Mike Haywood’s Banking Crisis Digest of March 1 2011

An independent weekly compilation of current internet articles and blogs relating to the global banking crisis. URLs followed by four black circles (●●●●) are the most important.

Issue 00 March 1, 2011

Oil and its interconnection with the global economy

2008 All Over Again?
http://www.postcarbon.org/blog-post/265610-2008-all-over-again

A risk scorecard for the world’s oil producers
http://www.theglobeandmail.com/report-on-business/economy/a-risk-scorecard-for-the-worlds-oil-producers/article1921654/ ●●

Oil’s next danger zones
http://www.theglobeandmail.com/report-on-business/economy/a-risk-scorecard-for-the-worlds-oil-producers/article1921654/

No Oil for Freedom?
http://www.slate.com/id/2286736/

Trichet Faces Oil Shock That May Damp Growth, Fuel Inflation
http://www.bloomberg.com/news/2011-03-03/trichet-faces-oil-shock-as-inflation-above-2-makes-ecb-officials-fret.html

Oil price up again on Saudi fears
http://www.bbc.co.uk/news/business-12594032

China 2010 Energy Consumption Rises 5.9 Percent, Statistics Bureau Says
http://www.bloomberg.com/news/2011-02-28/china-2010-energy-consumption-rises-5-9-percent-statistics-bureau-says.html

Global Banking Crisis, Economy and Systemic Risk

Britain at risk of another financial crisis, Bank of England chief warns
http://www.telegraph.co.uk/finance/economics/8362951/Britain-at-risk-of-another-financial-crisis-Bank-of-England-chief-warns.html ●●●●

Weber tells central bankers meeting: worse imbalances loom
http://uk.reuters.com/article/2011/03/04/uk-economy-cenbankers-idUKTRE7231LA20110304?pageNumber=1 ●●●●

How Markets May Respond to Resource Scarcity: The Goldilocks Syndrome
http://www.postcarbon.org/article/260011-how-markets-may-respond-to-resource ●●

Anatomy Of A Banking Crisis — How Did We Get There?
http://www.businessinsider.com/an-anatomy-of-a-banking-crisis-an-early-preview-2011-2 ●●

‘Europe’s Banks Are in Far Greater Danger Than People Realize’
http://www.spiegel.de/international/world/0,1518,748239,00.html ●●

US municipalities could default on $100bn, warns Nouriel Roubini
http://www.guardian.co.uk/business/2011/mar/02/us-municipalities-default-on-debt-nouriel-roubini ●●

Banking crisis: Speculation of fraud cover-up at NBP, BOP
http://tribune.com.pk/story/127380/banking-crisis-speculation-of-fraud-cover-up-at-nbp-bop/

Erratic global reforms tempt next banking crisis
http://www.reuters.com/article/2011/03/03/us-finance-summit-arbitrage-idUSTRE72258I20110303 ●●

Bricks and slaughter
http://www.economist.com/node/18250385?story_id=18250385 ●●

“A Healthy Financial System Cannot Be Built on the Expectation of Bailouts”
http://www.huffingtonpost.com/simon-johnson/a-healthy-financial-syste_b_831844.html ●●

European philosophy cannot solve euro’s existential crisis
http://www.independent.ie/opinion/analysis/european-philosophy-cannot-solve-euros-existential-crisis-2567584.html ●●

Cutting spending is the only way out of this crisis
http://www.independent.ie/opinion/analysis/cutting-spending-is-the-only-way-out-of-this-crisis-2567589.html

Misunderstanding the euro crisis
http://www.ft.com/cms/s/0/e524bd30-45e0-11e0-acd8-00144feab49a.html#axzz1FdiYIVIi

10 Questions Bernanke Must Answer
http://pragcap.com/questions-that-need-to-be-answered

Mission Not Accomplished: Why 2010 Wasn’t a Turnaround Year for Banking
http://www.minyanville.com/businessmarkets/articles/banking-sector-banking-industry-us-banking/2/28/2011/id/33044

Will ‘Chindia’ Rule The World In 2050, Or America After All?
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8350548/Will-Chindia-rule-the-world-in-2050-or-America-after-all.html

QE isn’t adding new liquidity to the market
http://pragcap.com/hussman-qe-isnt-adding-new-liquidity-to-the-market

Debt plagues Portuguese banks
http://english.ntdtv.com/ntdtv_en/ns_europe/2011-03-01/066052291645.html

True Finns Threaten Debt Bailout Plan as April Election Nears: Euro Credit
http://www.bloomberg.com/news/2011-02-28/true-finns-threaten-debt-bailout-plan-as-april-election-nears-euro-credit.html

Social Unrest Setting the Stage for Sovereign Defaults!
http://www.moneyandmarkets.com/social-unrest-setting-the-stage-for-sovereign-defaults-43010

Federal Reserve Exporting Speculative Debt
http://theautomaticearth.blogspot.com/2011/02/february-25-2011-exporting-speculative.html

Earth’s Limits: Why Growth Won’t Return
http://www.postcarbon.org/article/254838-earth-s-limits-why-growth-won-t-return

Debt Crisis Alive and Well
http://expectedreturnsblog.com/debt-crisis-alive-and-well/

Four time bombs that will blow up Wall Street
http://www.marketwatch.com/story/four-time-bombs-that-will-blow-up-wall-street-2011-03-01

More banks suspended in South Korea
http://www.youtube.com/watch?v=XZ2inGwyCmA

Overview articles

USA Incorporated – a Look at the Grim Financial Situation of the USA
http://globaleconomicanalysis.blogspot.com/2011/03/usa-incorporated-grim-look-at-financial.html ●●●●

USA Incorporated
http://www.kpcb.com/usainc/USA_Inc.pdf

●●●●Inflation and the Value of Gold Explained
http://mises.org/daily/5051/Inflation-and-the-Value-of-Gold-Explained ●●

25 Infographics to Visualize the Financial  Crisis
http://bestconstructionmanagementdegree.com/2011/25-awesome-infographics-to-visualize-the-housing-crisis/

US property market

Pending Sales of Existing Houses Decline More Than Forecast
http://www.bloomberg.com/news/2011-02-28/pending-sales-of-u-s-existing-homes-decline-by-2-8-more-than-forecast.html ●●

New house sales down 80% from peak
http://www.irvinehousingblog.com/blog/comments/new-home-sales-down-80-from-peak-down-18.6-last-year-down-11.1-last-month/

Real Estate Charts of the Week
http://blogs.wsj.com/developments/2011/02/25/real-estate-charts-of-the-week/

Distressed Houses Sold at 28% Discount Last Year With Bloated Supply
http://www.bloomberg.com/news/2011-02-24/distressed-homes-sold-at-28-discount-last-year-with-bloated-u-s-supply.html

Mortgage applications down as US housing market struggles
http://thehill.com/blogs/on-the-money/801-economy/147063-mortgage-applications-down-as-housing-market-struggles

Why The Housing Crisis Will Get Worse Before It Gets Better
http://www.businessinsider.com/housing-bust-trading-etf-crisis-2011-3

US foreclosure and mortgage fraud

Waiting Seven Years for Two Answers
http://www.nytimes.com/2011/02/27/business/27gret.html?_r=2&ref=business

3 Banks Warn of Big Penalties in Mortgage Inquiries
http://dealbook.nytimes.com/2011/02/25/3-banks-warn-of-big-penalties-in-mortgage-inquiries/?ref=business

Allstate Sues Credit Suisse Over Mortgage-Backed Securities
http://www.bloomberg.com/news/2011-03-01/allstate-sues-credit-suisse-over-mortgage-backed-securities-1-.html

Allstate Sues Merrill Lynch for Fraud Over Mortgage-Backed Securities
http://www.bloomberg.com/news/2011-03-02/allstate-sues-merrill-lynch-over-mortgage-backed-securities.html

Officials Disagree on Penalties for Mortgage Mess
http://www.nytimes.com/2011/03/03/business/03mortgage.html?_r=1&partner=rss&emc=rss

SEC Probe Examines Bank-Loan Practices
http://online.wsj.com/article/SB10001424052748704728004576176950557490900.html

UK Property Market

Why it makes sense to hope for a house price crash
http://blogs.telegraph.co.uk/finance/ianmcowie/100009677/why-it-makes-sense-to-hope-for-a-house-price-crash/ ●●

Cost of living crisis pushes ‘squeezed middle’ off the housing ladder
http://www.guardian.co.uk/business/2011/feb/26/cost-of-living-crisis-housing

Reckless and ruthless
http://www.dailymail.co.uk/money/article-1363323/RECKLESS-AND-RUTHLESS-Files-aggressive-lenders-peddled-mortgages-borrowers-afford-pursued-failed-meet-payments.html

Housing market faces another miserable year as buyers and sellers retreat
http://www.independent.co.uk/news/business/comment/david-prosser-housing-market-faces-another-miserable-year-as-buyers-and-sellers-retreat-2233000.html

UK house prices slide at fastest rate in 16 months
http://www.telegraph.co.uk/finance/economics/houseprices/8361062/Halifax-UK-house-prices-slide-at-fastest-rate-in-16-months.html

Global Pension “time bomb” and aging population

Gold-plated public sector pensions to lose their shine http://www.telegraph.co.uk/news/politics/8363213/Gold-plated-public-sector-pensions-to-lose-their-shine.html ●●●●

Public sector to lose ‘final salary’ pensions
http://www.telegraph.co.uk/finance/personalfinance/pensions/8363526/Public-sector-to-lose-final-salary-pensions.html ●●●●

12 Countries Most Likely to go Belly Up
http://advisoranalyst.com/glablog/2011/02/28/12-countries-most-likely-to-go-belly-up/ ●●●●

Public Pension and Healthcare Costs and Financial Common Sense
http://www.oftwominds.com/blogfeb11/public-pensions2-11.htm ●●●●

German academics push for EU sovereign default plan
http://news.ph.msn.com/business/article.aspx?cp-documentid=4670516 ●●

Baby boomers are Britain’s secret millionaires
http://www.guardian.co.uk/business/2011/feb/28/baby-boomers-secret-millionaires

Fighting over police pay
http://weblogs.baltimoresun.com/news/crime/blog/2011/02/fighting_over_police_pay.html

Pension top-up costs councils £5.3m a year
http://www.expressandstar.com/news/2011/02/28/pension-top-up-costs-councils-5-3m-a-year/

The effect of austerity measures

America’s New Uprising Against the Corporate Oligarchy
http://www.huffingtonpost.com/miles-mogulescu/wisconsin-is-ground-zero_b_825321.html?source=patrick.net#blog_title

Hungary opts for austerity to slash debt
http://news.ph.msn.com/business/article.aspx?cp-documentid=4678391

A new lender on the high street: The Bank of Gran and Grandad
http://uk.finance.yahoo.com/news/A-new-lender-high-street-The-tele-1102185849.html;_ylt=AoVTVlZ16OTYh79CmpnvatjSr7FG;_ylu=X3oDMTE4ZTQ5YW10BHBvcwMyBHNlYwN5ZmlUb3BTdG9yaWVzBHNsawNhbmV3bGVuZGVyb24-?x=0

Deflation or inflation?

China Forced To Deny It Will Experience HYPERinflation In 2011, As Russia Unexpectedly Hikes Interest Rates
http://www.zerohedge.com/article/china-forced-deny-it-will-experience-hyperinflation-2011

Here’s to one thing nobody gets about Japanese debt “disaster”
http://www.businessinsider.com/heres-the-one-thing-nobody-gets-about-the-japanese-sovereign-debt-disaster-2011-3

Inflationary Pressure Mounts in Europe
http://forexnewsnow.com/top-stories/inflationary-pressure-mounts-in-europe

US unemployment

1 In 5 Workers Are Underemployed
http://www.declineoftheempire.com/2011/03/1-in-5-workers-are-underemployed.html

Bernanke says unemployment rate will not return to normal for years
http://www.marketwatch.com/story/treasurys-fall-bernanke-ism-factories-data-on-tap-2011-03-01

Eureka articles that may inspire you to question the status quo

The Math is Different at the Top
http://theautomaticearth.blogspot.com/2011/03/march-1-2011-math-is-different-at-top.html

Wake Me, Shake Me
http://kunstler.com/blog/2011/02/wake-me-shake-me.html

Building resilience to coming crises

Protecting Yourself Against Crime and Violence
http://www.chrismartenson.com/blog/protecting-yourself-against-crime-and-violence/51463

Guide to building resilience into your life
http://www.chrismartenson.com/page/what-should-i-do

Prepared by Dr Mike Haywood, St Mabyn, Bodmin, Cornwall,  [email protected]

 


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