Mike Haywood's Banking Crisis Digest

We are bringing you Mike Haywood’s Independent Weekly Compilation of the Best Internet Articles and Blogs Relating to Global Banking Crisis.

You can subscribe directly to Mike’s Weekly Digest by emailing: mike@mikehaywoodart.co.uk.

Best of the Best

• Trichet says debt is global, not European problem http://www.reuters.com/article/2011/07/10/ecb-trichet-idUSLDE76904820110710

• EU calls emergency meeting as crisis stalks Italy http://www.reuters.com/article/2011/07/10/us-eurozone-idUSTRE7691HM20110710

• The Three Ds: Delegitimization, Definancialization, Deglobalization http://www.oftwominds.com/blogjuly11/threeDs6-11.html

• Economists: laissez-faire or plain lazy? http://www.guardian.co.uk/commentisfree/cifamerica/2011/jul/05/economics-keynesianism-unemployment

• The Ripple Effect Of Declining US Real Estate http://www.businessinsider.com/the-ripple-effect-of-declining-real-estate-2011-7

• The Federal Reserve Is The Black Hole In American Democracy http://dailybail.com/home/the-fed-under-fire-the-federal-reserve-is-the-black-hole-in.html

• The next, worse financial crisis http://dailybail.com/home/the-fed-under-fire-the-federal-reserve-is-the-black-hole-in.html

• Dangerous currents in the murky pools http://www.europeanvoice.com/article/imported/dangerous-currents-in-the-murky-pools-/71589.aspx

• The West is in for a rude awakening after years of abusing ‘risk-free’ debt http://www.telegraph.co.uk/finance/comment/liamhalligan/8627714/Liam-Halligan-The-West-is-in-for-a-rude-awakening-after-years-of-abusing-risk-free-debt.html

Oil and Interconnectivity With Global Economy

• · UK Fuel sales fall by a BILLION litres http://www.dailymail.co.uk/news/article-2012480/Fuel-sales-fall-BILLION-litres-637m-hole-Treasurys-tank.html

• · The Relationship Between Hunger And Petroleum Consumption-Part 3 http://crash-watcher.blogspot.com/2011/07/relationship-between-hunger-and.html

• · Oil Supply: Peak Oil and the Role of Enhanced Oil Recovery http://www.oilvoice.com/n/Oil_Supply_Peak_Oil_and_the_Role_of_Enhanced_Oil_Recovery/abd0a17b0.aspx

Global Banking Crisis, Economy and Systemic Risk

• Italy and Spain must pray for a miracle http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8628939/Italy-and-Spain-must-pray-for-a-miracle.html

• · Ireland….. Are we heading in the Same Direction as Greece? http://euruzonebankingkinsella.blogspot.com/2011/07/budget-2012-are-we-heading-in-same.html

• · European debt crisis: Portugal is the latest domino to fall http://www.guardian.co.uk/business/2011/jul/06/european-debt-crisis-portugal-downgrade

• · Credit Crisis in Brazil: Consumer Loan Rates Hit 47%, Defaults Soar http://globaleconomicanalysis.blogspot.com/2011/07/credit-crisis-in-brazil-consumer-loan.html

• · Bad Loans Threaten Chinese Banks http://www.voanews.com/english/news/asia/east-pacific/Bad-Loans-Threaten-Chinese-Banks–125022779.html

• · THE CHINESE BLACK SWAN http://pragcap.com/the-chinese-black-swan

• · The Fed giveth and the Fed taketh http://www.cobdencentre.org/2011/07/the-fed-giveth-and-the-fed-taketh/

• · Why some countries fall into financial black hole faster than others http://theautomaticearth.blogspot.com/2011/07/july-6-2011-why-some-countries-fall.html

• · The Euro: Its Inevitable End http://mises.org/daily/5422/The-Euro-Its-Inevitable-End

• · Global house prices Clicks and mortar http://www.economist.com/blogs/freeexchange/2011/03/global_house_prices

• · Defaulting rescued Argentina. It could work for Athens too http://www.guardian.co.uk/business/2011/jul/10/european-debt-crisis-argentina-imf
  

• · Debt-Ceiling Crisis: 27 Days Until D-Day And Stalemate Continues http://www.wbur.org/npr/137621219/debt-ceiling-crisis-27-days-until-d-day-and-stalemate-continues

• Europe declares war on rating agencies http://www.telegraph.co.uk/finance/economics/8621520/Europe-declares-war-on-rating-agencies.html

• Goldman Took Biggest Loan in Fed Program http://www.bloomberg.com/news/2011-07-06/goldman-took-biggest-loan-in-fed-program.html

IMF

• The IMF’s moral hazard http://www.washingtontimes.com/news/2011/jul/4/the-imfs-moral-hazard/

US Property Market

• 10 Ridiculously Desperate Real Estate Listings http://www.thefiscaltimes.com/Articles/2011/06/30/10-Ridiculously-Desperate-Real-Estate-Listings.aspx

• House Prices on Road to Nowhere http://blogs.wsj.com/source/2011/07/06/house-prices-on-road-to-nowhere/

US Foreclosure and Mortgage Fraud

• Investors Petition to Intervene in Bank of America Whitewash Mortgage Bond settlement

• http://news.firedoglake.com/2011/07/05/investors-petition-to-intervene-in-bofa-whitewash-mortgage-bond-settlement/

• Primary Prosecutors of Mortgage Fraud? Pension Funds And Plaintiffs’ Lawyers http://blogs.forbes.com/francinemckenna/2011/07/06/primary-prosecutors-of-mortgage-fraud-pension-funds-and-plaintiffs-lawyers/

• Countrywide Wages Victorious Tranche Warfare Against Mortgage Debt Holders http://www.bloomberg.com/news/2011-07-08/countrywide-wages-victorious-tranche-warfare-against-mortgage-debt-holders.html

• Wells Fargo investors get $125 ml in landmark MBS settlement http://newsandinsight.thomsonreuters.com/Legal/News/ViewNews.aspx?id=21564&terms=%40ReutersTopicCodes+CONTAINS+’ANV‘

• JPMorgan Settles Bond Bid-Rigging Case for $211 Million http://www.nytimes.com/2011/07/08/business/jpmorgan-settles-bond-bid-rigging-case-for-211-million.html?_r=1

UK Property Market

• House prices – what to expect http://www.thisismoney.co.uk/money/mortgageshome/article-1671748/Property-prices-What-expect–news-predictions.html

Global Pension “Time Bomb” and Aging Population

• Britons must retire at 70 to control public debt http://www.telegraph.co.uk/finance/economics/8618718/UK-needs-20bn-more-austerity-and-retirement-at-70-says-PwC.html

• Britain’s age timebomb: Cost of 1.4m extra pensioners ‘means NHS http://www.dailymail.co.uk/news/article-2009269/Cost-1-4m-extra-pensioners-means-NHS-stay-free.html

• Pension deficits causing concern in West Country http://www.bbc.co.uk/news/uk-england-bristol-14020049

• The Compensation Monster Devouring Cities http://www.city-journal.org/2011/21_3_public-workers.html

• Pension populism? http://www.benningtonbanner.com/opinion/ci_18423596

• Oakland firefighters agree to pay cut to help close city’s budget deficit http://www.mercurynews.com/breaking-news/ci_18440037

The Affect of Austerity Measures

• Suicide rates rise as debt and cuts take their toll http://www.independent.co.uk/life-style/health-and-families/health-news/suicide-rates-rise-as-debt-and-cuts-take-their-toll-2308885.html

• Middle classes are Britain’s new homeless: State safety nets are gone http://www.independent.co.uk/news/uk/home-news/middle-classes-are-britains-new-homeless-state-safety-nets-are-gone-2309902.html

• UK High Street rocked by jump in profit warnings http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8627794/High-Street-rocked-by-huge-rise-in-profit-warnings.html

Deflation or Inflation?

• Thoughts on the Debt Deflation Theory http://seekingalpha.com/article/278320-thoughts-on-the-debt-deflation-theory

US Recessionary Trends

• CA College Students Brace For State Budget Cuts http://www.parentdish.com/2011/07/05/college-state-budget-cuts/

• Private businesses suffering from Minn. Shutdown http://www.cbsnews.com/stories/2011/07/04/earlyshow/main20076686.shtml

• Entire police force laid off in Texas town http://www.policeone.com/rural-law-enforcement/articles/3907046-Entire-police-force-laid-off-in-Texas-town/

US Unemployment

• June jobs report shows rising US unemployment, economic outlook worsens http://en.wikinews.org/wiki/June_jobs_report_shows_rising_US_unemployment,_economic_outlook_worsens

• Job Gains in Private Sector Are Illusory http://www.bloomberg.com/news/2011-07-06/u-s-job-gains-in-private-sector-are-illusory-commentary-by-alan-tonelson.html

• Somehow, the Unemployed Became Invisible http://www.nytimes.com/2011/07/10/business/the-unemployed-somehow-became-invisible.html?_r=1

• This Time Really Is Different http://www.declineoftheempire.com/2011/07/this-time-really-is-different.html

• US teen unemployment becoming a serious issue http://story.albuquerqueexpress.com/index.php/ct/9/cid/c08dd24cec417021/id/808769/cs/1/ht/US-teen-unemployment-becoming-a-serious-issue/

• Explaining the Unemployment Figures http://blogs.forbes.com/timworstall/2011/07/09/explaining-the-unemployment-figures/

Eureka articles which challenge the status quo

• VIDEO: The Essence Of The Banking Industry… “Slaves to Debt” http://beforeitsnews.com/story/773/183/VIDEO:_The_Essence_Of_The_Banking_Industry…_Slaves_to_Debt.html

• The First American Dollar War Defeat http://lewrockwell.com/holland/holland49.1.html

• Homo oeconomicus and the monetary basis for a Big Society http://www.cobdencentre.org/2011/07/homo-oeconomicus/

• Restoring Liberty With Three Short Laws http://lewrockwell.com/north/north1004.html

Building Resilience to Coming Crises

• Where Will You Go When the Sovereign Debt Volcano Blows?

http://www.thedailybell.com/2579/Ron-Holland-Where-Will-You-Go-When-the-Sovereign-Debt-Volcano-Blows

Alternative Currencies, Changing the Banking System

• This country needs a national bank – turn the RBS Group into one http://www.guardian.co.uk/commentisfree/2011/jul/06/national-bank-rbs

• Money Theory – A Primer on the Issues http://www.feasta.org/2011/07/05/money-theory-–-a-primer-on-the-issues/

Forum for Discussing UK Banking Reform and Crisis

• Positive Money UK have started a forum to encourage momentum and debate http://forum.bsd.wpenginepowered.com/index.php

Recommended Reading

• Chris Martenson’s crash course for building resilience http://www.chrismartenson.com/crashcourse

• Get started building resilience into your life with ‘What Should I Do?’ guide http://www.chrismartenson.com/page/what-should-i-do

• Videos about building resilience http://www.nextworldtv.com

• New Economics Foundation http://www.neweconomics.org/

• Positive Money /

• Post carbon reader http://www.postcarbon.org/reader/

• Foundation for the economics of sustainability http://www.feasta.org/

• Zeitgeist movement http://www.thezeitgeistmovement.com/joomla/index.php?option=com_content&view=article&id=19&Itemid=54

• Full reserve banking http://www.fullreservebanking.com/index.htm

• The Federal Reserve Cartel: Parts I to V: http://deanhenderson.wordpress.com/

Recommended Viewing Twice a Week

Max Keiser Report http://rt.com/programs/keiser-report/

Disclaimer….Mike Haywood does not warrant the accuracy, adequacy or completeness of the Information provided by the weblinks and expressly disclaims liability for any errors or omissions that may be contained in the Information.