statism watch

Probably, because the international central banks want to establish the same sort of consolidation over first world assets as they already have over the third world. Tim Geithner said so in June 2008, right before the first wave of this debt conflagration swept over the US, the UK, and their client states. Could this be any clearer? And Flaherty and his peers are running around on dogsleds and knocking over igloos up in Iqaluit, throwing up this big snowjob about the minor degrees of disagreement between these states as to precisely how they’re going to go about handing full control of the world economic system over to the IMF and World Bank. It’s ridiculous. And we’re all just sitting there watching the Superbowl, watching Idol or some fake reality TV show, thinking we’re in Valhalla. That’ll work for precisely as long as it takes for the stimulus to trigger currency crises, then this whole house of cards comes down and we beg for our money to get pegged to a global standard. How many rude awakenings do we need? Come on, people!

Flashback: The US budget: Barack Obama’s $3.8 trillion red ink blueprint | EU cautions Greece about its deficit | Consumer debt loads are the new concern | No solution in dispute over Iceland deposits | IMF warns against retreat from stimulus spending | Why Did the ‘Stimulus’ Fail to Help the US Economy? | Could Greece drag down Europe? | Record surge in UK inflation | Iceland sets date for Icesave vote | ‘Significant chance’ of second financial crisis, warns World Economic Forum | Iceland says IMF aid likely delayed | Iceland blocks central bank debt repayment deal | Canadians struggling to dig out of debt | Can’t say if federal stimulus is working: watchdog | UAE markets dive on Dubai debt woes | Dubai’s ‘big pyramid scheme’ grounded by debt load | A world awash in debt | U.S. banking troubles far from over | Ottawa on track for largest-ever deficit | U.S. markets fall on Dubai crisis | 1 in 10 Americans delinquent in paying mortgage | Personal bankruptcies still soaring | Credit card debt balloons | US credit shrinks at Great Depression rate prompting fears of double-dip recession | Canada’s $1-trillion debt baby | Credit delinquencies up 24% in June | Bank of Canada declares recession over | Budget officer ‘can’t tell’ if stimulus plan working | More Canadians in arrears on credit payments | Canadian households $1.3-trillion in debt | Credit companies seek to avoid regulation, create global debit system | Canadian credit card delinquencies rising | Iceland’s government collapses | Iceland inflation soars to 17.1% | 5 injured during protest in Iceland over economic meltdown | Now the consumer crunch: falling credit limits, rising interest rates

David Oliver, Toronto Star
February 8, 2010

The inevitable “sovereign debt panic” finally struck last week, causing severe one-day drops in stock markets from New York to London to Toronto on Thursday.

Ostensibly, the epicentre of the crisis is Greece, in danger of defaulting on its debt payments to worldwide holders of its government bonds, or sovereign debt.

But the fear about state defaults quickly spread to Spain, Portugal and Ireland, fiscal train wrecks that together with Greece now go by the unfortunate acronym PIGS.

Even then, the scope of a potential second global financial crisis so soon after the credit crisis of 2008-09 goes far beyond the euro zone, the 16 nations sharing a common currency, the euro.

Last week’s dramatics could have been far worse. And they may yet manifest themselves in an ugly fashion in weeks to come if the euro-zone countries don’t rescue what Greek Prime Minister George Papandreou described last week as “the weakest link in the euro zone.”

Greece accounts for just 3 per cent of the euro-zone economy. The crisis in the cradle of Western civilization serves merely as proxy for government over-indebtedness everywhere.

Only a few months ago, a Dubai on the edge of default had to be bailed out by oil-rich neighbour Abu Dhabi. A debt-strapped Argentina recently tried and failed to pay debts by raiding its central-bank treasury.

Greece’s debt-to-GDP ratio is an eye-popping 95 per cent. But then, the U.S. isn’t far behind at 84 per cent. (The Canadian ratio is estimated at 35.5 per cent in the current fiscal year.) Greece’s deficit-to-GDP ratio is an alarming 13 per cent. But then, Britain isn’t far behind at 12.6 per cent.

Just last month, California-based PIMCO, the world’s biggest bond investor, warned that Britain’s bonds ware “resting on a bed of nitroglycerine.” And last week, Moody’s, the U.S. bond-rating agency, warned the U.S. of a looming downgrade that would strip America of its coveted Triple-A bond rating, which would push up borrowing costs.

The world is awash in potentially unsustainable debt.

The U.S. looms largest. President Barack Obama just tabled a budget that projects a doubling in America’s national debt, to $28 trillion (U.S.), by decade’s end. That’s twice the size of the U.S. economy.

Few nations emulated Canada’s example of 11 consecutive budget surpluses heading into the Great Recession. And so the necessary stimulus spending to inject life into paralyzed economies worldwide has inflated already burdensome debt loads accumulated by less prudent jurisdictions than Canada, Australasia and a handful of others.

To cover their stimulus-related and other debt obligations, national governments are expected to borrow a staggering $4.5 trillion (U.S.) this year. That’s almost triple the average for advanced economies over the previous five years.

Any hint that certain issuers of those government bonds and other borrowings are flirting with deadbeat status will jack up the interest rates bond-buyers will demand. That could easily lift the general level of interest rates worldwide. Which in turn would raise the cost of capital for businesses and individuals. And that would be a major impediment to economic recovery at a time when central banks are trying to keep their key lending rates at or near zero to encourage investment and job creation.

In order not to set off this “global debt bomb,” as Forbes describes the plight on its latest cover, the EU and the better-off EU nations haven’t much choice but to rescue Greece. Recalling how the failure of just one New York brokerage, in September 2008, turned a local banking problem into a full-blown global crisis, EU officials now regard Greece as “Europe’s Lehman Brothers.”

A coordinated EU bailout of Greece, spearheaded by Germany, would defend the value of the euro. It would bolster an EU whose reputation would otherwise suffer from having abandoned one of its members. And it could stave off a currency and debt crisis that would likely be a worldwide spectre.

Indeed, it’s difficult to imagine any other scenario – repugnant though it is, especially to the fiscally austere Germans – than to “reward” a fellow EU member for its chronic incompetence in managing its national finances.

Ever since the Lehman collapse, Europeans have been a little smug about how an inadequately supervised Wall Street tipped Europe and most of the rest of the world into the worst economic slump since the Dirty Thirties.

Now the tables are turned. For a decade the EU gave Greece a pass on its consistent failure to come even close to meeting the EU’s own benchmarks for budgetary prudence. If there is to be a second global economic crisis, its origins will be traced to European laxity, not asleep-at-the-switch U.S. financial regulators.

In Athens last week for a conference, Nobel laureate Joseph Stiglitz, a liberal economist, counselled against the austerity measures the Greek government has just imposed – including wage freezes, pension cutbacks and budget slashing across government departments. He cavilled against the “deficit fetish” for which the International Monetary Fund and the World Bank are notorious.

The compelling counter-argument is that global markets aren’t as rational as Nobel laureates. They need assurance now that Greece will not become an insolvent Iceland. And that the EU will backstop Spain, Portugal, Ireland and any other EU member that has obligations outstanding to world banks, already undermined by losses on U.S. subprime, or junk, mortgages and other “toxic assets.”

Even Stiglitz’s fellow liberals on the Continent are insisting Greece “be helped with all the fiscal brutality” of which the EU is capable, as Germany’s centre-left Suddeutsche Zeitung editorialized late last week. The EU “has taken the first step to putting the country under its control, and virtually deprive it of its sovereignty. This is the worst imaginable punishment for a nation.”

And a necessary one, to preserve a still shaky world financial order.

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Environment Head Wants Global Warming Tax | Ottawa considering aid for private broadcasters | Financial Post editor: America’s future at risk of ‘inflationary outburst’ | U.N. panel says world should ditch dollar | IMF poised to print billions of dollars in ‘global quantitative easing’ | G20 officials pledge ‘whatever action necessary’ to revive economy | Changes to law could affect navigation of Canadian waters, critics say | Mainstream Financial Publication Finally Admits that Austrian Economists Were Right | Global recession deepening, Geithner says | Obama calls for G20 joint action | UK Central Bank begins using ‘new’ money | Brace for sharp slump, IMF warns Canada | IMF, World Bank predict a global recession | Worst crisis since 1930s says Fed, calls for ‘forceful action’ | Jobs data grim, Flaherty says | Atlas felt a sense of déjà vu | UK government takes control over Lloyd’s bank | Canada expects EU free-trade talks soon: Stockwell Day | GM pensions: Who’s responsible? | Stimulus needed now, Bank of Canada says | GM says it will go bust in days without new US bail-out | Terence Corcoran: Ontario’s green energy plan sneaks in feed-in taxes | Time to emulate Roosevelt’s New Deal and create green jobs | Central bank tactics pushed to brink | Ontario facing massive deficit | Obama outlines ‘hard choices’ budget | UK: Loss-making Northern Rock to pay bonuses to managers | IMF emergency fund is doubled to $500bn, Northern Rock bank granted $14bn bailout | EU backs sweeping new financial rules, more power for IMF | GM wants twice as much taxpayer’s money | Volcker sees crisis leading to global regulation | Gold Tops $1,000, First Time Since March as Recession Deepens | Stocks Drop Around the World; Stoxx 600 Falls to 6-Year Low | Greenspan backs bank nationalisation | Behemoth budget bill to be rammed through parliament unread | Obama signs stimulus bill | Congressman warns unread ’stimulus’ bill will prolong agony | Gordon Brown seeks sweeping reforms to give IMF global ’surveillance role’ | $787B stimulus package passes through U.S. Congress | Paul Martin prescribes international regulatory body for ailing fiat economies | US Congress reaches deal on economic stimulus package | World stocks fall on skepticism over U.S. bank plan | Next US bailout could top $1-trillion | Geithner Said to Have Prevailed on the Bailout | Canada lost 129,000 jobs in January: StatsCan | Economic crisis: The shakeup Canadians need? | Pass stimulus or watch out, Obama warns | Canadian credit card delinquencies rising | Iceland to be fast-tracked into the EU | France responds to economic downturn with a general strike | U.S. House passes $819B economic stimulus | World Economic Forum elite blame ‘profit’, not fraud, for crisis | Fed infrastructure money requires provincial spending | Ignatieff lets government stand with budget amendment demand | Rewriting the rulebook for 21st-century capitalism | Obama urges Republicans to support economic plan | The budget: Global shock therapy | All maxed out? Budget measures would improve credit access | $12B for infrastructure forms key pillar of stimulus package | Few surprises as government turns on the spending taps | U.S. Senate confirms Geithner as treasury secretary despite reservations | Iceland’s government collapses | Optimistic central bank expects speedy economic rebound | Ottawa risks erasing decade of debt reduction | Canadian, U.S. energy policies to be inextricably linked: Prentice | Business Development Bank will get $350M injection, Clement says | Prominent Economist: Crisis Caused By Government Interventions | New UK bank bailout | Vancouver dodges public referendum requirement for funding to finish Olympic Village | Zimbabwe unveils 100 trillion dollar banknote | Financial crisis: Bank of America given $138bn rescue package | Q&A: Prime Minister Stephen Harper speaks with The Post’s John Ivison | Premiers to press Harper for infrastructure boost | Vancouver mayor to recall legislature to handle Olympic Village crisis | Bring in a Canadian securities regulator: Flaherty’s handpicked business panel | Merged Citigroup, Morgan brokerage would be largest | Obama to visit Canada, Tories to propose ‘integrated carbon market’ | Brace for a big, ‘comprehensive’ budget: Harper | Canadians starting to save cash, shun debt | GM’s U.S. bailout deal bars strikes | European Leaders Call For New Global Order | Transport Minister Baird calls for dramatic action on stimulus package | Obama calls for ‘dramatic action’ on stimulus package | UK PM unveils ‘New Deal’ plan to create 100,000 jobs | Flaherty vows short-lived deficit, consults corporate chiefs on spending initiatives | Analyst: One Third Of Banks Could Collapse or Merge In 2009 | Auto bailout gives Federal, Provincial governments incremental nationalization powers | Banks won’t say where U.S. bailout money going | UK: Bailiffs get power to use force on debtors | Kissinger Calls For New International System Out Of World Crises | Canadian auto bailout could reach more than $4-billion | U.S. to spend $17.4-billion to ‘rescue’, nationalize auto industry | Harper government plans deficits as deep as $30 billion | Flaherty appoints business leaders to economic advisory council | IMF Chief Warns Of Riots In Response To Economic Crisis | Bank of Canada ready to monetize distressed equities | Canada may backstop ABCP rescue: Flaherty | The ugly spectre of ‘new Keynesianism’ and the self-appointed Guardians | Army ‘Strategic Shock’ Report Says Troops May Be Needed To Quell U.S. Civil Unrest | Federal government, Ontario agree on $3.3B auto bailout package | ‘Outrage’ greets banks’ failure to match rate cut | State to bail out, control US auto industry | Get close to Obama on economy and security, paper says | Financial Times: And now for a world government | Terence Corcoran: It’s Twilight for Detroit and the U.S. economy | Mexico to downsize metal in coins to save a few cents | Automakers seek $6B aid package from Ontario, federal government | Bank of England mulls “nuclear option” of cash injection | Zimbabwe tackles cash shortage amid riots and looting | Icelanders storm central bank in protest | Liberals and NDP sign unprecedented pact; to pursue stimulus, carbon taxes | UN Climate Change Conference open with call for ‘co-operation’ | UK closer to joining euro, EU commission president says | Iceland turns 90 amid economic ruin, currency freeze | TSX drops 600 points, N.Y. also falls | Britain buys control of Royal Bank of Scotland | Iceland inflation soars to 17.1% | Canada in recession: OECD | Maybe we should look at Zimbabwe before trying to print our way out of a money crisis | Britain to introduce massive stimulus package | Obama appoints architects of economic collapse, financial globalism to economic team | Jim Flaherty Urging Greater Federal, International Control over Canadian economy | Citigroup seeks ‘emergency cash’ | Deficits ‘essential,’ Harper says | Harper vows Canada will remain open to international trade | 5 injured during protest in Iceland over economic meltdown | ‘Hard decisions’ needed during economic crisis: throne speech | Paulson, Bernanke defend change of plan: $700-billion now to be given directly to banks | After G20 meeting, Ottawa ready to spend to spark economy | Congress Accuses Federal Reserve Bagman Of Bailout “Bait and Switch” During Angry Hearing | Flaherty eyes sale of Canadian government assets | Analysts Predict Hyper-Inflation To Push Gold To $2000, Oil to $300 | Terence Corcoran: Rescuers pulling market under | U.S. government won’t use bailout fund to buy troubled assets | Ottawa to pour another $50B into mortgage markets | Bank of Canada adds $8B to credit markets | Merrill CEO: Economic Environment Recalls 1929 | Fed Hides Destination Of $2 Trillion In Bailout Money | PM, premiers agree to speed up infrastructure investment | Flaherty lauds Keynesian global ‘economic stimulus’ strategies | Who are the Architects of Economic Collapse? | The Bush gang’s parting gift: a final, frantic looting of public wealth | IMF may need to “print money”, act as “world’s central bank” as crisis spreads | Morgan Chase Exec Brags Bailout Is for Takeovers, Restructuring, Not Lending | Draft letter calls on IMF to play critical role in financial crisis | Ottawa to guarantee interbank lending | More cash needed to save economy: Bernanke | Wall Street banks in $70bn staff payout | German parliament backs bail-out | Regulator says brokers failed on ABCP, sets new guidelines | US Bailout Cost Heads Towards $5 Trillion | Market Euphoria Dissipates | Loonie leaps, then reverses course | $25B credit backstop for banks ‘not a bailout’: Harper | Brown wants ‘global’ bank support | US considers following British example of taking stakes in banks | New World Order: Global co-operation, nationalisation and state intervention – all in one day | TSX closes up 226 points in wild day after rate cuts | Federal Reserve Moves to Monetize Commercial Paper Debts | Stocks recoup some losses after markets hit by panic selling | Star column blames ‘Capitalism’ for market woes, offers false choice: Authoritarianism or Socialism | Bank of Canada greases financial system with $12B in new cash | Stock markets drop despite bailout | Why Paulson’s Plan is a Fraud | Representatives Were Threatened With Martial Law In America Over Bailout Bill | Congress Rejects (First) Bail-Out Plan | Congressman Ron Paul: Bailout Will Destroy Dollar, World Economy | Paul Martin calls for ‘global solution’ | Markets sink as woes spread | UK banking shares plunge as crisis deepens | Congressman Ron Paul Schools Fed Chairman Bernanke on the Bailout Plan | Bailout is “petty cash”, Inflation is the Federal Reserve’s real crime | Private Federal Reserve Makes Power Grab as Bush, McCain Urge Congress to Approve Plan | Canadian Supreme Court refuses to hear appeal in ABCP case | Last major investment banks in U.S. change status | U.S., British market regulators ban short-selling | Next Federal Reserve bank bailout round could cost taxpayers 1$ Trillion Dollars | Bank of Canada piles on in global inflationary swindle | Central banks continue inflating global economy | Central Banks Move to Transfer Wealth from Taxpayers to Banks | Crisis on Wall St. as firms collapse | Goldman-Sachs Alumni Hold Reins of Financial System | Frontrunners emerge in scramble to save another major bank | Lehman Brothers on Verge of Collapse, Wall Street Fears | US Treasury nationalizes Freddie Mae, Fannie Mac | Cities Debate Giving Away Public Infrastructure to Bankers | Court Grants Big Banks Immunity from Lawsuits over Derivatives Losses | Bush Calls for New Highway Tolls, More Private Funding of Roads | US mortgage firm bailout includes rider clause to expand police state: all credit card transactions now to be reported to IRS | Global ‘liberalization’ illusion under threat. Economist calls for world economic regime, Keynesian saviour. Irony? | Federal Reserve cites global stakes in Fannie and Freddie rescue | Financial ’super cop’ role for Fed | What Really Killed Bear Stearns? | Soros points out regulated markets fail to operate on market fundamentals, calls for more regulation | Competition study calls for lowered barriers to foreign ownership, bank mergers | Massive overhaul urged on foreign investment in airlines, media, and banks | Bilderberg Seeks Bank Centralization Agenda | Secretive Bilderberg Group Reverses Policy, Releases Press Release and Attendance List | Banks face “new world order,” consolidation: report

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