Archive for the 'Collapse' Category
Iceland: Government Seizes Landsbanki; No Withdrawls for UK Savers
October 7th, 2008Via: AP: The Icelandic government this morning seized control of Landsbanki, the second-largest bank in the country, as it sought to avert a financial meltdown. The government moved quickly to use sweeping powers over the country’s banks granted in the Reykjavik parliament last night. The board of directors at Landsbanki has been dismissed and the […]
ICELAND: EMERGENCY LEGISLATION, “SPECTER OF NATIONAL BANKRUPTCY”
October 7th, 2008Via: AP: Iceland’s banks face a battle for survival Tuesday after government introduced emergency legislation to give itself sweeping new powers over its collapsing financial sector. Prime Minister Geir H. Haarde warned late Monday that the heavy exposure of the tiny country’s banking sector to the global financial turmoil was raising the specter of “national […]
Russian Stocks Plunge by Nearly 20 Per Cent, Worst Daily Loss Ever
October 6th, 2008Via: The Canadian Press: Russia’s benchmark stock exchange suffered its biggest-ever one-day loss as shares went into free fall on the back of falling oil prices and deepening fears about the global economy despite the passage of a US$700 billion U.S. bank bailout. Trading on MICEX – the country’s largest index – was shut down […]
U.S. Congressman: “I’ve seen members turn to each other and say if we don’t pass this bill, we’re going to have martial law in the United States.”
October 3rd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instruments. It’s almost certainly going to pass the House. If it doesn’t, however, you probably won’t be able to move your assets out of the U.S. You might not even be able access your bank or brokerage accounts at all for some […]
Wealthy Investors Hoard Bullion
October 1st, 2008Via: Financial Times: Investors in gold are demanding “unprecedented” amounts of bullion bars and coins and moving them into their own vaults as fears about the health of the global financial system deepen. Industry executives and bankers at the London Bullion Market Association annual meeting said the extent of the move into physical gold was […]
Major Gas Shortage In Western North Carolina Sends Drivers Scrambling
September 26th, 2008Update: Gas Shortage In the South Creates Panic, Long Lines The Energy Department said that as of Wednesday 63 percent, or 800,000 barrels a day, of production in the Gulf of Mexico was still shut down as were five refineries with a combined capacity of 1.2 million barrels a day. The refineries produce a half-million […]
Hank Paulson: Robber in Chief
September 21st, 2008Via: Housing Panic: The Patriot Act of Finance, otherwise known as Paulson’s $700 billion bailout bill, if passed in its present form will be the nail in the coffin for an America by, for and of the people. Just like the Patriot Act appeared to be written before 9/11, so does this Patriot Act of […]
U.S. Army 3rd Infantry Division’s 1st Brigade Combat Team Assigned to NORTHCOM Beginning October 1st
September 21st, 2008Via: Army Times: The 3rd Infantry Division’s 1st Brigade Combat Team has spent 35 of the last 60 months in Iraq patrolling in full battle rattle, helping restore essential services and escorting supply convoys. Now they’re training for the same mission — with a twist — at home. Beginning Oct. 1 for 12 months, the […]
In Hard Times, Tent Cities Rise Across the Country
September 21st, 2008But, but… The fundamentals of the economy are strong. Sure, the prison economy. The war economy. The socialized finance economy. Via: AP: A few tents cropped up hard by the railroad tracks, pitched by men left with nowhere to go once the emergency winter shelter closed for the summer. Then others appeared – people who […]
U.S. GOVERNMENT NOW PROPPING UP MONEY MARKET FUNDS
September 19th, 2008Via: CNN: The Treasury Department said Friday it will provide temporary relief for the U.S. money market fund industry by pledging to insure the holdings of any publicly offered money market mutual fund. The agency said it would guarantee up to $50 billion dollars for the next year for both retail and institutional investors. Money […]
