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Banking crisis digest week 5 December 2010

“A closed mind is like a closed book; just a block of wood”. Chinese Proverb

MIKE HAYWOOD'S BANKING CRISIS DIGEST

Independent weekly compilation of current internet articles and blogs

relating to Global Banking Crisis

You may not have time to read all the articles. To help you be selective, those articles which I consider an important read or viewing, I have prefixed with XXXXX

Global Debt Clock http://www.economist.com/content/global_debt_clock

International Banking Crisis, Debt mountain and Systemic Risk

XXXXX XXXXX $2tn debt crisis threatens to bring down 100 US cities http://www.guardian.co.uk/business/2010/dec/20/debt-crisis-threatens-us-...

XXXXX XXXXX The Peak of the Welfare State Bubble http://www.progress.org/2010/fold696.htm

XXXXX XXXXX Kicking the Snowball Down the Road http://theautomaticearth.blogspot.com/2010/12/december-18-2010-kicking-s...

XXXXX XXXXX Citigroup fears fresh wave of sovereign defaults and bank failures in Euro-zone http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8217859...

XXXXX XXXXX Understanding The Modern Monetary System http://pragcap.com/resources/understanding-modern-monetary-system

XXXXX The Great Bank Heist of 2010 http://www.marketwatch.com/story/wall-street-wins-main-street-pays-again...

XXXXX Going Bankrupt: 100 Bailed Out US Banks http://www.ritholtz.com/blog/2010/12/going-bankrupt-100-bailed-out-banks...

Lehman 'prophet' fears second US crisis if rates are kept low http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8224338...

Fed extends program to ease Europe debt crisis http://finance.yahoo.com/news/Fed-extends-program-to-ease-apf-2324425346...

Bond Leader Pimco Sees Euro Zone in Danger http://www.spiegel.de/international/business/0,1518,735657,00.html

Greece's Debt Ratings Put On Watch by Fitch for Possible Downgrade to Junk http://www.bloomberg.com/news/2010-12-21/greece-s-debt-ratings-put-on-wa...

EU's Rehn Vows To Contain Debt "Forest Fire" http://www.reuters.com/article/idUSTRE6BK2MK20101221

Spend! Spend! Spend! Nine days to save economy http://www.independent.co.uk/news/uk/politics/spend-spend-spend-nine-day...

The UK inflation genie is out of the bottle http://www.telegraph.co.uk/finance/comment/liamhalligan/8224342/The-UK-i...

Families warned by Bank of England of even more painful year ahead http://www.dailymail.co.uk/news/article-1342088/Families-warned-Bank-Eng...

Why the United States of America is Broke http://globaleconomicanalysis.blogspot.com/2010/12/why-united-states-of-...

Watch: U.S. Debt & Impending Economic Collapse dire warning http://www.youtube.com/watch?source=patrick.net&v=rmiUOd7wdO0#watch-head...

Moody's Warns It May Cut Portugal's Rating http://online.wsj.com/article/SB1000142405274870358120457603296200011589...

Fourth Irish Bank To Pass Into State Control http://news.sky.com/skynews/Home/Business/Irish-Bank-Gets-State-Cash-Boo...

France’s AAA Grade at Risk as Rating Cuts Spread: Euro Credit http://noir.bloomberg.com/apps/news?pid=20601087&sid=a49EoRm2pQjQ

UK slumps further into the red with record borrowing http://www.independent.co.uk/news/uk/home-news/uk-slumps-further-into-th...

Congress Threatens to Sow the Seeds of Our Next Banking Crisis http://www.huffingtonpost.com/william-k-black/congress-threatens-to-sow_...

Iceland Offers Economic Lessons For Ireland http://thechronicleherald.ca/Business/1217973.html

Interest rates 'will have to rise sixfold in two years' http://uk.finance.yahoo.com/news/Interest-rates-rise-sixfold-tele-634060...

There are hundreds of articles each week about the continuing US Property slump. Here's a sample of them
XXXXX The Fallacy of a Pain-Free Path to a Healthy Housing Market http://dallasfed.org/research/eclett/2010/el1014.html

Evidence grows of house price 'double dip' http://www.ocregister.com/articles/year-281322-percent-corelogic.html

Economists: Expect No House-Price Growth in 2011 http://blogs.wsj.com/developments/2010/12/22/economists-expect-no-home-p...

2011 outlook: Housing falls another 15% to 30% http://finance.yahoo.com/tech-ticker/richard-suttmeier's-2011-outlook-pain-in-the-banks-as-housing-falls-another-15-30-535736.html

Property Taxes Keep Rising as House Values Keep Falling http://www.dailyfinance.com/story/real-estate/property-taxes-keep-rising...

XXXXX XXXXX The Next Housing Bubble - Is This the Perfect Storm? http://www.oyetimes.com/views/columns/8094-the-next-housing-bubble-is-th...

XXXXX XXXXX Housing Disaster Update http://www.declineoftheempire.com/2010/12/housing-disaster-update.html

Housing Chill Could Trash 2011 http://www.huffingtonpost.com/dan-dorfman/renewed-housing-decay-cou_b_79...

XXXXX XXXXX 11 Ways Bank of America Practices Hurt Americans http://www.huffingtonpost.com/gordon-whitman/a-guide-to-what-we-alread_b...

US Foreclosure Fraud and mortgage Bond fraud

Arizona, Nevada Sue Bank of America for Alleged Foreclosure Fraud http://www.totalmortgage.com/blog/mortgage-rates/arizona-nevada-sue-bank...

Robo-signing paperwork problems hit California, slow foreclosures http://www.centralvalleybusinesstimes.com/stories/001/

Two States Charge Bank of America With Fraud http://www.credit.com/blog/2010/12/two-states-charge-bank-of-america-wit...

Mortgage Lenders Ordered to Appear in NJ Court http://news.yahoo.com/s/ap/20101220/ap_on_bi_ge/us_foreclosure_irregular...

Bank of America Loses Key Battle In Mortgage Fraud Fight http://www.cnbc.com/id/40794336

Banks Found Guilty Of Foreclosure Fraud http://www.stockmarketsreview.com/realestate/2010/12/28/banks-found-guil...

UK Property Market

XXXXX http://www.bloomberg.com/news/2010-12-27/u-k-december-home-prices-fall-f...

UK December Home Prices Fall for Sixth Month

House prices to 'drop 7pc' next year http://www.telegraph.co.uk/finance/personalfinance/8214127/House-prices-...

Interest rate rise means 3m home debtors could struggle to pay mortgage http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8...

HOUSE PRICES TO DROP 5% IN FIRST HALF OF 2011 http://www.express.co.uk/posts/view/218754/House-prices-to-drop-5-in-fir...

Homeowners should prepare for 5pc interest rates http://www.telegraph.co.uk/finance/economics/8220862/Homeowners-should-p...

UK HOUSE PRICES SET TO PLUNGE NEXT YEAR http://www.express.co.uk/posts/view/219424/UK-house-prices-set-to-plunge...

General articles covering the interconnectivity of Peak Oil and economy
XXXXX XXXXX XXXXX XXXXX Watch……… 300 Years of FOSSIL FUELS in 300 Seconds http://www.youtube.com/watch?v=cJ-J91SwP8w

XXXXX XXXXX XXXXX XXXXX Did The Price Of Oil Help Cause The Financial Crisis Of 2008? Will Surging Oil Prices Soon Spark Another Financial Crisis? http://theeconomiccollapseblog.com/archives/did-the-price-of-oil-help-ca...

XXXXX XXXXX The limits to complexity http://economicedge.blogspot.com/2010/09/ashvin-pandurangi-limits-to-com...

Pension "time bomb” and aging population
XXXXX XXXXX XXXXX XXXXX The Next Housing Bubble - Is This the Perfect Storm? http://www.oyetimes.com/views/columns/8094-the-next-housing-bubble-is-th...

The affect of Austerity measures

State guarantees of bank bonds mean poor pay taxes to keep the rich rich http://www.policyexchange.org.uk/publications/publication.cgi?source=pat...

Deflation or inflation?
XXXXX High inflation is a cock-up not a conspiracy http://www.telegraph.co.uk/finance/comment/rogerbootle/8212758/High-infl...

US recessionary trends
XXXXX Day of Reckoning Arrives; Chris Christie "It's Not an Income Problem, It's a Benefits Problem"; Six Common Sense Solutions http://globaleconomicanalysis.blogspot.com/2010/12/60-minutes-day-of-rec...

XXXXX XXXXX The United States of Disintegration http://theautomaticearth.blogspot.com/2010/12/december-20-2010-united-st...

16 US Cities Facing Bankruptcy If They Don't Make Deep Cuts In 2011 http://www.businessinsider.com/americas-most-bankrupt-cities-2010-12

Prison Budget Cuts (Washington) http://www.keprtv.com/news/112221429.html

Huge Unspoken Threat To Muni Finances: Falling Property Tax Revenue http://www.businessinsider.com/property-taxes-and-munis-2010-12

What does fiscal austerity mean in practice?

XXXXX XXXXX XXXXX Tax Revenues Near 20 year low http://www.telegraph.co.uk/finance/economics/8204522/Fears-of-tax-rises-...

Changing social attitudes towards debt and lifestyles

Savers spurn banks for Zopa-style 'peer-to-peer' lenders http://www.telegraph.co.uk/finance/personalfinance/savings/8214641/Saver...

Fractional Reserve Banking

The Faults of Fractional-Reserve Banking

http://mises.us1.list-manage.com/track/click?u=bf16b152ccc444bdbbcc229e4...

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Banking Crisis Digest prepared by Dr Mike Haywood, St Mabyn, Bodmin, Cornwall,UK mike@mikehaywoodart.co.uk

"If a path to the better there be, it begins with a full look at the worst."-- Thomas Hardy

P Please consider the environment before printing this e-mail

Disclaimer….Mike Haywood does not warrant the accuracy, adequacy or completeness of the Information provided by the weblinks and expressly disclaims liability for any errors or omissions that may be contained in the Information.