, some of you may have spotted that there’ve been murmurings in government about the bank over the last few days. I find this muttering very … Continue reading →

June 6, 2012 · 11:48 am | Edit

CRASH 2: Why Russians are now the biggest converters of Ruble wealth into Swiss francs.

The Ruble is a lead balloon signalling a Russian crisis to come Just under a month ago, The Slog posted about the unfathomable depths of Russia’s true toxicity…and the level to which RBS is still, I understand, over-exposed to it. … Continue reading →

· 9:14 am | Edit

CRASH 2: Berlin reverses its millimetre of movement on eurobonds

The Earth may be turning, but the economy is at Dead Stop ‘Germany has not moved one inch towards fiscal union of any kind’ writes Ambrose Evans-Pritchard in today’s Telegraph. And I’m afraid he’s right. Merkel is a crafty minx, … Continue reading →

June 4, 2012 · 3:05 pm | Edit

CRASH 2: Panic in the markets, but the Gold price falls 1.5%. Why?

AP 10 HOURS AGO: ‘The global economy’s foundations are weakening, one by one. Already hobbled by Europe’s debt crisis, the world now risks being hurt by slowdowns in its economic powerhouses. The U.S. economy, the world’s largest, had a third … Continue reading →

June 1, 2012 · 6:21 pm | Edit

CRASH 2: Bad news spreads to Asia, South America…

…and Australia If you have a globalised economy, sooner or later you’ll have a global depression Take a look at these European bourse numbers for today.. Stoxx 50 -2.2%, Germany -3.5%, France -2.2%, Italy -1.1% ….and Spain -7.1% on the … Continue reading →

· 10:56 am | Edit

CRASH 2: Why Draghi’s strong words on the euro presage the first big banking collapses.

The over-beveraged banker staggers in, Stage Right “Her-huh…I guess Wall Street wen’ out an’ got drunk” (GW Bush, 2009) When Mario Draghi directly says, in front of a phalanx of media and snappers, that without concerted action now the euro … Continue reading →

May 29, 2012 · 9:10 am | Edit

CRASH 2: Why has the Treasury revoked debt-trading sections of a 1939 Act – without telling Parliament?

How a hidden order could be used to bankrupt the UK Those of us who spend too much time watching government at its dirty work know the phrase ‘statutory instrument’, or SI, rather too well. Oddly enough, they are not … Continue reading →

May 27, 2012 · 2:47 pm | Edit

CRASH 2: Alchemy ain’t gonna cut it: matter cannot be created or destroyed

The something from nothing myth exploded forever I have an insight here, so stand by. Focus, ignore that nagging post-roast indigestion, and clear the detritus from your mind in expectation of wisdom. Throughout the world of fiscal economics and global … Continue reading →

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CRASH 2: Why the arrival of the ‘active ETF’ bonanza presages Armageddon.

Huge trades show yet another sound idea being perverted by the Gods of Greed A few months back, one of my favourite people in New York told me the Next Big Thing would be Exchange Traded Funds (ETFs). She said … Continue reading →

EUROBLOWN: Whichever way the Spanish bond auction goes, the banking system is still too big to save.

Latest: cost of insuring Spanish debt rises in pre-auction trading While Britain’s tabloids spent yesterday agonising about the snub to the Queen by Spain over the nationality of the Rock of Gibraltar, Spain’s banking system continued to look very rocky … Continue reading →

CRASH 2: Why the Day of Reckoning will reconfigure Western politics forever.

I was drafting something this morning for what I hoped would be one of my more thoughtful/thought-through pieces. On the whole, I’m a bit of a draft-dodger when a piece of news sets one of my many hobby-horses free from … Continue reading →

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EUROBLOWN: Tinbrain the Troikanaut goes election manipulating (again)

Making a drama out of a drachma The Athenian news site Real News reports this morning that The IMF/EU Troika of Terror is willing to make six conciliatory changes to Greece’s program….if a pro-bailout terms government is formed in the … Continue reading →

At the End of the Day

“So tell me,” said a senior Tory MP last Tuesday, as we stood in a crowded function room off the House of Commons, “What’s it like to be mingling with the Right Wing of the Conservative Party?” I looked at … Continue reading →

CRASH 2: 76 years on, Spain once again holds the key to the future.

For all kinds of reasons (entirely family, nothing to to with GCHQ etc) my posts will be briefer and more sporadic for the foreseeable future. Sometimes, stuff like this puts one’s life back into perspective…but also hones one’s ability to … Continue reading →

THE EUROBLOWN CRISIS

In which the EU goes from drama via crisis to meltdown Welcome to the most comprehensive assemblage on the Web of every step taken by the EU along the stony, illiquid road leading inexorably to broadscale Member State insolvency, the … Continue reading →

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CRASH 2: ‘NO QE3 A WARNING FROM BERNANKE, NOT A GREEN LIGHT’ – Sources

“I think he knows that Europe is out of control, and he’s sure that American politics will screw things up there too. He’s been consistent since last Spring on giving warnings and expressing doubts. He’s one helluva good barometer.” And … Continue reading →

EUROZONE DEBT: TWO MORE UXBs YOU WON’T FIND IN THE UK & US MSM.

Greece has no money to pay international law creditors, and the Bundesbank is owed 550 billion euros by debtor banks From Germany’s Deutsche Mittelstands Nachrichten this morning came the news that investors with Greek government bonds issued under international law continue … Continue reading →

REVEALED: HOW BERLIN HAS BEEN PLANNING A EURO-EXIT SINCE 2009

Plain banknote paper stockpiled, Bundesdruckerei renationalised A Slog investigation during the last twenty-four hours suggests that not only is the EU’s system of banknote printing open to easy abuse, Germany ordered a large consignment of plain banknote paper from its … Continue reading →

The economic World is much closer to the edge than the Commentariat realises

We are witnessing local bulletins but ignoring the Big News Ben Bernanke has once again said “No QE for now, but we are not out of the woods”. Observers need to wise up to the fact that this is a … Continue reading →

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The economic World is much closer to the edge than the Commentariat realises

We are witnessing local bulletins but ignoring the Big News Ben Bernanke has once again said “No QE for now, but we are not out of the woods”. Observers need to wise up to the fact that this is a … Continue reading →

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CRASH 2: MOODY’S DOWNGRADES & CHINA’S LENDING BINGE HERALD THE NEXT PHASE.

Bank and Sovereign debt commitments have emptied the growth engine’s tank. The range and profundity of EU financial problems were revisited overnight when Moody’s  slashed Spain’s rating by two notches, and downgraded the debt of Italy, Portugal, Slovakia, Slovenia, and … Continue reading →

CRASH 2: GM TO DEMAND BIG CUTS AS VAUXHALL, OPEL Q4 SALES ‘HORRENDOUS’

“Full ahead both, skipper….” But as the news deteriorates everywhere, bankers and politicians remain steadfast The Greek sideshow (and compared to our global economic problems, it is a seriously off-Broadway production) has allowed too many of us recently to be … Continue reading →

CRASH 2: A GLOBAL MORTGAGE CHAIN IS REVEALED….

Halo fellows not entirely well-met …THAT WILL BREAK UP THE SALE OF OBAMA2 Those reading beyond the daily lies emanating from Athens will be aware that a screeching cat is now out of the bag and smelling of poo. Hellenic … Continue reading →

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CRASH 2: Why we are approaching The Tulip moment.

A world in which nearly everything is overvalued cannot be sustained At Zero Hedge this morning, Rick Ackerman (a bloke whose observations I find pretty sharp on the whole) posted a typically outspoken piece that included this extract: ‘…hundreds of … Continue reading →

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CRASH 2: Everyone wants to borrow at the same time….

…so that they can lend the money to other people who want to borrow because other people lent them too much money before. The eurobanks are full of money because the EBA thinks they don’t have enough money to withstand … Continue reading →

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CRASH 2: S&P EU DIAGNOSIS DAMNS MERKEL STRATEGY AS FRANKFURT GETS THE JITTERS

Bankfurt paranoia confirmed as ECB faces “unthinkable losses” As EU politicians fell over each other to rubbish or downplay S&P’s latest reduction in its member credit ratings this weekend, there was nevertheless a very clear double-dynamite message in the credit … Continue reading →

EU CRISIS SCANDAL: PENSION LIABILITIES OF FRANCE & GERMANY ARE HALF OF EU TOTAL

 EU State pension liabilities at three times gdp. UK’s are only 94% of gdp. Franco-German hyposcrisy revealed by Freiburg Study Very few people stop to think in life about why they’re working. However, a study conducted at Freiburg University in … Continue reading →

GREEK CRUNCH: I WAS RIGHT – THIS IS THE EU’S BIGGEST TEST YET

Papademos…forked tongue in cheek Source warns: “Without change of heart by Berlin, lenders hold all the cards” Slog suspicions vindicated as Reuters backs view that bondholders spoiling for fight Yesterday morning I suggested that Merkozy and Greek PM Lucas Papademos … Continue reading →

News Ketchup

  Correlation Street I very rarely watch BBC Breakfast, as I tend to think of it as news for those over 90 and under 9. I’m sure this target audience is what they have in mind, because in the thirty … Continue reading →

HAS MERKOZY PRESSURE REALLY PULLED GREEK LENDERS INTO LINE?

“Greek default inevitable” says top credit source The Slog has learned this morning, from a source directly involved, that the Greek debt situation “would almost certainly” have become critical this week – but that with or without Merkozy pressure, “the … Continue reading →

Economic & Fiscal situation on the cliff edge say top opinion leaders.

Senior players support Slog view on Draghi strategy and false US recovery What one tends to get in economics, financial services and fiscal management is first of all some distant rumblings and the odd cloud on an otherwise azure horizon. … Continue reading →

GLOBAL CRISIS EXCLUSIVE: US LABOUR STATISTICS OFFER NO SIGN OF A REAL RECOVERY AT ALL.

The Slog mines the data, and finds evidence of a carefully manipulated myth. For a good two weeks now, the American business media have been talking up the US ‘recovery’ bigtime. I posted on this recently, using data from Zero … Continue reading →

News Ketchup

Rebekah Redtop’s pa arrested Newscorp lifer and former pa to Rebekah Brooks Cheryl Carter has been arrested by the Sue Akers Weeting Enquiry. The charge is perversion of the course of justice, and will almost certainly involve email deletion on  … Continue reading →

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EU DEBT CRISIS – Surprise, surprise – the lenders are backing away from Greek haircuts

And now Spain has a banker running the economy too During 2012 – unless bondholders in Greek debt take at least a 50% hit on the original repayment deal – the Greek National Debt will balloon to being twice the … Continue reading →

EU CRISIS: The simple problem is, there’s nowhere near enough money.

There is now no way the eurozone can avoid going down the toilet You have to worry when all the EU sovereign States most in trouble have the banks most in need of recapitalisation. Thus, the three biggest needies are … Continue reading →

News Ketchup

Dave has been getting his sums wrong again. It’s just four days since he called the UK IMF contribution “a maximum of £10bn”, and now those nice people in Brussels have presented Squeaky the Draper with a bill for £25billion. … Continue reading →

EU CRISIS: DRAGHI FACING HEAVY FRANCO-AMERICAN PRESSURE

Cannons to the right of ‘im, cannons to the left of ‘im Washington and Paris determined to twist ECB boss’s arm The war of words over the role of the ECB is reaching fever pitch. But The Slog has learned … Continue reading →

EU CLUBMEDS CRISIS: ONE OBVIOUS STRUCTURAL PROBLEM, ONE INTRACTABLE FISCAL PROBLEM

The long and short term on why the eurozone is doomed Gallup (US) does quite a bit of interesting pan-European consumer research, but also some socio-economic stuff of a more general nature. It just published one about how easy or … Continue reading →

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EUROZONE: CRISIS WITH A CAPITAL C AND THAT STANDS FOR COLLAPSE AND THAT SPELLS CARPETBAGGERS

The Carpetbaggers are coming to Europe The Slog would like to apologise to all readers for the late arrival of this post, which was due to leave Sloggers’ Roost at 10.30 am this morning GMT, but thanks to a power … Continue reading →

CRASH 2 BREAKING: COMMERZBANK IN CALL FOR BERLIN BAILOUT

Second largest bank in Germany on verge of collapse After a long series of barely spun excuses and bad results, reliable reports are filtering in from Germany tonight that Commerzbank needs immediate State aid to stop it going under. It … Continue reading →

BRUSSELS ‘BREAKTHROUGH’: TWO WORKING DAYS LATER, IT’S ALREADY FALLING APART

“I sink zey are onto us, mein kleiner Poodle” Slog’s Bankfurt mole offers blunt critique of Merkozy deal As of midday GMT Monday, serious cracks are beginning to appear in the last Thursday’s Brussels Accord. French Parti Socialiste candidate Francois … Continue reading →

CRASH 2 ANALYSIS: Why Britain should be aware of the American strategy, and go neutral.

Give the little lady a Big Hand The Co-Op Bank, the European Central Bank, the wobbly Eurozone banks, and the Special Relationship. I need someone to explain to me why the CoOp Bank is running ads with a picture of … Continue reading →

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Fiscal analysis: Why money no longer just talks

Sterling….fading influence? It’s beginning to look like unelected money will make more and more demands I think that, at least for the time being, we should now move on from the Merkozy hissy-fit, and get back to what matters on … Continue reading →

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At the End of the Day

A failure of British diplomacy, and eurozone sanity Are you reading a blog out of step with what intelligent folks round the world feel? We all think this from time to time, before deciding either (a) I don’t care what … Continue reading →

PARIS OUT OF TIME IN SECRET RUN ON BANK OF FRANCE

Falling through the ice Eurobankers rush to grab money from the ECB as outside money pulls out of French Central Bank I did say right from the start of this week that events may yet catch up with, overtake and … Continue reading →

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EU CRISIS EXCLUSIVE: Geithner “still unhappy” about progress – sources.

Tim describes the eurobazooka as he sees it Although US Fed secretary Timothy Geithner told the BBC yesterday that “the world can be pleased at the progress now being made by Europe”, The Slog can exclusively reveal this morning that … Continue reading →

EU CRISIS: MORE ZERO SUMMIT GAMES IN BRUSSELS

Old news announcement expected later It’s 3 am GMT over this is of the Atlantic, and all is not well. One of the enduring features of the eurozone crisis is the manner in which people take positions, and then other … Continue reading →

EU CRISIS: Nothing has changed – divided they must fall.

“How many fingers, Winston?” The president of the European Commission who must not be confused with the President of the European Council appealed to EU leaders this morning to set aside their differences, and unite to rescue the euro from … Continue reading →

EU CRISIS: MERKOZY AND VAN ROMPUY SET OUT TO BAN THE FUTURE

“Aaaaahahahahahahahahahaaa” The EU continues to plan the future, and learn nothing from the past While we can all pontificate until the cows come home about the long and short term causes of eurozone cracks, very few of the folks who … Continue reading →

EU CRISIS: SLOG PREDICTION FULFILLED AS MERKOZY AGREE TO ABSOLVE BONDHOLDERS FROM FUTURE HAIRCUTS

But S&P warns: deliver or else. As first predicted here on November 27th, the banks-bondholders-lenders were formally given their Get out of Jail Free card this morning, when Chancellor Merkel and Nicolas Sarkozy agreed not to force private sector bondholders … Continue reading →

EU IN CRISIS: Why the debts represent dangerous weapons of mass distraction

Some folks are enjoying Western discomfiture more than most Geopolitical events on the fringes of the EU are going unmonitored Now that Standard & Poors has sent ‘a warning’ to every country and bank in the eurozone, I think perhaps … Continue reading →

BREAKING….SCHAUBLE PLANS ‘IN TROUBLE’ AS MERKEL’S RIFT WITH PARIS REAFFIRMED – Sources

More break than make on Day One Last Saturday, German Finance Minister Wolfgang Schauble ran a kack-handed plan for debt reduction up the media flagpole. Not many people saluted it, but then Saturday does tend to be a slow day. … Continue reading →

EU CRUNCH WEEK: Cotton-wool approach to the banks goes into overdrive

“Please don’t hit me, it hurts” ‘Don’t let’s be beastly to the bankers’ is getting out of hand The collapse of sovereign Reason in the face of the Almighty Banks continues. As does the process of softening us all up … Continue reading →

EUROZONE RESCUE WEEK: They’re off! Germany starts to shift ground

There will be no haircuts in the hubris zone As The Slog predicted throughout last week, this one’s Big Deal is going to involve letting the lenders off most of the hooks…however that might be disguised. This site’s endlessly identified … Continue reading →

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CRASH 2 ANALYSIS: Eric Daniels and the outstanding debt bonus.

Eric’s core values system I suspect a surprisingly high minority of British citizens see both Eric Daniels and Dave Prentis as ideal candidates to be shot in front of their families I was watching HIGNFY on BBC1 last night, and … Continue reading →

EU CRISIS: Save the banks and save the EU, but do try to remember the economy.

As days go in the EU, this one has been better than most. Most of the financial sites and press have declared that that the eurozone still has a pulse. There has been much talk about ezone members “finally getting … Continue reading →

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EU plans to launder national central bank money into IMF for bailout lending

“Nerr, wait…ah kern explen ever’sing…” Dear IMF: Bank error in your favour, collect 200 billion euros. Update 18:32 GMT: US Republicans plan to block IMF scam As Chancellor Merkel carries on refusing to compromise about anything ever again, the sleight … Continue reading →

EUROCRISIS: Confusion and contradiction as ever, but the compass is slowly pointing towards Schauble

This afternoon, European Central Bank (ECB) boss Mario Draghi said he would be prepared to broaden the role of his bank to encompass more and bigger bond purchases. Tomorrow, Angela Merkel will address the Bundestag to say she wouldn’t. This … Continue reading →

EUROCRISIS ANALYSIS: SCHAUBLE PLAYS A CLEVER GAME OF FEAR AND CONFUSION.

Why Germany’s eminence grise is playing hard to get It is part of the eurocrat mindset that, on asking a referendum question and getting the wrong answer, they keep asking until they get the right one. In market research conducted … Continue reading →

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CRASH 2: Central Bank intervention is just a ‘let’s try it again’ maneouvre.

Coordinated alchemy doesn’t turn it into science Sub-atomic theory (or some versions of it) maintain that doing the same experiment over and over again can indeed produce different results. Everywhere else above that level, you get the same result every … Continue reading →

CRASH 2 ANALYSIS: This is a poker game about who runs the world

Time for the suits to get a haircut? With the world’s Sovereigns divided by fear and greed, it’s hard to see how the lenders can lose While the euro funding crisis has zig-zagged this way and that, one thing has … Continue reading →

CRASH 2: “The eurozone is now a plague village” claims German banking source.

But the eurozone’s leaders continue to work on The Big Idea The Slog’s Bankfurt ‘Maulwurf’ insisted late yesterday afternoon EST that “The money is pulling out of Europe so fast now, the ECB will have to act within days, or … Continue reading →

CRASH 2: More evidence of a bonkers system eating itself

Cyborgs never question Here’s a corker for you all to think about: lenders buy bonds, but banks – many of whom are lenders – also sell them on. “Well of course they do,” I hear you cry, “We all knew … Continue reading →

EU CRISIS BOMBSHELL: HOW THE EUROZONE PLANS TO SELL US OUT TO THE BANKS

Yes Wolfie, we can smell it too. Ever so quietly, with the acquiescence of Berlin, Brussels is planning to let the bankers off. Scared by market attacks on northern Europe, and still lacking any bazooka money, the EU’s key players … Continue reading →

STRAUSS-KAHN: Slog’s September prediction comes good as DSK camp drops a stick of bombs into Sarkozy’s re-election campaign.

The last thing he needed Is the French President’s plotting about to come back and bite him? When Dominique Strauss-Kahn returned to France in early September, The Slog was alone in the media in posting that, once the dust had … Continue reading →

CRASH 2: Closed minds among the Europhiles dictate that Britain must leave the EU.

Now it really is time for Britain to go it alone Last Sunday on Jon Sopel’s politics show, they linked up with Michael Heseltine, the most pro-EU Tory of all time. He was looking a bit battered poor old soul: … Continue reading →

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CRASH 2: Wie spät ist es?

Unless somebody steps in to stop Berlin, we are all dead It is perhaps a reflection of the German psyche that ‘What time is it?’ in German means – literally – how late is it? It has always seemed to … Continue reading →

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EURO ANALYSIS: HOW CAMERON COULD MAKE ONE BIG TRADE WITH THE EU – AND WIN.

A chance to get rid of them forever? The Irish are giving a lead in the fight against Brussels. With imagination, the UK could now solve the entire eurocrisis The time has come – finally – for somebody with a … Continue reading →

CRASH 2: WILL THE ESTABLISHMENT’S FEET EVER TOUCH THE GROUND?

Reality for a few is a mirage for the many The Slog looks at London as an example of the state we’re in Lunching anywhere nice in central London towards the end of November is traditionally a nightmare. Early Christmas … Continue reading →

CRASH 2: Evidence piles up to show just how vulnerable most of the banks are.

An earthquake is on the way It would be hard to imagine a more telling series of events than this one: Greece suspected of ‘not trying’ when it comes to living up to bailout terms >>> Italian bond yields spiking … Continue reading →

CRASH 2: Banks keep lobbying against regulation…or fiddling the regulations.

Are Diamonds forever? It’s looking increasingly unlikely that any regulation will come to US banking in the foreseeable future. Contemporary financial data suggest that banks are spending more money than ever in Washington….lobbying against any legislation to do with their … Continue reading →

CRASH 2: It’s the banks, stupid.

The tales of the slither-banks are there for all to see As a long-time market researcher in one of my previous existences, I know as well as anyone that research is largely about discerning when people are lying. We all … Continue reading →

CRASH 2: US PREPARES FOR EU MELTDOWN ONSLAUGHT

Geithner puts the evil eye on big American banks The Federal Reserve has ordered all the largest US banks to test their loan portfolios and trading books against a severe recession and a European market shock. The most severe point … Continue reading →

CRASH 2: SH*TTING GOLD BRICS?

Emerging market central banks are piling into gold as their best hedge against dramatic falls in developed World demand. Emerging ‘Bric’ nation Central banks were by far the biggest purchasers of gold in Q3 2011, and most made the biggest … Continue reading →

The Incredible thickness of the Establishment Being.

…it stands to reason. The Slog witnesses a classic performance from the Denialment I was watching one of the endless stream of BBC politics programmes this morning – The Daily Westminster Politics on Sunday Show Now Today or something similar … Continue reading →

CRASH 2: WHY TOO MANY POLICIES & TOO MANY PITFALLS WILL SINK GERMANY’S EU INTEGRATIONIST STRATEGY

Can German determination beat dog-eat-dog? The Germans are briefing desperately – and claiming nonsensical futures – but they won’t be able to stay ahead of events in the eurozone. While the US loves to use the eurozone disarray to suggest … Continue reading →

IMF’s ANTONIO BORGES: A simple man who fell foul of German politics

Borges….won’t be missed by EU Godfathers Although the IMF’s newly unpersonned  European Section Head Antonio Borges appears to have been dispatched following a bond market idea that became inadvertantly public, there appears to be rather more to the affair than … Continue reading →

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CRASH 2: Why the splits within and between France and Germany bode well for freedom.

From here on, the more squabbling there is, the better we will be As most financial journalists with a reasonable breadth of euro-contacts will tell you at the moment, the Paris v Berlin v ECB briefing war has been at … Continue reading →

CRASH 2 ANALYSIS: Why the Germans and the markets will fail in their aims.

CRASH 2: The markets go for the EU jugular

Toxic debt fear spreads through the EU by every means As quickly as Germany tries to sew up EU integration, the markets are picking off the weaklings Eurozone bond markets suffered a mass sell-off on Tuesday as investor fears spread … Continue reading →

REVEALED: MERKEL & SCHAUBLE EYEING SWEEPING CHANGES TO GERMAN CONSTITUTION

Berlin allies set to steamroller EU members into United States of Europe. Blurred vision at the centre of a storm New article in Der Spiegel vindicates Slog sources, highlights Berlin game-plan In a major Spiegel scoop yesterday, the influential German … Continue reading →

CRASH 2: Is there a way we can ensure there’ll be no 3, 4 & 5?

Do you think this man ever had an idea? Leaders of The Big only ever have old ideas Comment threader Sandysview alerted me to an article in Autocar this month. It was about advertising, and authored by Jeremy Clarkson. Reading … Continue reading →

CRASH 2: Despite the Elysee’s briefing frenzy, France will not be joining the Superleague.

“Ooooeugh….please don’ ‘urt me, ah am joost a leeturl mouse oo storl ze scheez” But will we Britons wind up being the plucky amateurs yet again? Trace the spin bollocks back over the last few weeks, and I think you … Continue reading →

CRASH 2: The search for people to blame shifts gear.

Monti Mario’s Flying Yellow Peril “Britain prepares for Remembrance Sunday” announced the second-biggest headline at the BBCNews website earlier this morning. I’m all for remembrance of the staggering sacrifices made by British and American soldiers seventy-odd years ago, but I’d … Continue reading →

CRASH 2: HANDS ACROSS THE SEA AS US BANKS SENSE THE COMING CONTAGION.

The Dow dropped 2% this morning EST as investor confidence in Italy collapsed. Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, has around $2.5 billion of  credit exposure to Italian debt in various direct and indirect … Continue reading →

BREAKING….MARKETS PANIC IN ITALIAN CLEARING-HOUSE BLOW.

Italian bond yields hit the deadly 7% Within the last hour, Italy’s biggest clearing house began demanding that sovereign bond investors put up more cash or margin to cover the risks of those transactions. The fairly immediate result has been … Continue reading →

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EUROCRISIS: Bankfurt mole confirms talks on new eurozone, but raises doubts about France.n yesterday’s hasty … Continue reading →

CRASH 2: HANDS ACROSS THE SEA AS US BANKS SENSE THE COMING CONTAGION.

The Dow dropped 2% this morning EST as investor confidence in Italy collapsed. Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, has around $2.5 billion of  credit exposure to Italian debt in various direct and indirect … Continue reading →

BREAKING….MARKETS PANIC IN ITALIAN CLEARING-HOUSE BLOW.

Italian bond yields hit the deadly 7% Within the last hour, Italy’s biggest clearing house began demanding that sovereign bond investors put up more cash or margin to cover the risks of those transactions. The fairly immediate result has been … Continue reading →

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At the End of the Day

The capability of the stability facility has three times the validity of the liquidity, but ONLY WHEN the lucre in the bazooka avoids the sieve of the Spiv. However, IF the leverage is the beverage from the Scotch Mist of … Continue reading →

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GREEK CRISIS: Athens set to choose a pro-American/German banker as PM. Imagine that.

Former ECB man Lucas Papademos The bankers are replacing the politicians, the German-US agenda is in the ascendancy, and power is drifting away from those not in the eurozone. Britain must get out of the EU now. NOON UPDATE: BERLUSCONI … Continue reading →

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UK INSOLVENCY UP 6.7%, NOT MANY DEAD.

4,242 companies went bust in the third quarter of 2011 – an increase of 6.7% over the same period last year. This isn’t particularly big news, but we should bear in mind that the effects of EU meltdown, slowdown, and … Continue reading →

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GREEK CRISIS UPDATE: BEWARE OF GREEKS SUFFERING RIFTS

Greek Anarkik Konfusion Theatre Group’s production of ‘Krisis’ not a huge hit, baffles audience George Papandreou will not be resigning as Prime Minister until such time as a new ‘interim’ Government has been sworn in. He has been asked by … Continue reading →

CRASH 2: Papandreou/Venizelos rift adds to sense of anarchy at the G20

Political war about to break out in Athens Greek Finance Minister Evangelos Venizelos is leading a Parliamentary revolt against George Papandreou’s surprise decision to put membership of the euro to the Greek people, following yesterday’s meeting with EU bigwigs in … Continue reading →

At the End of the Day

Whatever his motives, George Papandreou has wrested any high ground the EU could’ve claimed from their grasp. I never cease to be amazed by the willingness of media beyond Europe to demonstrate their total ignorance about what’s going on in … Continue reading →

SKETCH: Ultimately, the markets must decide

The Slog ponders about what happens if the markets don’t know. So anyway, Fred came in, looked at his Reuters screen, and saw that the metal commodities sector was bearish on the news from Athens. He sold some General Mining … Continue reading →

GREEK CRISIS BREAKING: ANOTHER PAPANDREOU ALLY PURGES ARMED FORCES AS PM GETS CABINET BACKING

In what has clearly been a very well-planned operation, Papandreou and his allies are putting the EU to shame Following last night’s surprise purge of the Greek armed forces by Papandreou confidante Panos Beglitis, news has just broken that the … Continue reading →

At the End of the Day

As the weather turns cold, very few of us are in the tent Driving along gently winding country lanes on the way back from a supermarket trip today, I watched as the variously shaded yellow-to-brown leaves fell from the trees … Continue reading →

GREEK REFERENDUM: REVEALED – HOW PAPANDREOU PLANNED IT WELL IN ADVANCE

Interior Minister Haris Kastanidis is a key figure in this Referendum riddle Research by The Slog has revealed that the Referendum Law being invoked by George Papandreou is a mere 29 days old. There is evidence that the Greek leader … Continue reading →

ANALYSIS: Why bowling fiscal no-balls has made our weak economy worse.

Merv has been a good umpire. But his bowling figures stink. Whatever the ONS growth statistics show later this morning, Zirp and QE have been completely ineffective when it comes to aiding UK economic recovery. STOXX 50 2,309.00 -79.00 -3.31% … Continue reading →

Papandreou’s bailout referendum bombshell: has a broader German agenda inspired it?

Pap and Merk…strange bedfellows? George Papandreou may well turn out to be a true democrat. But it seems unlikely that the bailout referendum is entirely his idea. The Greek government will hold a referendum on a new EU aid package, … Continue reading →

CRASH 2: As ClubMeds break ranks to look for US help, Van Rompuy & Barroso teach G20 how to suck eggs

Comedy duo Barro & Gall Eurocrats, acrobats, and wombats “Once the markets get over the joy of not being dead, they will call last Thursday’s [EU] deal into question,” said an Iberian based credit manager last night, “In fact, it’s … Continue reading →

EUROCON: Would you buy unsecured junk bonds from a spiv?

The EU’s latest ‘deal’ is buck-naked spin Slog’s Bankfurt mole: this new ‘deal’ is a page one scam Crash 2 analysis: Behind the headlines, the EU has delivered nothing. After due consideration of the detail of the ‘deal’ announced at … Continue reading →

CRASH 2: Merkel orders full sail towards the vortex

The pressure has proved too much for Angela Merkel. Her acceptance of leveraged funding alongside unilateral debt forgiveness represent more nails in the EU’s coffin. At some indeterminate time last night, eurozone leaders agreed with lenders to Greece a simple … Continue reading →

CRASH 2: Radical Reality is the only thing that can save us now.

There is no such thing as ‘political reality’. It is simply another term for denial. Since first using the term ‘radical realism’ some seven months ago, a few readers have been enthusiastic about the term, while others seemed to worry … Continue reading →

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BREAKING CRASH 2: IMF pulls out of further Greek bailouts, may leave Italy to fate.

The Telegraph makes mention this morning of rumours emanating from the IMF that the Fund will pull out of any further Greek bailouts suggested by the EU. So far I’ve spoken to one (tired) person. She just rang back to … Continue reading →

CRASH 2: Media big up summit progress, but nothing is being achieved.

Small French retreat, not many dead. ‘European Union leaders made some progress toward a strategy to fight the euro zone’s sovereign debt crisis on Sunday, nearing agreement on bank recapitalization and on how to leverage their rescue fund to try … Continue reading →

Crash 2: How the hard of brain will destroy us all.

“The EFSF will need to be leveraged up,” Lael Brainard, the U.S. Treasury’s undersecretary for international affairs, said to a Senate subcommittee yesterday in Washington. I would hazard a guess that Mr Brainard didn’t do much hard brain-work on that … Continue reading →

CRASH 2: Markets give up on Italy, close to giving up on eurozone talks.

Italian Bond rates reached a level around late morning today which, says a tried and tested software program used by wealth managers in the UK, means markets are pricing them on the basis of 100% certainty of insolvency without a … Continue reading →

CRASH 2: Sarkozy & Baroin come clean: ‘firepower’ talks stuck in the mud

Sarko & Baroin….spin dumped in favour of action Germany sticks against easy EFSF access, Mario Draghi now the key player Last night in Frankfurt was meant to be a glittering reception for EU Central Bank chief Jean-Claude Trichet, on the … Continue reading →

CRASH 2: Eurobanks gear up for zero lending as Schauble tries to sell balsa-wood bazookas to the Germans.

Wolfgang Schauble The sirens are calling EU leaders towards the rocks Have you ever wondered what happens when the mad get into bed with the depraved?  Well now’s your chance to find out….if the news seeping out of the eurozone … Continue reading →

CRASH 2 EXCLUSIVE: MERKEL ‘FURIOUS’ AS FRANCE RENEWS DIPLOMATIC EFFORTS TO RAID EFSF.

Crisis solution progress now ‘painfully slow’. The Slog has learned in the last hour that there is consternation in Berlin about a fresh drive from the French to obtain immediate access to the EFSF. Despite being given a firm ‘No’ … Continue reading →

CRASH 2: Contagion is a two-way street

Deutsche Bank’s huge exposure to Las Vegas debt shows that bad debt goes way beyond the PIIGS With more than one eye on history, most of the major players in Crash 2 are busy making pronouncements and interventions which, they … Continue reading →

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CRASH 2: BUCK-PASSING WHILE SPINNING CAN BE DANGEROUS

Osborne…”EU mess is cramping my style” I’m not sure history is being so much made at the moment as changed. Imagine Orwell’s Ministry of  Truth gone digital, and you’d be about there: ‘Airbrushing history LIVE as it happens’. You may … Continue reading →

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At the End of the Day.

With one mighty bound, modern Man goes from textbook shibboleths to infantile fairy tales The nonsense continues in EuroDisney. Geithner’s €2 trillion bingo-bango has been grumpily slammed back on the table, but there’s no damage to the table, because the bingo-bango … Continue reading →

CRASH 2: Can anyone in the media add value to this shambles any more?

Their word is their Bond. So don’t buy either. Something of a rhetorical question, as most readers guessed already. These are the dimensions making further comment pointless on the views, plans, strategies, opinions, bollocks and lies permeating the bedlam now … Continue reading →

CRASH 2 EXCLUSIVE: MERKEL EXTRACTS KILO OF FLESH FROM GERMAN BANKS

“See those flat banks over there, Geli? That’s me, that is” The German Chancellor has lined up her banks for a Greek crewcut Reliable sources in the Bundesrepublik suggested tonight that Chancellor Merkel has extracted a heavy price from the … Continue reading →

CRASH 2 SHOCK: WORLD GETTING IN WAY OF BANKERS

Somehow, a new B2B research study conducted by financial specialists has been debriefed without a trace of irony New research among Wall Street executives shows they’re anxious and angry. Goddamnit, they say, government interference and persecution is ruining their businesses. … Continue reading →

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CRASH 2: JUNCKER’S 10-POINT PLAN TO SOLVE THE EU DEBT CRISIS

Ms Lagarde points out that M. Juncker’s plan is upside down Plans R Us in the European Union this week. Following the ‘Grand Master Plan, Details to Follow’ of last Sunday, Radio Luxembourg proprietor and Father of all his 497,584 … Continue reading →

CRASH 2: Is Mario Draghi the reason behind postponement of the Merkel-Sarkozy ‘details’?

The Slog’s Bankfurt Mole says the new ECB head is already in charge of the ‘master plan’ The EU Finance Ministers’ summit has now been put off until October 23rd. And the final, final, final SarkoMerkel unveiling of the EU … Continue reading →

CRASH 2: Doing everything necessary to look as if we reached agreement

The wind of strange is blowing through Europe Angela Merkel and Nicolas Sarkozy are determined to do ‘everything necessary’ to increase the capital structure of the eurozone’s banks. They debated long and hard about whether to say ‘whatever it takes’, … Continue reading →

At the End of the Day

Only simple, better, effective and attractive design deserves the soubriquet ‘progress’. Hauling myself onto a ferry yesterday – after 700 miles on the road, and with ever-growing flu symptoms – all I wanted was a shower, and a bed.  The … Continue reading →

CRASH 2: WHY BOTHER WITH STOCK MARKETS THAT ARE DEAF & BLIND?

Whatever planet the world’s bourses are on, it isn’t Earth  President Obama yesterday declared himself still unconvinced that the EU’s leaders had got a grip on the eurozone crisis. The Wall Street Journal opined that ‘A flurry of meetings by … Continue reading →

CRASH 2: Onstage, Merkel in the spotlight. Offstage, Sarkozy dans la merde.

Increasingly alone, Sarkozy faces growing problems at home. As I start to write this piece, Christine Lagarde of the IMF and German Chancellor Angela Merkel are sitting down to chat tersely about the eurozone crisis. Although this looks like more … Continue reading →

CRASH 2: Why the EU bank recapitalisation plan is just another lasso made of ether

Wolfgang Munchau thinks the Brussels Sprouts have gone mad. But the virus is spreading like wildfire. It’s now a good twelve hours since Angela Merkel tentatively suggested some kind of quid pro quo whereby Germany would play a major role … Continue reading →

CRASH 2: Merkel lays it on the line: take a bigger haircut, and we’ll help recapitalise the banks.

German Chancellor Angela Merkel this afternoon said sovereign lenders may have to take deeper losses as part of a Greek rescue.  She said it in the same sentence as she signaled Germany’s readiness to join efforts to recapitalize banks. While … Continue reading →

CRASH 2: Berlin ‘the only force blocking tranche payment to Athens’.

Angela Merkel….in charge or not? MERKEL CALLS LEVERAGING PLANS ‘CLUELESS’ German Chancellor’s claimed desire for unity in stark contrast to her utterances Sources in Brussels yesterday evening suggested that opposition to paying the next Greek bailout tranche stems largely from … Continue reading →

CRASH 2: Dexia’s Greek debt write-down fears spread to BNP, SocGen….and the US

Once again, mendacious bank accounting makes a bad situation awful The world has been having just the tiniest sip today of a rank brew from which it must drink copiously in the coming months. The half-French Dexia Bank mess is … Continue reading →

CRASH 2: Papandreou resignation denials highlight the naivety of spin.

Papandreou…going, going…? How ‘clever’ spin is destroying the EU. And how appropriate that is. The Greek Government this morning dismissed reports of George Papandreou’s ‘imminent resignation’ as ‘nonsense’. I think that, on balance, that’s probably correct. I’m sure George considers … Continue reading →

US/EUROPE GEOPOLITICS: America bets the farm on Germany

France looks increasingly isolated…and vulnerable.  What wound up being almost completely missed in yesterday’s Second Coming of the Mark story was actually one of the more interesting clues as to the State of the Union: the fact that, in Tokyo, … Continue reading →

CRASH 2: GURUS LINE UP TO WARN WORLD

It’s been a day of rumour, counter-rumour, locked doors, leaks and hot air in the eurozone. Is the imminent break-up of the eurozone all scaremongering bollocks and classic blogosphere Drama Queen stuff? The five people below are heavy-hitting observers of, … Continue reading →

CRASH 2 ANALYSIS: GERMANY COULD LEAVE EURO BEFORE GREECE – SOURCES

Crowd members in the background, Lone Ranger out front French central bank chief signals support for Geithner plan as Berlin lays the ground for a potential eurozone exit There are growing signs this morning that preparations are advanced in the … Continue reading →

SATURDAY ESSAY: How the Money is consolidating its grip on people and politics.

Is Mr Google the monopolist more powerful than Mr Cameron the Prime Minister? There is no global monied conspiracy. But there is a clear trend, and an obvious intent to wrest sovereignty from Nation States. At the BBC website today, … Continue reading →

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CRASH 2: WHY MERKEL’S EFSF TRIUMPH IS NOTHING MORE THAN HER MUNICH AGREEMENT

000,000,0000,000,000,000,000,ooo The Germans have called time on the fiscal union. Now it’s over to America. The mindless elation with which the media, stock market investors and various europhile politicians yesterday greeted the Bundestag’s passage of the EFSF’s expansion to 440bn … Continue reading →

Israel has the power of annihilation over its neighbours, but hasn’t used it.

What does that say to the objective commentator? Here are some interesting facts for the anti-Israel lobby to ponder….and then ignore, screaming about something else once this post is published: Israel has had nuclear weapons since the late 1960s, and … Continue reading →

CRASH 2: EUROZONE BAILOUT BOMBSHELL AS LENDERS DRAW LINE AT 20% HAIRCUT

Slog leaks verified as allies turn on Merkel, France opposes bigger haircuts, SPD vows to back EFSF at 440 billion 75% of US investors expect EU to implode EU splits into diametrically opposed camps Several senior CDU Merkel allies, including … Continue reading →

CRASH 2 EXCLUSIVE: GERMAN REJECTION OF G20 RESCUE PLAN ‘REFLECTS TRIUMPH OF NATIONAL SELF-INTEREST’

The Slog goes behind the scenes in the eurozone: Merkel fights for survival Trichet ‘never up for G20 plan’ Greek progress backsliding again Portugal now ‘critical’ France focused on bank survival G20 ‘fantasy’ seen as ‘dead in the water’ The … Continue reading →

CRASH 2: Gullible Travels in 2012

Swift might have been overwhelmed by today’s madness. But he would still want the little people to tie the leaders down.  2012 could be one of those opportunities…. You may think things are bad enough when the markets become bullish … Continue reading →

CRASH 2: There is no convincing market explanation for gold’s volatility last week.

The MO has changed, but the authorities are once again trying to make gold look unattractive I’ve been blogging on and off about the gold market for nearly six years now. The truth is that I know only a fraction … Continue reading →

CRASH 2: G20 Rescue plan runs into its first wall: Germany’s central bank.

Head of the Bundesbank, Jens Weidmann The Slog has learned from Washington sources that German central bank President Jens Weidmann ‘will do everything in his power’ to stop any Bundesbank funds being used to create more ‘firepower’ in the fight … Continue reading →

CRASH 2: Guess what? Nobody at the G20 knows where the Big Firepower money is coming from…

Trichet & Merkel…silent so far ….and the Germans aren’t onside, the Asians don’t buy the plan, the IMF is underfunded, Geithner’s assuming the taxpayer will have to cough up again, and Jean-Claude Trichet remains ominously silent. Slog’s 2010 charge against … Continue reading →

Hack Crash puns at the Speed of Light

There’s madness in the air this Sunday Let’s be clear about this, we are entering new and dangerous waters wherein the greatest threat to everything could lurk, so we must all be discreet, hear the wake-up call, and remain absolutely … Continue reading →

CRASH 2: YOU CAN SEE THE STRINGS IN THE G20′S INTERNATIONAL RESCUE….

Not so F.A.B….No wonder Brains looks worried …but you can’t see the money. In Part Two of a double-header, The Slog uses the numbers to tear apart the G20′s fantasy Over the next few weeks, Greece will be in a … Continue reading →

At the End of the Day

A bit of a furore is brewing about who’s going to be sitting where in the dignitaries’ box at the 2012 Olympic Games. There is no place to be found, for instance, for Gordon Brown. Apparently Lord Coe’s worried he … Continue reading →

GOLD SALES RESTRICTIONS: UPDATE

Further to yesterday’s post about the secretive EU ban on gold sales, clearly my local bank here in Southern France doesn’t know its cul from its coude. There are some heavy restrictions on metal sales declared just seven weeks ago … Continue reading →

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CRASH 2: The solution to Greece, the eurozone, the EU, and everything.

This is the exclusive and permanent answer to our economic problems – albeit with an emphasis on the eurozone’s current embarrassment – as devised by our top brains here at Sloggers’ Roost. Let me begin by saying that, without a … Continue reading →

CRASH 2: You have to laugh…

From the Wall Street Journal this morning: ‘French market regulator Jean-Pierre Jouyet Friday said between 15 and 20 banks in Europe need recapitalization as a result of financial problems, but none of them are French’. ! Only the French would … Continue reading →

CRASH 2 EXCLUSIVE: It looks like the EU is moving covertly to restrict retail gold sales

What lies behind the mystery Brussels meeting with the WGC, and new restrictions on gold sales in Austria? The Slog investigates The Slog has a long history of blogging about the gold market. The site’s predecessor was already being scorned … Continue reading →

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CRASH 2: HEading for the final Act.

FTSE closes just above 5000, Dow falls to 10,600 China bubble looking ever more fragile Six world leaders tear into EU Next stop: more G20 puffery ‘The truth is, astonishingly, that expectations in US markets are very high indeed’, The … Continue reading →

CRASH 2: Shunned by Beijing, BNP Paribas asks Sarkozy to intervene, rushes to the Middle East

“How much?” Slog suspicions confirmed as wobbly French bank dash to Qatar in search of funds. South Africa delays giving BNP a license After The Slog pointed out last Tuesday that the Chinese leadership had lost faith in leading French … Continue reading →

CRASH 2: WHY SPAIN WILL SOON BE BACK ON THE RADAR AGAIN

Spain’s cost of raising loans spells out the EU denouement for all to see. Although a few of the financial specialist media caught up on the story yesterday, observers of the EU crisis too often forget how the interconnection of … Continue reading →

CRASH 2: CHINA FINGERS BNP PARIBAS AS THE WEAK LINK

Beijing stops credit line to French bank as mistrust goes worldwide The Bank of China Ltd. has told BNP Paribas that it has put a stop on further trade with the bank in Asian markets, amid broader investor concerns over … Continue reading →

SIEMENS FRENCH BANK STORY: Was the FT set up by dark diplomatic forces?

There is no published record of Siemens having a French major bank: and there  are too many holes in this story for comfort I went all of a wobbly on reading the FT’s story about Siemens ripping 6bn euros out … Continue reading →

CRASH 2: Slog source vinidicated as Landesbank subsidiaries come under spotlight.

Merkel…from bad to worse for German leader …and why France faces a downgrade sooner rather than later. The Slog’s banking source quoted in the September 12th posting here seems to have been very much on the money about the wobbliness … Continue reading →

CRASH 2: Downgraded Italy, degraded ethics and lowgrade politics

Vince Cable shows his passionate support for the euro CRASH 2: Alarm bells over Italy, cat and mouse in Greece, Nick Clegg says no to the Euro, banks swindle  governments and screw employees, and Google does a bit of evil. … Continue reading →

CRASH 2: NEW £12bn SHORTFALL IN UK TAX INCOME HIGHLIGHTS PERILS WE FACE

“Like a war” Vince tells LibDems…but are we armed? Osborne strategy in tatters as observers ask: “What happens when borrowing gets tougher?” David Cameron is careering around the world to tell everyone how GREAT Britain is, and Danny Alexander is … Continue reading →

CRASH 2: Last weekend, Greece’s debt crisis threatened the eurozone. Today, it’s a threat to the Union.

The EU is splintering along the faultlines of national self-interest As Geithner shocks Wroclaw delegates with “no money for EFSF” statement, Spain’s debt burden rises further, the Dutch cast doubt on further bailout contributions, and the Finns refuse any collateral … Continue reading →

At the End of the Day

Central Bank intervention can make the bet, but it can’t repay the Bookie’s debt. The geopolitical ramifications of this need to be taken into account. Although many won’t agree with me, I sense the mists of obfuscation gradually clearing  to … Continue reading →

CRASH 2: GEITHNER TO JOIN THE MONEY-BOMBERS

Fed boss to pour cash into EFSF Decides to weigh in after seeing depth of Greek, eurobanking problems After the squadrons of Central Bank Brylcreem Boys vowed to bomb the eurobanking system and ClubMeds with money yesterday, Tim Geithner’s office … Continue reading →

CRASH 2: Greek taxidermy continues as police arrest London trader in UBS rogue case

UBS ‘ROGUE TRADER’ STORY GETS MIXED RECEPTION Slog vindicated by Franco-German line on Greece. Four days ago, The Slog ran a piece saying that German Finance Minister Wolfgang Schauble had convinced Angela Merkel to let Greece default in (not out) … Continue reading →

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CRASH 2: Breaking…ECB chucks half trillion dollars at banks as predators circle French majorss

Sarkozy….walking on hot coals Next Greek bailout conditions eased by Brussels as France panics There is a very real fear in Parisian banking circles that Societe Generale will be a takeover victim if its current share-price plunge continues. And The … Continue reading →

CRASH 2: Ben Bernanke’s new idea: seven deadly reasons why it will fail.

The Federal Reserve Chairman doesn’t understand cultural anthropology You would be amazed if you knew just how high expectations are running as to what Fed Reserve bosses might do next Tuesday or Wednesday, after their first ever double-maths period comes … Continue reading →

CRASH 2: MOODY’S DOWNGRADES TWO FRENCH BANKS

Credit ratings agency drops SocGen and Credit Agricole to Aa2 While the move isn’t entirely unexpected, this is a major wobbling domino on the way to euroimplosion. The immediate result will be yet more dead money piling up at the … Continue reading →

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CRASH 2: It’s Staring us in the Face

Today was the day opinion leaders stopped pretending about the eurozone disaster Everybody in the money business knows how easily media speculation, an inflection in the speech of a political leader, a piece of unusual behaviour, or persistent rumours can … Continue reading →

CRASH 2: ‘Italy has asked out of next Greek bailout tranche’ – sources.

Mystery of next Troika tranche deepens Update 12.55 pm BST: Athens introduces domestic payments freeze after Ordinary budget revenue fell to 31.1 billion euros from 32.8 billion while spending rose to 47.8 billion euros from 43.5 billion. Southern Europe-based sources … Continue reading →

CRASH 2: FRENCH BANKS HAMMERED AS GREEKS TELL MARKET “WE HAVE 3 WEEKS MONEY”

“Just keep smiling, Nico….” Top banker tells Slog: “It’s now all about what the stress tests never tell you” French bank stock prices took a pasting this morning as Moody’s signalled it may downgrade one or all of them. The … Continue reading →

CRASH 2: LEAKED IMF MEMO SHOWS 300 BILLION EUROBANK SHORTFALL

But Slog piece on German preparations for default confirmed. Christine Lagarde came out of Marseille with a fraction of what she wanted, and a red face over leaked IMF discussion papers. Despite her media protestations at the weekend that she … Continue reading →

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CRASH 2: Germans accept Greek failure, mulls bank rescue plan.

Wolfgang  Schäuble Schäuble’s Finance Ministry working 24/7 on ‘safest way out’ German finance minister looking at direct help for banks. German Finance Minister Wolfgang Schäuble no longer believes Greece can be saved from bankruptcy, and has convinced the Merkel Cabinet … Continue reading →

Staring Us in the Face – 3

We must kick out unelected power by making political Parties independent Sometimes, the blindingly obvious bears repetition. At other times, the less obvious slowly becomes more obvious to a broader swathe of citizens. My opening assertion covers both at once: … Continue reading →

CRASH 2 SENSATION: ECB’S CHIEF ECONOMIST QUITS AMID DEBT STORM

Jürgen Stark, chief economist of European Central Bank has quit the bank for “personal reasons.” The Slog has been saying for months that tensions on the ECB Board had been beyond awful for some time. Now that top strategist Jurgen … Continue reading →

CRASH 2: SLOG’S EU DANGER SIGNS NOW OUT IN OPEN

Trichet privately fears collapse as ECB under intolerable pressure Strains in the eurozone short-term lending markets have jumped sharply this week as banks hoard cash and refuse to lend to each otheramid worries loans will not be repaid in a … Continue reading →

CRASH 2: John Wayne knew that a man who hasn’t a clue what to do must still do what a man must do.

When you don’t know shit, try true grit. As the world becomes more complex, we know less and less about what to do. In December last year, Newscorp announced it didn’t know what to do with Myspace – except lose … Continue reading →

CRASH 2 EXCLUSIVE: WHY MERKEL WILL BREAK GREECE PLEDGE THIS WEEKEND….

The view from Berlin …and how EU citizens will pay dearly for it. Trichet, Lagarde know that eurobank capital adequacy not enough to survive Greek default The next ‘Troika’ review of Greek progress is due to take place this coming … Continue reading →

CRASH 2: How to bake your cake and eat it.

Rent a great big hall somewhere. Pour in neurotic barrow-boys, moribund investors and sleazy slickers. Take a large knob of half-baked information, and add – agitating the suspension until fully blended, thick and sloppy. Leave to rest upon thin air. … Continue reading →

CRASH 2 LATEST: MERKEL WILL CUT ROPE ON GREECE…AND ITALY.

Earlier Slog scoop confirmed by Der Spiegel: Italy in the same boat as Greece from Berlin standpoint Merkel….now two stars to leave the eurozone? “This is effectively saying to a patient, ‘No more medicine until you get better’”. As Greek … Continue reading →

CRASH 2 BREAKING….MERKEL DAMNS GREECE ON DEBT SCHEDULES, MAKES ATHENS EURO EXIT IMMINENT

Merkel….dial nein, nein, nein Only logical route for Greece now is euro exit This after Spiegel wrote yesterday about ‘new eurozone treaty’ The European Union is, literally, starting to fall apart Under pressure after the Pomeranian election results saw a … Continue reading →

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CRASH 2: Gathering speed, not very nicely.

Beryl Blobby gets ready to burst into song Great Collapse rolls on, but EU still looks favourite for Crash2 catalyst Asian shares slid last night after something of a rout in the West on Friday; and European futures look well … Continue reading →

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CRASH 2: Why Bank of America looks a prime candidate for failure

Whatever happens in Europe, past BoA idiocies are coming home to roost Last Thursday afternoon at 12.52, a man walked into the  local Bank of America branch on South Broadway Street, Yreka, showed a black handgun to the tellers, and … Continue reading →

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CRASH 2: Division, greed & sub-prime sovereigns are still the norm.

The evidence that the asylum inmates are on the roof is as strong as ever Rather like their equivalents in the EU, US Federal Reserve officials are more deeply divided then they’ve ever been about how to get their economy … Continue reading →

CRASH 2: Next time, I recommend we keep the bankers in the attic.

Up the wooden stairs to Bankington This morning I posted about eurobanks lying to the auditors about their degree of exposure to ClubMed toxic debt. The letter sent by the IASB to the Sprouts (Which I’ve now read in more … Continue reading →

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CRASH 2: EUROBANKS LYING ABOUT GREEK EXPOSURE SAY EUROPEAN AUDIT CHIEFS

Otherwise, all normal: EU doing nothing, markets rising. Starting no doubt as they mean to go on, the European banks exposed to the coming Greek insolvency have been underestimating how badly it will hit them – or so says the … Continue reading →

CRASH 2: Give credit where it’s due…..

…..and take charge of the aftermath. In this, the final crunch match between the Eggheads and the Crash, team spirit among the Eggheads is not all it might be. Ben Bernanke looked almost truculent following Christine Lagarde’s man-the-lifeboats speech at … Continue reading →

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BERNANKE SPEECH ANALYSIS: Systemic, academic, optimistic, pathetic .

Bernanke…blue skying while in the red Memo to Obama: fire Bernanke ‘In addition to refining our forward guidance, the Federal Reserve has a range of tools that could be used to provide additional monetary stimulus. We discussed the relative merits … Continue reading →

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CRASH 2: Why Bernanke has no ace in the Hole.

The Lone Ranger….helping Tonto Banks Somehow, three years on we’re still in 2008 At the upper end of Tweeting today, Ben Bernanke is going like a train. This is partly due to the fact that new GOP Flavour of the … Continue reading →

CRASH 2: QE3 ISN’T A BET, IT’S A MONEY BONFIRE

Bernanke’s QE3…naked desperation to save a dead system Trying to raise the Dead with money: when will it end? When Ben Bernanke finally stopped chucking QE2 monies at the markets earlier this year, there was a widespread opinion in the … Continue reading →

CRASH 2: At least one European bank in distress as ECB, US Feds called on to supply quick funding.

Eurobanks…running out of money US Fed reopens currency swap hotlines with Europe A major European bank needed an emergency $500 million of ECB funding last week, after it proved unable to attract loans from the normal wholesale sources. And the … Continue reading →

The global confluence of disaster: why it was bound to happen

Bullies who recognise no higher authority will always choose an inferior one to replace it Look at the major stories covered by the media in recent months, and you could be forgiven for thinking that a lot of completely random … Continue reading →

At the End of the Day

Tuesday was UK zero-growth day, yesterday was German zero-growth day, and now today is US no growth and plummeting property prices day. We still see most of the media calling all this ‘disappointing’, ‘unexpected’ and ‘dashing hopes of a full … Continue reading →

EU CRISIS: OSBORNE EUROBOND PLAN SWATTED BY FRANCE & GERMANY

Merkel & Sarkozy stay on course to run post-crash Europe Ahead of the Sarkozy/Merkel summit tomorrow, France and Germany have ‘completely ruled out’ the idea of a Eurobond to calm the nerves of the markets – which remain understandably worried … Continue reading →

At the End of the Day

I had one of those dark interludes this afternoon – about the hopelessness of getting any real reform of British life, and a return to some degree of balanced sanity. The thought process went something like this: We have two … Continue reading →

CRASH 2: Christine LaGarde not entirely correct as France slides into zero growth…..

“Zat is alrairght, I der not work zair any moowerr” …and US money supply becomes a mass suicide waiting to happen. Eighteen months ago, former French Finance Minister Christine Lagarde said that France would “grow at 2% per quarter in … Continue reading →

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CRASH 2: We’ve run out of answers, and are running out of time

We must stop listening to the reassurances of the elite. Radicalism is the only thing that can save us now. China’s inflation climbed again – to 6.5% – last month, despite a plethora of measures from Beijing designed to stop … Continue reading →

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Merkel gameplan off course as Trichet agrees to buy Italian & Spanish bonds

Trichet’s Bonds epic: now it’s all the money on red at Casino Royale Bonds walked into M’s ante-room, nodded with insouciant sensuality at Miss Europenniless, and strode confidently into the G7 leader’s office. Sitting to one side was an immaculately … Continue reading →

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At the End of the Day

We’ve had an extraordinary week here in deepest rural France. Two close chums arrived last Monday – one an artist’s agent, the other a writer. We lay about variously dodging showers, eating far too much and emptying the booze fridge, … Continue reading →

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CRASH 2: Time to put your head between your knees….or in your hands

Panic accelerates as markets look beyond ClubMeds to France. The long-awaiting confluence of nasties seems to be upon us. The process has been ongoing for 48 hours really, but only late this afternoon BST did it begin to gather pace. … Continue reading →

CRASH2: As the pace accelerates, the beaches fill up with those supposed to be on watch….

EU leaders…looking in the wrong direction – or just looking away? ….but the game plan of Merkel, Sarkozy and Trichet was never easier to divine I once briefly met AJP Taylor, who remarked that the First World War wouldn’t have … Continue reading →

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Debt crisis over, stocks rise, gold falls

SO BUY INTO GOLD NOW Well, you read it here first….two months ago: the debt ceiling crisis is over. If you thought the ceiling was the problem, you’ll now be among the Goforits buying stocks. If you’ve seen the price … Continue reading →

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OPINION: The world is an economic crock likely to lead to an isolated Britain….

…so please can we have some imagination applied to foreign policy? I understand that global economic crises and US debt stand-offs are bringing improved News Station ratings in their wake. If so, it represents the only good piece of business … Continue reading →

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At the End of the Day

“Yes, the economy grew by this much” Where are the ideas? The Office of National Statistics today confirmed that UK economic growth is risible, and slowing down. At 0.2%, it doesn’t have much more slowing down to do before it … Continue reading →

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REVEALED: The two biggest guarantors of the Greek bailout after Germany & France are…..

…Italy & Spain After the EU triumphalism of last Thursday, over the weekend it has finally dawned on the investment sector that the spendaholics are guaranteeing the debts of the tramp. Yesterday, Slog market and credit sources in Europe were … Continue reading →

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GREEK DEAL: Too late, and therefore half baked.

Van Rompuy….piece of squidgy cake in our time As Greece’s political monsoon ends, the EU gives Athens an umbrella. OK, focus now, because I’m only going to write this once. Greece has had slightly over 20% of its bank-lender debts … Continue reading →

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CRASH 2 SPECIAL: WILL MERKEL’S BLUFF CAUSE A SARAJEVO MOMENT FOR THE WORLD ECONOMY?

I’m loathe to discuss this, but German nationalism is a factor once more. There is a growing feeling among a minority of European observers that German leader Angela Merkel is deliberately creating Greek-crisis negotiating havoc in order to help make … Continue reading →

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CRASH 2: Europe’s tragic case of infantile paralysis

Europe lacks a respected father figure to rewrite the debt rules. But then, so does the world The situation remains exactly the same as it was two weeks ago regarding the EU’s peripheral fiscal crisis. In a nutshell, Merkel wants … Continue reading →

CRASH 2: US AND EU TRAPPED IN WEB OF GREEK DEBT

West’s governments face war of attrition in four dimensions No doubt it is Sod’s Law, but at the very time when we are at last paying attention to the Murdoch cancer we’ve been growing for forty years, an enormous double-decker … Continue reading →

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EU CRISIS: BRITAIN SET TO BE DRAGGED IN AS EU MINISTERS ACCEPT GREEK DEFAULT CERTAINTY

Draper Osborne….getting ready to recut his cloth? Further crisis for UK Coalition as Brussels signals bailout fund boosts Thanks to intransigent eurobankers and squabbling EU leaders, it is now odds-on that the UK will face much bigger payments into what … Continue reading →

EU crisis: Van Rompuy will call for less democracy and more central control

German Left-fascist Münkler When the ideas of Herfried Münkler are gaining ground in the EU, it really is time to get the hell out. European Council President Herman Van Rompuy has called an emergency meeting of top EU officials for … Continue reading →

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GLOBAL ECONOMY: Diverting people off the road to serfdom

The Slog outlines some sensible (and some very odd) things we might be called upon to do A comment threader at the site asked for a broader view of the global economic who, what and why last weekend. Whether this … Continue reading →

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CRASH 2: Credit markets already treating Greece as a default

And Italy is looking bad Reuters this morning described the economic growth, cutting programmes, loan repayments and asset sales facing Greece as ‘a Herculean task’. S&P seems to agree: the ratings agency has in the last two hours told the … Continue reading →

CRASH 2: Banking crisis? Wait until the UK property bust really gets going….

Bank of England MPC in disarray on rates as new data disappoint The Bank of England released the latest personal lending figures this morning. The level stayed pretty constant at £1.2billion, but is still 30% below what it was in … Continue reading →

An end to the Greek crisis now looks definitely uncertain.

Fee-diddle-fy-do-bum-bum-bum The French have a plan. What’s more, even Trichet has approved the plan. It is called, “Nous kickons la boite down le road”. But it is still a plan that will ‘change the game’, and that much is true: … Continue reading →

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CRASH 2: Situation normal, all f……

“Look, if I say it’s a train, then it’s a train….” With the financial and political worlds chucking coal on the fire of the Armageddon Locomotive, the monkeys at the wheel retain their ability to focus on one short stretch … Continue reading →

FORT KNOX GOLD: Fed figures show US debt over 40 times bigger than gold reserves, critics want proper audit.

But whoever’s telling the truth, America’s gold reserves won’t solve its debt problems. The Congressional hearing into America’s gold reserves has been very revealing this week; but perhaps the most revealing statistic is the audited value of what’s in there. … Continue reading →

CRASH 2: Sir Merv takes the gloves off to warn that the end is nigh.

Sir Mervyn King, governor of the Bank of England, warned on Friday that stopgap measures to extend new loans to countries such as Greece, Portugal and Ireland would not solve the eurozone debt crisis. It’s good to see that at … Continue reading →

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CRASH 2: Oil, stock markets dive, Eurozone growth negative, Greece warned on black hole

US, Chinese and UK bad news causes Vix gauge spike The FTSE is having a bad day, and the Dow has opened to an even steeper rate of decline. As an opening shot to give OPEC fair warning that trying … Continue reading →

SOVEREIGN DEBT: To err is human, but to forgive is divine. (It’s also the only option left)

In a spirit of Sovereign forgiveness, The Slog recommends spanking the banker’s bottom line What do you do if you have a terminally ill patient who you know will die, and the only thing left is a new cure which … Continue reading →

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SUNDAY ESSAY: The Greek crisis will not teach the EU a lesson – but American history might.

The EU may have its stars, but the Americans have earned their stripes It appears that Greece has had its 34th stay of execution. At 1.30 pm today (BST) George Papandreou said he would quickly call for a vote of … Continue reading →

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CRASH 2: Clouds everywhere, but there’s a hurricane building in the EU.

  British retail sales dipped by 1.4% last month – and this time, there can be no excuses. As always, analysts were ‘surprised’. The sooner we swap the surprise artists for the realists, the better things will be for all … Continue reading →

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CRASH2: It’s here, and The Slog will be recording it

From tonight, Crash2 will be a new page at The Slog, ever-present at the head of the site’s Homepage. Greek doom – and French banking exposure to it – is the opening sequence of Crash 2. I’ve written many times … Continue reading →

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15 thoughts on “CRASH 2

  1. Wunner-ful stuff, Mr Slog! Any objection to my re-posting your Crash2 series on my site? Full accreditation, of course. And I’ll send the waiter over with a bottle of Château Palmer 2001, Margaux, with my compliments, and let me tell you, this is not a cheap wine. Have a look whilst you’re thinking about it: http://quantumpranx.wordpress.com
    Cheers!

  2. Pingback: CRASH 2: Time to put your head between your knees….or in your hands | The Slog

  3. Pingback: BERNANKE SPEECH ANALYSIS: Systemic, academic, optimistic, pathetic . | The Slog

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  6. Pingback: CRASH 2: LEAKED IMF MEMO SHOWS 300 BILLION EUROBANK SHORTFALL | The Slog

  7. Pingback: US/EUROPE GEOPOLITICS: America bets the farm on Germany | The Slog

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  10. Pingback: GREEK ERT SHUTDOWN: There was no good reason to do this, and six damning reasons suggesting it had nothing to do with money. | The Slog. 3-D bollocks deconstruction

  11. Pingback: GREEK ERT SHUTDOWN: Six damning reasons suggesting it had nothing to do with money. | JusticeForGreece

  12. Pingback: Greek ERT Shutdown : Ther was No Good Reason To Do This, And Six Damning Reaons Suggesting It Had Nothing To Do With Money – 12 June 2013 | Lucas 2012 Infos

  13. Pingback: John Ward – Greek ERT Shutdown : There was No Good Reason To Do This, And Six Damning Reaons Suggesting It Had Nothing To Do With Money – 12 June 2013 | My Light Warrior

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