German Constitutional Court Rejects Calls to Block ESM Fund

Posted on by Freedomwat.ch Staff

“Germany’s highest court paved the way Wednesday for the creation of Europe’s €500 billion ($640 billion) rescue fund for indebted governments after it rejected challenges to Germany’s ratification of the ESM that argued it violated the country’s constitution. The bailout fund will takes its place alongside plans by the European Central Bank to buy unlimited amounts of short-term government bonds issued by troubled countries. ‘This is a good day for Germany and it is a good day for Europe,’ said Chancellor Angela Merkel. The ESM wouldn’t have been able to start work without Germany, its No. 1 contributor.”

http://abcnews.go.com/Business/wireStory/markets-brace-german-decision-crisis-fund-17215120

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More Americans see themselves as lower class

Posted on by Freedomwat.ch Staff

“More Americans — including growing numbers of young people and whites — see themselves as members of the lower classes, according to a study released Monday. At 32 percent, about a third of adults consider themselves part of society’s disadvantaged sectors, up from a quarter four years ago, according to a national survey carried out by the Pew Research Center. Thirty-nine percent of young adults aged between 18 and 29 say they are on the lower rungs of the social ladder, an increase of 14 points over 2008.”

http://www.rawstory.com/rs/2012/09/10/americans-more-likely-to-see-themselves-as-lower-class/

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Paul Craig Roberts: Spinning Bad Financial News Into Good

Posted on by Freedomwat.ch Staff

“The real US rate of unemployment is almost three times higher than the reported–headline rate–of 8.1%. What is the purpose of reporting an unemployment rate that is about one-third the real unemployment rate? The only answer is deception through Happy News. A financial system based on lies and deceptions cannot forever last.”

http://www.paulcraigroberts.org/2012/09/08/spinning-bad-financial-news-into-good-paul-craig-roberts/

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IMF to Europe: Deliver on Irish bailout

Posted on by Freedomwat.ch Staff

“The success of Ireland’s international bailout hinges on it getting more European support and there being economic recovery externally, the International Monetary Fund (IMF) said on Monday as it cut its growth forecast for Ireland for next year. Ireland wants the terms tied to 31 billion euros ($39.7 billion)of IOUs pumped into two failed banks eased and Europe’s rescue funds to take over its stakes in other lenders, something the IMF said was needed to put the rescue program ‘on a clear path to successful completion’.”

http://in.reuters.com/article/2012/09/10/us-ireland-imf-idINBRE8890TR20120910

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Will China Rescue the Global Economy?

Posted on by Freedomwat.ch Staff

“In these circumstances, the Chinese have every incentive to rescue Europe. Yet that is a tall undertaking for Beijing. To save the continent, China would have to restructure the 17-nation euro zone, change the welfare-state mentality of the 27-member European Union, and buy hundreds of billions of never-to-be-repaid debt. Beijing, for all its power, obviously cannot succeed at the first two tasks, and it can accomplish the third only if it wants to destroy its own finances.”

http://www.internationalman.com/global-perspectives/will-china-rescue-the-global-economy

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Construction and Real Estate Hinder China’s Growth

Posted on by Freedomwat.ch Staff

“Central government investment spending fell late last year and early this year as the economic stimulus put in place in 2009 wound down. Cities across China borrowed and spent huge sums over the last several years and now find themselves financially stretched. To make matters worse for them, the real estate slowdown has hurt their crucial revenues from sales of government-owned land, as falling prices have made developers reluctant to buy more land and build more buildings. Yet for consumers, inflation actually picked up slightly in August, creeping up to 2 percent, from 1.8 percent in July, as food prices kept rising.”

http://www.nytimes.com/2012/09/10/business/global/10iht-yuan10.html?_r=1&pagewanted=all

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UBS Given an Infusion of Capital (2008)

Posted on by Freedomwat.ch Staff

“Less than a week after Europe and the United States coordinated moves to ease the crisis, the Swiss government said it would take a 9 percent stake in UBS, the financial giant that has been among the hardest hit by losses from American subprime mortgage debt, and provide it with 6 billion Swiss francs ($5.36 billion) in capital.”

http://www.nytimes.com/2008/10/17/business/worldbusiness/17swiss.html?_r=1

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UBS ‘Rogue trader’ goes to court in $2.3 billion fraud trial

Posted on by Freedomwat.ch Staff

“A trader accused of losing $2.3 billion in a fraud at Swiss bank UBS goes on trial in London on Monday in a case expected to once again put the supervision of bankers under the spotlight. Ghanaian-born equities trader Kweku Adoboli denies two counts of fraud and two of false accounting between 2008 and September last year. The son of a Ghanaian former United Nations official, Adoboli worked for the global synthetic equities division at UBS in the City of London financial district. The true magnitude of the risk exposure had been hidden through ‘fictitious’ positions allegedly taken by the trader, the bank said.”

http://www.rawstory.com/rs/2012/09/10/rogue-trader-goes-to-court-in-2-3-fraud-trial/

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With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans

Posted on by Freedomwat.ch Staff

“President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices. President Obama’s Chicago lawsuit now may become a national harbinger as he applies his Chicago-era policies to the entire nation. The president is reviving the ‘redlining’ suits as so-called ‘disparate impact’ lawsuits against banks, even when there is no evidence of discriminatory intent.”

http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicagos-african-americans/?print=1

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Poland and Bulgaria Shelve Plans to Join Eurozone

Posted on by Freedomwat.ch Staff

“In an interview with WSJ, Bulgaria’s prime minister said he had decided to shelve the plans as the European economy continued to deteriorate – circumstances which had dampened any public support. ‘The momentum has shifted in our thinking and among the public,’ Boyko Borisov said. ‘Right now, I don’t see any benefits of entering the euro zone, only costs.’ Poland’s foreign minister meanwhile said that while his country had passed a referendum on euro membership, it wouldn’t rush into seeking membership until the currency’s broader problems had been sorted out.”

http://www.economicpolicyjournal.com/2012/09/poland-and-bulgaria-shelve-plans-to.html

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The Freedom Watch

International Intelligence for the Resistance

Tag Archives: Bailout Fail

German Constitutional Court Rejects Calls to Block ESM Fund

More Americans see themselves as lower class

Paul Craig Roberts: Spinning Bad Financial News Into Good

IMF to Europe: Deliver on Irish bailout

Will China Rescue the Global Economy?

Construction and Real Estate Hinder China’s Growth

UBS Given an Infusion of Capital (2008)

UBS ‘Rogue trader’ goes to court in $2.3 billion fraud trial

With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans

Poland and Bulgaria Shelve Plans to Join Eurozone