Credit Crunch News
Interest rates set to fall to record low
History is in the making as for the first time ever, the Government and Bank of England all but control the UK banking sector.
Banks called to account for rule breaking
The Government’s is set to crack the whip over banks refusing to lend fairly to homeowners and small businesses after bailing out the banking sector with a £500 billion rescue package.
Carmakers driven to despair
The world's carmakers are queuing up for government handouts as customers have put the brakes on spending.
Tesco sales stall as brands go down market
The UK’s biggest supermarket chain is treading water with sales growth down to 2% on the back of cheaper brands targeted at cash conscious shoppers.
Online banking scams and phishing
Great, or it would be if there weren’t a determined bunch of cyber criminals out there who are determined to illegally part you from your money, through various online banking scams and phishing techniques.
Don’t let the great VAT con dupe you
The Great VAT Con comes in to effect today – most people believe that a 2.5% cut in VAT from 17.5% to 15% means a £2.50 drop in prices for every £100 spent at the tills.
More high street names in trouble as sales slump
The group's weekly trading update revealed a 23% drop at Nottingham, while stores at Peterborough, Reading, Bristol's Cribbs Causeway and Peter Jones, London, were also down by more than a fifth on year-on-year sales.
High Street to Lose Icon
Trading in Woolworth’s shares was suspended today as the company is locked in talks over debt restructuring that may see the high street favourite go in to administration.
Media jobs go as ad revenues tumble
The group's weekly trading update revealed a 23% drop at Nottingham, while stores at Peterborough, Reading, Bristol's Cribbs Causeway and Peter Jones, London, were also down by more than a fifth on year-on-year sales.
Curry's not so hot as sales plummet
On the back of news that Woolworth's and MFI have called in the administrators and sales are down at the John Lewis chain, the PC World and Curry's super group revealed sales have fallen through the floor.
Credit card firms urged to cut in interest rates
Business secretary Lord Mandelson is meeting the firms’ bosses later today to encourage them to drop their rates.
The next stage of the credit crisis
Eventually, if the jobs aren’t replaced, the local community will disintegrate and disperse and schools, doctors and government offices will close...
Hyper Inflation - causes and effects
The key cause of hyper inflation is the debasement of the currency, usually through massive money printing programs. Some economists think that we will reach hyper inflation as a result of the huge bailout programs that are currently being undertaken by bankers and politicians.
The root of the problem - CDS
In the last few years, this market has exploded from $1tr to about $60tr as all sorts of financial institutions sought of offset risk in their dealings...
Gold is great when times are tough
For thousands of years, gold has been the store of value, the medium of exchange and the revered metal used to adorn us as jewellery...
Liquidity, Central Banks and the fly trap
The problem facing the financial system come from one common place....credit and the excesses of easy credit with a corresponding decline in the punishment for getting it wrong...
The people who saw the crash coming
Here’s are some economists/money managers who saw this crash coming and predicted the interference of the central banks in the market and the result of those interferences...
Gold is real money
Measured in gold, the DOW is now about 9 oz of gold. It was over 50 oz about 7 years ago. The DOW is down, not 40%, but about 80% in real terms...
The European Bailout
They have to let them fail...there is no other way to avoid a hyper inflationary nightmare...but if politicians stand by and do nothing, as they SHOULD do...they will be kicked out of office...
The Markets work...leave them alone
By the time all this carnage is over, the markets will be blamed by the politicians...and most people will believe them. But it's the politicians, not the bankers who are to blame...
What the hell is going on?
The current situation is basically global deleveraging....credit destruction. No intervention can stop it...intervention will just make the market mechanism of price discovery more prolonged and painful...
The OPEC Cartel
Why is there no outrage across suffering economies at such blatant profiteering? Why do the media and governments sit on their hands and say nothing about one of the most widely used commodity prices being rigged and not subject to open market forces on the downside?...
All that glistens is gold...rarely have you heard that told
I was looking for some gold coins the other day, to protect myself from the gathering maelstrom...
Neurosis is a substitute for legitimate suffering
When the interest rates were lowered after the dotcom bust, a few voices warned us that we were storing up trouble for the future. We should, they said, take the pain now...
Killed by the cure
The bailouts in the US and the UK and other countries will have negative consequences that few currently understand. The side effect of printing vast sums to help out the financial system will have the effect of creating inflation and lowering interests to artificially low levels...
The tax payer is protected...it’s just wage earners and investors that are on the hook
The £500bn ($875bn) bailout in the UK of the banking system has implications for the people of the UK, but probably not the tax payers...
Jim Rogers calls Ben Bernanke a clown live on TV
I love Jim Rogers. You always know you’re going to get it straight from the hip with him. He barely manages to hide his contempt for the cheering squad on the financial news networks...
What are the people who predicted the credit crunch saying now
Who predicted the credit crunch? Believe it or not, there were a lot of people who say the problems build and tried to bring attention to it...
“Pass the bailout or the market will tumble 3000 points!” It tumbled anyway...what does that mean?
This was the threat that Henry Paulson and Ben Bernanke delivered to congress to try and squeeze the bailout through the tightest of holes...and they failed the first time...
The era of the smart defaulter
Now that the US government has backed up all the bad and about to go bad mortgages with almost $1tr of tax payers money...
The transient nature of economic centres of influence
Things change....that’s the nature of our existence on the blue marble inside the bubble of the universe. Galaxies, Stars, planets, continents, coastlines and countries change...
What Is a Recession?
The technical definition of a recession is 2 consecutive quarters of GDP decline...but this narrow economists definition would mean, as I write this that the UK is not in a recession by the definition...
Ireland In Recession
The Celtic tiger has turned into a pussycat...its official. Ireland, after a decade or more of break neck economic expansion has slammed on the brakes...and how!...
What Caused This Current Global Credit Crunch?
Like many economic upheavals, the global credit crunch was caused by many factors. At the root of all of them is modern banking...yet it has scarcely been mentioned in the media...
Gordon Browns Fuel Package
Poor old Gordon Brown...nothing he does meets with approval any more. His £1bn fuel package has been slammed by critics as too little too late...
US Bank Rescue Plan
No sooner was the US bailout bill passed...literally 5 minutes later on CNBC, the talking heads were telling us that the bailout wasn’t a panacea and wouldn’t solve much...
Savings at Risk as Banks Topple
Savers with large amounts of cash on deposit should take action now to protect their money as the credit crunch threatens to sink more banks...
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