A Wall of Maturities and a Bed of Nitroglycerine

Posted on January 27, 2010 by stacyherbert| 48 Comments

Stacy Summary: Morning y’all! @Mike/Liverpool, another day closer to the Thing of Beauty.

UK economy lies on a ‘bed of nitroglycerine’

IMF says banks must raise billions more to fend off another crisis

This entry was posted in Headlines and tagged banks, imf, uk economy. Bookmark the permalink.

48 Responses to A Wall of Maturities and a Bed of Nitroglycerine

Marc Authier | January 27, 2010 at 12:19 pm |

@PhilUK

Phil UK
=================================================
Jan 27, 2010 at 8:15 am
How can this be true – The chancellor stated that the recession is over!
LOL
=================================================

Election year in 2010 in United Kaput and United Sachs.
California Doctor | January 27, 2010 at 9:46 am |

@ White Male -
The impact of PIGS default in the EU is likely what is driving the strength of the US Dollar. I am highly doubtful that the economic destablization occurring in the PIGS and EU is decoupled from political agendas involving the UK or United States.

However, these are international syndicates which are operating large networks of accounts, corporations, and teams of political operatives. The ordinary citizen in the United States or United Kingdom has very little impact on these actions.

In fact, the staffers of the elected office holders are a bunch of 20-30 year old people who have very little real-world experience. These relatively inexperienced people are then telling the more experienced executives what the priorities are. There is little question why the math is not done and the priorities are discontiguous with reality.

When the Queen has no clothes, the royal advisors share the blame. This includes the Parliament.

Similarly, the United States Department of Treasury may not have the gold either. Deep reserves is hardly reassuring.
harry_w | January 27, 2010 at 9:19 am |

@ paganrongs,

I really grieve for the UK; I have been warning my friends for 2 years now but unlike in the US we dont have any really independent voices such as Peter Schiff etc to explain to an ordinary person exactly what is going on. Vince Cable is allowed one soundbite per month. …

Does anyone know of a UK specific site I could point people to (apart from Money Morning)?

True, as bad as the US media is, the UK media is even more craven and herd-like. I was horrified in 2007 as the bubble popped in the US sub-prime housing market (and contagion spread through securities based on that market) how complacent the UK coverage of the incipient crisis was, how lacking in reflection on UK sub-prime and financial dependence.

I only heard one person state the obvious back then (emphasis added):

[Greed & Fear] – “Britain is only about housing, financial services and subprime lending”
Posted by Gwen Robinson on Sep 14 10:33
…In light of such cheery developments, then, Wood’s advice is that “equity investors should remain underweight all such financial stocks globally that have been playing these games, however seemingly cheap they they look on a crude PE basis.”

It is also “clearly wrong only to focus on America,” concludes Wood:

“Take the example of the UK, which is in many ways far more exposed than America. For the US is a very diversified economy, competitive in many sectors and with a highly competitive labour market. It is certainly not just about housing. By contrast, Britain is only about housing, financial services and subprime lending.”
…posted by Gwen Robinson on Friday, September 14th, 2007 …

.

I’d have got out of sterling then, if I’d known of a legal and efficient means to do so. I did raise those concerns with my own family at the time, and my anxiety to protect savings, but they were dismissed out of hand. That’s why I’ve long thought there’s a market for a personal hedge-fund service aimed at savers (a wedge-fund if you like ), which would enable low-net worth individuals to preserve wealth against volatility in currencies and commodities.

So I’d say, look to financial commentators who did warn about Britain’s predicament in advance. Currently, the most notable dissonant voice may be Nadeem Walayat at The Market Oracle.

I’m surprised I haven’t heard Max & Stacy mention him on TAM or had him on any of their tv shows for the BBC, PressTV or RT. His focus is similar, sceptical analysis of financial markets, criticism of political policies, and the implications for the majority of people. e.g.

UK Savers Losing Money on Virtually ALL Instant Access Savings Accounts
Jan 23, 2010 – 02:41 AM
By: Nadeem_Walayat
The savers and borrowers of Britain are being forced to pay for the crimes of the bankster’s by an inept, incompetent, and culpable Labour government that has so far bent over backwards to placate the bankster’s to the fullest extent even if it ultimately means bankrupting Britain. …

today’s savers are subsidising the high street banks when comparing their BEST instant access savings accounts against the UK CPI inflation rate. The analysis also allows for the fact that most savers in Britain pay a 20% tax on all interest therefore the actual return on a 2% interest rate is 1.6% net of tax, where one can assume that much of this tax goes towards bailing out the bankrupt banks.

The table below illustrates that not one single bank or building society is paying savers a real return on the funds they have deposited in the banks instant access accounts. The real loss of value on savings is anywhere from 0.62% at the Principality to 2.70% with First Direct. Also many of these accounts interest rates include a bonus component that is usually limited to the first 12 months.

UK Savers are not PAID to deposit their cash in the banks as there is NO REAL RETURN on savings. Clearly the objective of savers should be to first beat inflation and then the 20% savings tax. To achieve this savers today need to receive a return of a minimum of 3.48% just to break even after inflation and tax. This IS as a consequence of tax payers bailing out bankrupt banks in that there IS NO FREE MARKET in the banking system. Instead the banking system is manipulated to ensure that the banks are able to generate maximum profits for the purpose of rebuilding their balance sheets. However as we are witnessing with billions being paid out as bonuses this is to a large part NOT taking place.

Whilst the current minimum return should be 3.48% to break even for savers, however my inflation forecast that UK CPI inflation will rise to above 3% and stay above 3% for most of the year suggests that the real break even return level for 2010 should be nearer 4.10%, which means even more loss of value for savers who are in effect risking their hard earned cash at the banks for NO REAL RETURNS, i.e. Deposits are only guaranteed for the first £50,000 ACROSS banking groups, over which your money is LOST.

Therefore my conclusion is that UK savers have NO INCENTIVE to park their cash in any INSTANT ACCESS Savings Accounts, as the banks are generating huge profits from the spread between the high rates that banks lend at (to borrowers) and the ultra low rates that banks borrow at (from savers). …

He needs a proof-reader, but other than that he spells out the situation for the UK quite clearly.
harry_w | January 27, 2010 at 9:18 am |

@ paganrongs,

I really grieve for the UK; I have been warning my friends for 2 years now but unlike in the US we dont have any really independent voices such as Peter Schiff etc to explain to an ordinary person exactly what is going on. Vince Cable is allowed one soundbite per month. …

Does anyone know of a UK specific site I could point people to (apart from Money Morning)?

True, as bad as the US media is, the UK media is even more craven and herd-like. I was horrified in 2007 as the bubble popped in the US sub-prime housing market (and contagion spread through securities based on that market) how complacent the UK coverage of the incipient crisis was, how lacking in reflection on UK sub-prime and financial dependence.

I only heard one person state the obvious back then:

[Greed & Fear] – “Britain is only about housing, financial services and subprime lending”
Posted by Gwen Robinson on Sep 14 10:33
…In light of such cheery developments, then, Wood’s advice is that “equity investors should remain underweight all such financial stocks globally that have been playing these games, however seemingly cheap they they look on a crude PE basis.”

It is also “clearly wrong only to focus on America,” concludes Wood:

“Take the example of the UK, which is in many ways far more exposed than America. For the US is a very diversified economy, competitive in many sectors and with a highly competitive labour market. It is certainly not just about housing. By contrast, Britain is only about housing, financial services and subprime lending.”
…posted by Gwen Robinson on Friday, September 14th, 2007

(emphasis added).

I’d have got out of sterling then, if I’d known of a legal and efficient means to do so. I did raise those concerns with my own family at the time, and my anxiety to protect savings, but they were dismissed out of hand. That’s why I’ve long thought there’s a market for a personal hedge-fund service aimed at savers (a wedge-fund if you like ), which would enable low-net worth individuals to preserve wealth against volatility in currencies and commodities.

So I’d say, look to financial commentators who did warn about Britain’s predicament in advance.

Currently, the most notable dissonant voice may be Nadeem Walayat at The Market Oracle.

I’m surprised I haven’t heard Max & Stacy mention him on TAM or had him on any of their tv shows for the BBC, PressTV or RT. His focus is similar, sceptical analysis of financial markets, criticism of political policies, and the implications for the majority of people. e.g.

UK Savers Losing Money on Virtually ALL Instant Access Savings Accounts
Jan 23, 2010 – 02:41 AM
By: Nadeem_Walayat
The savers and borrowers of Britain are being forced to pay for the crimes of the bankster’s by an inept, incompetent, and culpable Labour government that has so far bent over backwards to placate the bankster’s to the fullest extent even if it ultimately means bankrupting Britain. …

today’s savers are subsidising the high street banks when comparing their BEST instant access savings accounts against the UK CPI inflation rate. The analysis also allows for the fact that most savers in Britain pay a 20% tax on all interest therefore the actual return on a 2% interest rate is 1.6% net of tax, where one can assume that much of this tax goes towards bailing out the bankrupt banks.

The table below illustrates that not one single bank or building society is paying savers a real return on the funds they have deposited in the banks instant access accounts. The real loss of value on savings is anywhere from 0.62% at the Principality to 2.70% with First Direct. Also many of these accounts interest rates include a bonus component that is usually limited to the first 12 months.

UK Savers are not PAID to deposit their cash in the banks as there is NO REAL RETURN on savings. Clearly the objective of savers should be to first beat inflation and then the 20% savings tax. To achieve this savers today need to receive a return of a minimum of 3.48% just to break even after inflation and tax. This IS as a consequence of tax payers bailing out bankrupt banks in that there IS NO FREE MARKET in the banking system. Instead the banking system is manipulated to ensure that the banks are able to generate maximum profits for the purpose of rebuilding their balance sheets. However as we are witnessing with billions being paid out as bonuses this is to a large part NOT taking place.

Whilst the current minimum return should be 3.48% to break even for savers, however my inflation forecast that UK CPI inflation will rise to above 3% and stay above 3% for most of the year suggests that the real break even return level for 2010 should be nearer 4.10%, which means even more loss of value for savers who are in effect risking their hard earned cash at the banks for NO REAL RETURNS, i.e. Deposits are only guaranteed for the first £50,000 ACROSS banking groups, over which your money is LOST.

Therefore my conclusion is that UK savers have NO INCENTIVE to park their cash in any INSTANT ACCESS Savings Accounts, as the banks are generating huge profits from the spread between the high rates that banks lend at (to borrowers) and the ultra low rates that banks borrow at (from savers). …

He needs a proof-reader, but other than that he spells out the situation for the UK quite clearly.
whitemale08 | January 27, 2010 at 8:22 am |

The London Daily Telegraph supressed an article written by Evans Pritchard.

http://westernrifleshooters.blogspot.com/2010/01/evans-pritchard-in-europe-breaking-up.html

The article called for the ‘end of sovereignty’ for the nations of the world so the PIGS (Portugal, Italy, Greece and Spain) and have lethal austerity cuts imposed to enforce the bankers bail outs.

Folks, this is amazing!

The British Empire is really coming-out-of the closet and it wants Obama to impose 3% ratio only of defecit spending down from 10% of GDP.

I suggest everyone to find that article, for those of you who think there’s no conspiracy to emerge once again the British Empire, you need to look again – the evidence is there folks.
Giuseppe Bagodonutti | January 27, 2010 at 8:21 am |

HOLY COW!!!!

Phil and MAX are starting to look at REE’s ?

hehehe…

Don’t worry, Canaduh is going to be a good supplier…
Molycorp Mines is apparently heavily owned by Goldmung Sucks, too… so America has a supply of the LREE’s

For Canadian Co’s, though, may I recommend you check out GWG-V, QUC-V, FLX-V, MAT-V, RES-V, AVL-T… plus plenty of others…
NEM-T is a user of Neodymium for the production of heavy-duty magnets (like what you find in Hard-drives or Hybrid-car motors)

The one I’m watching is called RUU-V, which has taken over an old mine from the Russians, in Kyrgyzistan…
They, IMHO, are the closest to actually getting into production…
and their site has a good mix… 50-50 LREE-HREE….

GWG-V will follow shortly after that when they reopen their property in South Africa, which has less stringent requirements for the processing of REEs (being a poly-metallic resource, they need to treat the ore in several phases chemically to leach and separate the different metals), but that is 18-24 months away…

Yah, if anyone dreams of a GREEN economy, it isn’t going to happen WITHOUT the REEs…
Phil UK | January 27, 2010 at 8:15 am |

How can this be true – The chancellor stated that the recession is over!
LOL
I saw it on the same page of BBC news that says that 13% of children in England are at poverty level. Oh, and radio today that the UK economy is on a bed of nitro glycerine. (despite being out of recession)

Not that the British Chancellor would be incredibly out of his depth or lying… of course.
ronron | January 27, 2010 at 6:14 am |

@FreeMarkets. you forgot about the dead.
FreeMarkets | January 27, 2010 at 5:52 am |

@ Marc Authier – It certainly seems that the the destruction of US dollar and soon the £ and the Yen are systematically co-ordinated and organised(By ??) and its not happening by accident.

It is not by accident either that certain commercial groups are buying gold – advertising on Tv , internet , media and so on.

It would be logical that if a group had planned to crash certain ecnomies and their currencies that they would have a ready made solution waiting to fill the void?

Gold is being purchased (Brown – moron sold the british peoples gold for a song on advice of a merchant bank!!! a while ago – which he hoped would have been forgotton by now!!) and obviously therefore it wouldn’t be amazing to hear that the new currency that is coming will be backed by gold internationally.

This will take the heat off the Intl bankers and they will have changed the goal posts and score a confusing win win.

all the politicians asking for sound money will have there arguments stalled or derailed for a while and so on.

However those who had planned the fiat crash will still have overall control and the whole game will be re-booted only to be played out in a different way. Infact you could say that the introduction of fiat currencies was planned by a small group of inmternational bankers to create a system whereby they could steal all the free worlds gold from under our noses, using nothing more than worthless paper to pay for it. And when the paper reverts to its true value those holding the huge gold reserves will have all the influence over the new form of currency!
FreeMarkets | January 27, 2010 at 5:16 am |

Uk is broke! Mr Darling’s “Bumps in the road “- More like pot holes that councils have no funds to repair caused through no funds to treat the roads in the cold weather first off! More cold weather coming to the Uk and no more money to pay for treating the roads – more excuses and more disruption to a stalled broken economy – more bad economic times to come as the slipping economy starts to slide.
Marc Authier | January 27, 2010 at 5:07 am |

I Might Foreclose. IMF. DSK is a clown. Monsieur is supposed to be a “socialist”. Socialist like in national socialist. Who finances by the way the IMF ? Guess ? !!!!!!!!! You the taxpayer. Another TARP-IMF is coming. I feel it in my bones. What’s cool with the IMF is that it’s screw at the same time the donors (you) and the lenders (them soon the UK, Ireland, Ukraine, Iceland, Greece etc…..) Ain’t life great when you are a banking national socialist like DSK. That’s what they all are these banksters; national socialists.
frances snoot | January 27, 2010 at 4:58 am |

Gonzomarx:
Here’s the link for the bail article:

http://www.npr.org/templates/story/story.php?storyId=122725771&ps=cprs
Marc Authier | January 27, 2010 at 4:57 am |

2012. No election. You will have a referendum to abolish elextion in the USA. Goldman Sachs says they are too costly to finance for their bottom line. It was that or the elimination of their 5 trillion dollars bonuses.
Veritas | January 27, 2010 at 4:49 am |

Drunken UK father beats his wife in front of children, resulting in children who beat other children:

http://www.guardian.co.uk/uk/2010/jan/21/brothers-attack-boys-doncaster
Youri Carma | January 27, 2010 at 4:46 am |

Professor Sutton on the Skull and Bones secret society http://tinyurl.com/ygxa3dm

Professor Antony Sutton: Wall Street & the rise of Hitler http://tinyurl.com/yjrh9g8
Youri Carma | January 27, 2010 at 4:02 am |

The Trilateral Commission – Professor Antony Sutton: Wall Street & the rise of Hitler 5 http://www.youtube.com/watch?v=38burerNKB8
Marc Authier | January 27, 2010 at 3:50 am |

http://www.disclose.tv/action/viewvideo/6257/Jim_Marrs__amp__Alex_Jones__Rise_of_the_Fourth_Reich_1/

USA is runned by real sickos.
Marc Authier | January 27, 2010 at 3:44 am |

Even better book about the futur of USA. “The rise of the 4th Reich.” Fantastic book by JIM MARS.

Did you know that the Germans had the nuclear bomb already, and that two bombs exploded in Japan were not manufactured in USA but in Germany !

Fat Boy and Lillte Boy were bombs made by the Nazis which had started to use them in the eastern front near Sebastopol. What stopped them ? They lacked the sufficient delivery system.
Youri Carma | January 27, 2010 at 3:42 am |

@Danny

Didn’t know this book, well I know now.

For people who missed it: Banking with Hitler http://www.youtube.com/watch?v=YauM5dHLn1s
Marc Authier | January 27, 2010 at 3:37 am |

@Youri
HITLER was Wall Street’s and City’s sweetheart. Even during the war, business was very good for General Motors (Opel) and IBM. The first computers made by IBM were used to accelerate the extermination of people in nazi concentration camp.

The computers were rented by IBM to the SS nazis. Yes. The first use of the key punch computer was for nazi eugenist extermination. The numbers burnt on the arms of the prisonners corresponded to an IBM code. Hitler was admired in the USA and hypocrit England.
Danny | January 27, 2010 at 3:35 am |

@Youri
I read that book. ie.Professor Antony Sutton: Wall Street & the rise of Hitler. A real eye opener.
Youri Carma | January 27, 2010 at 3:29 am |

Record number of young Americans jobless http://tinyurl.com/yb8kbom
Youri Carma | January 27, 2010 at 3:29 am |

Professor Antony Sutton: Wall Street & the rise of Hitler 1
http://www.youtube.com/watch?v=3sCpsq55uic
Danny | January 27, 2010 at 3:28 am |

@Phil
Re: Rare Earth Metals

Isn’t that that huge mine in Mongolia?

“China’s Ministry of Industry and Information Technology is weighing a total ban on exports of rare earth metals, naturally occurring materials that are necessary for the production of next-gen batteries, hybrid cars, smartphones, and precision weapons technologies. Unfortunately for the rest of us, China mines 95% of the world’s rare earth metals, mostly in Inner Mongolia.”
“China is pushing toward an energy efficient future on many fronts, and the government feels Chinese industry will need these minerals to make its next great technological and cultural leap forward.”

http://www.fastcompany.com/blog/clay-dillow/culture-buffet/china-proposes-export-ban-rare-earth-metals

Yet another indication that China is holding 4 aces at the poker table where as the US has 5 big marines standing at the bar watching.
Danny | January 27, 2010 at 3:21 am |

@Marc

Yeah, i think its just political cover after the shock result in Massachusetts. He has to be ‘seen’ to the people of America to be fighting back against wall street but its just pissing in the wind IMO.
Youri Carma | January 27, 2010 at 3:19 am |

Oliver Stone Says Banksters “Enabled” Hitler and the Nazis http://tinyurl.com/yk533zf

Obama Administration Orders World Bank To Keep Third World In Poverty http://tinyurl.com/y8hqqf4
Marc Authier | January 27, 2010 at 2:52 am |

@Danny

MISH says en résumé it’s TOTAL bs.

http://globaleconomicanalysis.blogspot.com/2010/01/obamas-preposterous-partial-spending.html
Third Party 2012 | January 27, 2010 at 2:51 am |

Big Suprise 2012
A Third Party Emerges In The United States- When Obama’s first and last term ended the American public was fed up with anything that had to do with the elite- Wall Street, the big banks, Congress, the Senate, the Federal Reserve and both of the big parties. As a result a third party emerged which managed to get a large amount of seats in both houses. The party’s candidate for president got 25% of the votes in 2012 and won the election in 2016. The third party fundamentally changed the way politics is done in Washington and resulted in a large change in United States foreign policy. A lot of countries where left to deal with their problems alone. At the beginning, this policy caused havoc and even chaos in different countries around the world which suddenly where shocked by the shortage of American financial and military aid.

http://israelfinancialexpert.blogspot.com/search/label/predictions%202010
Marc Authier | January 27, 2010 at 2:35 am |

@Mep
And who is going to buy these pieces of highly diluted manure ? Dominic Strauss Kahn doesn’t give an answer. Who’s gonna buy that junk ?
Mep | January 27, 2010 at 2:32 am |

Banks raising billions more won’t do a damned thing to forestall another crisis if they raise that money gambling.
paganrongs | January 27, 2010 at 2:30 am |

Maybe I should start a business selling silver and fractional gold coins to people who cannot afford full gold ounces.
Marc Authier | January 27, 2010 at 2:30 am |

@Mother Earth
We should call Doctor Kevokian the angel of death to shorten the suffering by these poor banksters with their record bonuses.
Money is nothing when it’s printed.

The same bunch a “PIMP-Co” see Japan litterally imploding or exploding under its sovereign debt as early as 2010.

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100002951/a-global-fiasco-is-brewing-in-japan/
paganrongs | January 27, 2010 at 2:29 am |

@Marc Authier thank you! A poem came to me this morning as I woke up
“First they came for the pensioners who couldn’t pay their poll tax
And I did not speak up, because I was not a pensioner
Then they came for the dads feeding ducks with their children
And I did not speak up because I was not a dad
They they came for the mothers whose toddlers tossed sweet wrappers out the car window
And I did not speak up because I was not a mother
Then they came for me
And there was no one to speak up for me
Danny | January 27, 2010 at 2:28 am |

From above linked article

“…..the ratio of total U.S. debt to gross domestic product (GDP) rose from 78 percent in 2000 to 308 percent in April 2005. The International Monetary Fund considers a nation-state with a total debt-to-GDP ratio of 200 percent or more to be a “de-constructed Third World nation-state.”

Martin explained:

What “de-constructed” actually means is that a political regime in that country, or series of political regimes, have, through a long period of fraud, abuse, graft, corruption and mismanagement, effectively collapsed the economy of that country.”

He goes on to quote Catherine A Fitts:

“[T]he American Tapeworm model is to simply finance the federal deficit through warfare, currency exports, Treasury and federal credit borrowing and cutbacks in domestic “discretionary” spending …. This will then place local municipalities and local leadership in a highly vulnerable position – one that will allow them to be persuaded with bogus but high-minded sounding arguments to further cut resources. Then, to “preserve bond ratings and the rights of creditors,” our leaders can he persuaded to sell our water, natural resources and infrastructure assets at significant discounts of their true value to global investors …. This will be described as a plan to “save America” by recapitalizing it on a sound financial footing. In fact, this process will simply shift more capital continuously from America to other continents and from the lower and middle classes to elites.”
Youri Carma | January 27, 2010 at 2:25 am |

Davos security chief dead 26 January 2010 (News 24 – AFP) http://tinyurl.com/ybuth54

Markus Reinhardt Dead: Davos Security Chief Dies In Apparent Suicide 26 January 2010 (The Huffington Post) http://tinyurl.com/ylnskbp

Millionaire Herman Rockefeller gone missing 25 January 2010 (The Daily Telegraph) http://tinyurl.com/yfzbh5u

Kissinger missing-presumed dead 8 January 2010 (Benjamin Fulford) http://tinyurl.com/y9l48de
Mother Earth | January 27, 2010 at 2:23 am |

These bankers should all commit harakiri in public, they are not even worth their suits!
dan valley | January 27, 2010 at 2:21 am |

What Does Senator Bunning Know, And, More Relevantly, What Does The Just Disclosed Fed Whistleblower Know?

http://www.zerohedge.com/article/what-does-senator-bunning-know
Marc Authier | January 27, 2010 at 2:17 am |

@paganrongs

http://blogs.telegraph.co.uk/finance/author/ambroseevans-pritchard/

This is maybe interesting. Not a real “independent”. Who is anyways ? But Evans-Pritchard is quite interesting and objective. He’s not a funny and independent as Max and Stacy mind you. Serious stuff and quite objective.
Danny | January 27, 2010 at 2:17 am |

What Should We Make of Obama’s “Spending Freeze”
by Washington’s Blog

http://globalresearch.ca/index.php?context=va&aid=17218

@stacy
What you make of Obama’s speech?
Mike2liverpool | January 27, 2010 at 2:15 am |

Amazing, the £ climbs well fine………at some point it must “Face the music”.

Mike
Marc Authier | January 27, 2010 at 2:04 am |

Meanwhile in CooCoo land Japan. the Nippon crazies from the government promise and say they are determined to fight by ALL means deflation. Coûte que coûte.

http://www.reuters.com/article/idUSTOE60Q06E20100127?rpc=401&

What does that mean ? Hyperinflation à la Weimar sushi style ?
paganrongs | January 27, 2010 at 2:04 am |

I really grieve for the UK; I have been warning my friends for 2 years now but unlike in the US we dont have any really independent voices such as Peter Schiff etc to explain to an ordinary person exactly what is going on. Vince Cable is allowed one soundbite per month. This, plus the cushioning effect of our welfare state and our huge public sector means that most think we are now coming out of a nasty recession but its ok now.

Does anyone know of a UK specific site I could point people to (apart from Money Morning)?
gonzomarx | January 27, 2010 at 2:04 am |

richest 10% are now 100 times better off than the poorest
http://tinyurl.com/ygpaeal

full report: An Anatomy of Economic Inequality in the UK
http://tinyurl.com/yf2qrh9

Bail Burden Keeps U.S. Jails Stuffed With Inmates
http://tinyurl.com/ylb73ou
Youri Carma | January 27, 2010 at 2:03 am |

The Second Phase of the Global Economic Crisis Is at Our Doorstep http://tinyurl.com/yduyxz2

Debt, real estate remain threat to recovery: IMF http://tinyurl.com/yhqjvgj

‘It All Came Together’: Emails Reveal Fed Staffers During AIG Crisis (Scroll up for more) http://tinyurl.com/yj8m8ng
Phil /Germany | January 27, 2010 at 1:58 am |

Global supply of rare earth elements could be wiped out by 2012

… So what’s the problem with these rare elements? 97 percent of the world’s supply comes from mines in China, and China is prepared to simply stop exporting these strategic elements to the rest of the world by 2012. …
http://www.naturalnews.com/028028_rare_earth_elements_mining.html
Marc Authier | January 27, 2010 at 1:52 am |

Just have to shake it a little and you will have a United Krispy Cream country.

UK like Unavoidably Kaput.
Marc Authier | January 27, 2010 at 1:49 am |

IMF says tomorrow il will be raining. Water like new shares in circulation dilutes the organic matter like stupido shareholders.
Citibank at 3 cents very soon. Sulfuric acid dilution.
Marc Authier | January 27, 2010 at 1:47 am |

Just have to shake it a little and you will have a United Krispy Cream country.