What the hell is going on here?

Since the Federal Reserve and the US Treasury Deparment have made it clear that they will be bailing out European banks, why is more money needed for this scheme?

Will US banks and those on the continent engage in some type of complex scheme, where their books show "illiquid" assets to be bought by the US, then have ( Read more... )

The global credit crisis has slammed into Europe with stunning violence over the last two days, triggering five major bank rescues and a near total shut-down of the region's credit markets.

By Ambrose Evans-Pritchard
Last Updated: 10:37AM BST 30 Sep 2008

Comments 60


( Read more... )

European financial giant Fortis partially nationalized. Three governments to pour 11.2 billion euro ($16.4 billion) into the bank.

Last Updated: September 28, 2008: 6:57 PM ET
BRUSSELS, Belgium (AP) -- Dutch-Belgian bank and insurance giant Fortis NV was given a 11.2 billion euro ($16.4 billion) lifeline to avert insolvency as part of a wider ( Read more... )

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reland leads euroland into recession as property crashes

Financial Crisis
German finance minister Peer Steinbrück has slammed Anglo-American capitalism for endangering global stability in its lust for profit and predicted that the US would now be toppled as the superpower of international finance.

By Ambrose Evans- ( Read more... )

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U.S. president's speech received coldly in Germany
Bailout plan's basic mystery: What's this stuff worth?



( Read more... )

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WSJ: Worst Crisis Since '30s, With No End Yet in Sight



( Read more... )

The New York Times

September 15, 2008

Afghanistan Is in Its Worst Shape Since 2001, European Diplomat Says
By ALISON SMALE

GENEVA - One of the most experienced Western envoys in Afghanistan said Sunday that conditions there had become the worst since 2001. He urged a concerted American and foreign response, even before a new American administration ( Read more... )

No Mediterranean Union shortcut around Arab-Israeli conflict

Hasan Abu Nimah, The Electronic Intifada, 16 July 2008

French President Nicolas Sarkozy wants to establish a Union for the Mediterranean. The idea of cooperation between countries north and south of the Mediterranean is by no means new. Decades ago the European Community had envisaged ( Read more... )

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Credit fallout is just beginning
Real rate of inflation could be 10 per cent, says John Major

By Ambrose Evans-Pritchard

Last Updated: 11:40pm BST 11/07/2008

The lifeblood of countries' economies is draining away - with grim consequences for us all, writes Ambrose Evans-Pritchard

The money supply data from the US, Britain, and now Europe, has ( Read more... )

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Citigroup's $1.1 Trillion of Mystery Assets Shadows Accounting of Earnings
European Industrial Output Drops Most in 16 Years, Led by France, Germany
Wall Street Turns Predatory Lender in Reconstruction of Subprime Meltdown
FDIC Says At Least 90 US Banking institutions In Trouble

(Update3)

By Carol Massar and Eric ( Read more... )