"Libor, set by 16 banks in a daily survey by the British Bankers’ Association at about noon in London, determines rates on $360 trillion of financial products worldwide, from home loans to derivatives. Member banks provide estimates on how much it would cost to borrow in 10 currencies for periods ranging from a day to a year. "
AGAIN, who are these banks? Take the suckers over and get rid of those in charge !!
"The rate at which banks lend money to one another should ease Thursday, after central banks around the world launched a coordinated interest rate cut of 50 basis points on Wednesday to stem the financial crisis and ease money markets."
The article says a lack of liquidity in interbank markets; yeah the banks are hoarding the cash !!
This "In addition to disclosures about the frolic at the resort, Waxman’s committee heard yesterday that (and this is even more infuriating) Joseph J. Cassano, former AIG executive who headed its London-based division – the very division whose collapse has been largely blamed for the company’s downfall – CONTINUES, TO THIS DAY, to be paid $1 million a month by his employer. And that’s on top of the $280 million he had received in the past eight years." is something I missed from the Waxman hearing(everthing seemingly focused on Fuld)
FEELING A LITTLE CHALLENGED BECAUSE OF YOUR UNDERSTANDING OF ECONOMICS? WANT TO HAVE SOMEONE EXPLAIN THE CURRENT FINANCIAL CRISIS IN REALLY SIMPLE TERMS? THEN YOU MUST LISTEN TO THIS INTERVIEW WITH CHRIS MARTENSON
RIOT IN HONG KONG: AFP-— Furious investors clashed with police outside Bank of China’s Hong Kong headquarters Wednesday and demanded the repayment of investments linked to failed US bank Lehman Brothers.
Scuffles erupted outside the Bank of China building, as protesters tried to push through the police’s barricade, an AFP photographer at the scene said.
Hundreds of protestors also swarmed other major banks and the city’s legislature, grabbing lawmakers and demanding help to recoup their money.
The protestors, who complain that the banks which sold them the so-called “mini-bonds” had not fully explained the risks involved, held placards and shouted slogans to demand a full refund of their investments.
Wonder how long it will take before American’s do the same thing?
A Plan for China to Bail Out the US
The third step China would demand -IMHO- would be to cancel the the agreements with Taiwan that the U.S. government has; but as the article says "Americans are too wedded to the idea of our superiority, wrapped in the only slightly less offensive packaging of "exceptionalism" to realize that our economic crisis will lead to a permanently diminished standing."
BUT, of course, there is this:
"Obama Commends Taiwan Arms Sale"
UK: Government will spy on every call and e-mail
"Ministers are considering spending up to GBP 12bn (EUR 15.5bn) on a database to monitor and store the internet browsing habits, e-mail and telephone records of everyone in Britain. GCHQ, the government’s eavesdropping centre, has already been given up to GBP 1bn to finance the first stage of the project. Hundreds of clandestine probes will be installed to monitor customers live on two of the country’s biggest internet and mobile phone providers – thought to be BT and Vodafone. BT has nearly 5m internet customers. Ministers are braced for a backlash similar to the one caused by their ID cards programme. Dominic Grieve, the shadow home secretary, said: ‘Any suggestion of the government using existing powers to intercept communications data without public discussion is going to sound extremely sinister.’ MI5 currently conducts limited e-mail and website intercepts which are approved under specific warrants by the home secretary. Further details of the new plan will be unveiled next month in the Queen’s speech. The Home Office stressed no formal decision had been taken but sources said officials had made clear that ministers had agreed ‘in principle’ to the programme. Officials claim live monitoring is necessary to fight terrorism and crime. However, critics question whether such a vast system can be kept secure. A total of 57 billion text messages were sent in the UK last year – 1,800 every second. (Times Online)"
Like I said yesterday, if you want to see what this actually looks like see the Masterpiece PBS series ‘The Last Enemy"
(you can watch online)
AND DON’T THINK THAT WE AREN’T NEXT !! DESPITE THIS
In the meantime, Iraq,Afghanistan, Sudan and other countries continue to be disasters of human suffering and death with no end in sight.
I know it’s hard to believe, but we DO have it easy despite all the turmoil and corruption in our way of life and in the world of money. Imagine if you were a Tuvalo citizen about to be nothing more than a ‘virtual nation’.