Mike Haywood’s Banking Crisis Digest of April 18th

An independent weekly compilation of current internet press articles and blogs relating to the global banking crisis

Issued on 18 April, 2011

Overview Articles

XXXXX Global financial crisis points to bankruptcy of policymakers
http://www.irishtimes.com/newspaper/opinion/2011/0411/1224294394466.html

XXXX Why Did So Many Economists Fail to Predict the Global Financial Crisis
http://ineteconomics.org/financial-crisis-blinders

XXXX Political Myths We Live By
http://www.zcommunications.org/political-myths-we-live-by-by-peter-lach-newinsky

World Economy One Shock Away From Food Supply, Price Crisis
http://www.bloomberg.com/news/2011-04-16/zoellick-says-world-economy-one-shock-away-from-food-crisis-1-.html

The Breakdown of Economic Expansion in the 21st Century
http://www.declineoftheempire.com/2011/04/the-breakdown-of-economic-expansion-in-the-21st-century.html

The Fed Obliterates the Savings Ethic
http://mises.us1.list-manage1.com/track/click?u=bf16b152ccc444bdbbcc229e4&id=181ccb20d3&e=0f6df68617

Bailing Out The Thimble With The Titanic
http://theautomaticearth.blogspot.com/2011/04/april-17-2011-bailing-out-thimble-with.html

Bretton Woods II Conference

Sixty-seven years on, the heirs to Keynes return to Bretton Woods
http://www.newstatesman.com/economy/2011/04/world-economics-hampshire

After crisis, money leaders regroup
http://www.washingtonpost.com/business/economy/after_financial_crisis_world_leaders_regroup_at_bretton_woods/2011/04/12/AFzsHtSD_story.html?wprss=rss_homepage

Inside George Soros’s “Monstrous Monkey House”
http://www.newyorker.com/online/blogs/johncassidy/2011/04/george-soros-bretton-woods.html

The ghosts of Bretton Woods
http://biz.thestar.com.my/news/story.asp?file=/2011/4/16/business/8475266&sec=business

Emerging Markets Clash with Anachronistic Institutions
http://ipsnews.net/news.asp?idnews=55284

Brown admits big mistake on banks
http://www.bbc.co.uk/news/business-13032013

George Soros’ Doublespeak
http://www.thenewamerican.com/economy/commentary-mainmenu-43/7070-george-soros-doublespeak

Soros, Bretton Woods II And The Twilight Of The Gods
http://blogs.forbes.com/ralphbenko/2011/04/11/soros-bretton-woods-ii-and-the-twilight-of-the-gods/

Why Our Broken Political System Falls Prey to Right-Wing Extremism
http://www.alternet.org/economy/150589/why_our_broken_political_system_falls_prey_to_right-wing_extremism

Dominique Strauss-Kahn says joblessness is the biggest threat to global recovery
http://www.telegraph.co.uk/finance/economics/8451874/Dominique-Strauss-Kahn-says-joblessness-is-the-biggest-threat-to-global-recovery.html

Big ideas, empty chairs at economic meeting
http://www.ctv.ca/generic/generated/static/business/article1979216.html

We have forgotten the economic lessons our forebears taught us
http://www.guardian.co.uk/commentisfree/2011/apr/10/will-hutton-keynes-austerity-osborne

Why the present has no time for future economic thinking
http://www.telegraph.co.uk/finance/economics/8451820/Why-the-present-has-no-time-for-future-economic-thinking.html

UK Banking Commission interim report

Were lawyers complicit in the banking crisis?
http://www.legalweek.com/legal-week/blog-post/2043165/lawyers-complicit-banking-crisis-muttley-dastardly-disagrees

Firewalls will not prevent repeat of banking crisis
http://www.ft.com/cms/s/0/666e4d26-6557-11e0-b150-00144feab49a.html#axzz1JOjBwdfB

Global Banking crisis, economy and systemic risk

XX Who will save America from drowning in debt?
http://www.telegraph.co.uk/finance/comment/jeremy-warner/8451843/Who-will-save-America-from-drowning-in-debt.html

XX Richard Koo’s Blistering Presentation On Why QE2 Has Been A Disaster
http://www.businessinsider.com/richard-koo-quantitative-easing-2011-4

China’s Bad Growth Bet
http://www.project-syndicate.org/commentary/roubini37/English

Offshore Banking and Tax Havens Have Become Heart of Global Economy
http://www.democracynow.org/seo/2011/4/15/offshore_banking_and_tax_havens_have

Social crisis ahead: World Bank, IMF
http://www.hindu.com/2011/04/16/stories/2011041654451500.htm

What Europe’s coming debt default will look like
http://blogs.telegraph.co.uk/finance/jeremywarner/100010020/what-europes-coming-debt-default-will-look-like/

BRICS in the wall
http://www.dailypioneer.com/332039/BRICS-in-the-wall.html

Who will save America from drowning in debt?
http://www.telegraph.co.uk/finance/comment/jeremy-warner/8451843/Who-will-save-America-from-drowning-in-debt.html

G20 agrees ways to measure risk
http://www.bbc.co.uk/news/business-13098537

EU facing new bailout as debt fears grow
http://www.express.co.uk/posts/view/241022/EU-facing-new-bailout-crisis-as-debt-fears-grow

US lacks credibility on debt, says IMF
http://www.ft.com/cms/s/0/dc1aadea-652e-11e0-b150-00144feab49a.html?ftcamp=rss

Spain on debt tightrope
http://www.ft.com/cms/s/0/93735dc6-6461-11e0-a69a-00144feab49a.html?ftcamp=rss

HSBC cuts executive pay after ‘lessons from banking crisis’
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8454492/HSBC-cuts-executive-pay-after-lessons-from-banking-crisis.html

Spain – DNA of a financial crisis
http://www.investmentweek.co.uk/investment-week/opinion/2043684/spain-dna-financial-crisis

Greece, Ireland, Portugal Will Likely Restructure, Pimco’s Kashkari Says
http://www.bloomberg.com/news/2011-04-12/greece-ireland-portugal-will-probably-need-to-restructure-kashkari-says.html

Federal Reserve’s path of destruction
http://www.marketwatch.com/story/federal-reserves-path-of-destruction-2011-04-13?reflink=MW_news_stmp

European banking suffers crisis of confidence
http://www.efinancialnews.com/story/2011-04-13/european-banking-suffers-crisis-of-confidence?mod=sectionheadlines-home-AM

Which of the three little pigs will be the first to go to the markets?
http://www.independent.ie/business/irish/which-of-the-three-little-pigs-will-be-the-first-to-go-to-the-markets-2619345.html

Japan Turmoil Disrupting U.S., Fed Survey Finds
http://www.marketwatch.com/story/japan-turmoil-disrupting-us-fed-survey-finds-2011-04-13?reflink=MW_news_stmp

Ireland’s banking crisis

XXXXX (reposting of old article) Bank of Ireland Loan Losses Fall
http://online.wsj.com/article/SB10001424052748704116404576262160030976274.html

Ireland’s taxpayers must share the pain – Smaghi
http://businessandleadership.com/economy/item/29506-irelands-taxpayers-must/

The Great Escape
http://www.independent.ie/business/irish/the-great-escape-2621442.html

Balance on restructuring debt necessary
http://www.irishtimes.com/newspaper/opinion/2011/0416/1224294798908.html

Well done, Ireland, but now the heavy lifting must begin
http://www.examiner.ie/opinion/columnists/ann-cahill/well-done-ireland-but-now-the-heavy-lifting-must-begin-151643.html

There are hundreds of articles each week about the continuing US property slump. Here’s a sample of them

XX American Ghost Towns Of The 21st Century
http://finance.yahoo.com/real-estate/article/112463/american-ghost-towns-21st-century-247wallst

Case Shiller 100 Year Chart 2011
http://www.ritholtz.com/blog/2011/04/case-shiller-100-year-chart-2011-update/

UK Property Market

House prices are falling faster in Britain than Spain
http://blogs.telegraph.co.uk/finance/ianmcowie/100010007/house-prices-are-falling-faster-in-britain-than-spain/

House prices may fall by up to 25%
http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=530706&in_page_id=8

Global Pension “time bomb” and aging population

X ITN pension deficit hit £59.5m in 2010
http://www.guardian.co.uk/media/2011/apr/07/itn-pension-deficit

Cutting public pensions now won’t save California
http://www.latimes.com/news/local/la-me-cap-pensions-20110411,0,2066073.column

BAE pension fund £286m in the red
http://www.nwemail.co.uk/news/bae-pension-fund-286m-in-the-red-1.827001?referrerPath=news/

BA pension changes will have ‘severe’ effect on pensioners
http://www.skyport-heathrow.co.uk/2011/04/ba-pension-changes-will-have-s.html

Calif. firefighters accept pension cut
http://www.firerescue1.com/labor-issues/articles/1009321-Calif-firefighters-accept-pension-cut/

The affect of Austerity measures

X X X X Guerrilla Hoarding
http://mises.org/daily/5200/Guerrilla-Hoarding

Number of New York City homeless reached record in 2010
http://www.reuters.com/article/2011/04/11/us-newyork-homeless-idUSTRE73A7RH20110411

Hungary police and army unions protest over austerity
http://af.reuters.com/article/worldNews/idAFTRE73F1JL20110416

Q&A: How is Greece measuring up to EU/IMF bailout targets?
http://www.reuters.com/article/2011/04/15/us-greece-eu-imf-idUSTRE73E5ED20110415

Deflation or inflation?

Portugal consumer prices jump, add to gloom
http://www.forexyard.com/en/news/Portugal-consumer-prices-jump-add-to-gloom-2011-04-12T101513Z-UPDATE-1

Does Deflation Remain a Threat?
http://www.elliottwave.com/freeupdates/archives/2011/04/13/Does-Deflation-Remain-a-Threat.aspx

Higher energy costs push up producer prices
http://www.nytimes.com/2011/04/15/business/economy/15econ.html?_r=1&smid=tw-nytimesbusiness&seid=auto

Our prosperity is owed back plus interest
http://theautomaticearth.blogspot.com/2011/04/april-15-2011-our-prosperity-is-owed.html

Surging Inflation Data Spurs Asian Traders to Buy Silver & Gold at New Record
http://goldnews.bullionvault.com/buy_silver_inflation_041520113

Fun With US Government Statistics
http://www.declineoftheempire.com/2011/04/fun-with-government-statistics.html

Inflation Stokes Fears Over Shopper Resilience
http://www.marketwatch.com/story/rising-prices-stoke-consumer-concern-2011-04-12?reflink=MW_news_stmp

US recessionary trends

X Money Problems That Never Seem To End: 25 Reasons To Be Absolutely Disgusted With The U.S. Economy
http://www.benzinga.com/11/04/992033/money-problems-that-never-seem-to-end-25-reasons-to-be-absolutely-disgusted-with-the-u-

Fear Of State Takeover Hangs Over Detroit Budget
http://www.reuters.com/article/2011/04/12/us-detroit-budget-idUSTRE73B5GT20110412

U.S. Federal Budget Cuts to Hit Cash-Strapped Cities, Transit
http://www.businessweek.com/news/2011-04-12/u-s-federal-budget-cuts-to-hit-cash-strapped-cities-transit.html

US Unemployment

Surprise rise in US unemployment claims
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=4176032

What the unemployment rate doesn’t tell you about the state of the job market
http://www.bloomberg.com/news/2011-04-10/discouraged-workers-stop-bernanke-from-taking-much-comfort-in-jobless-fall.html

Unemployment is a killer, warns US study
http://www.nation.co.ke/business/news/Unemployment+is+a+killer+warns+US+study/-/1006/1143632/-/fyww5s/-/

Despite Modest Improvements in US Job Market, Nearly a Quarter of Youth Unemployed
http://www.benzinga.com/news/11/04/1002461/despite-modest-improvements-in-u-s-job-market-nearly-a-quarter-of-youth-unemploye

‘Unemployment for US veterans jumps’
http://www.presstv.ir/detail/175187.html

Eureka articles which challenge the status quo

XXXXX The Real Housewives of Wall Street
http://www.rollingstone.com/politics/news/the-real-housewives-of-wall-street-look-whos-cashing-in-on-the-bailout-20110411

XXXX Students: You Are Exploited Debt-Serfs
http://www.oftwominds.com/blogapril11/students-exploited4-11.html

The Myth of Japan’s Lost Decades
http://mises.us1.list-manage.com/track/click?u=bf16b152ccc444bdbbcc229e4&id=ab4f14e6d1&e=0f6df68617