Death Toll Continues To Climb In Algeria

By: Monday January 21, 2013 5:53 am

In what may be a case study on how not to handle a hostage crisis, the death toll from the Algerian government’s raid on the BP natural gas plant has risen: The death toll from the bloody terrorist siege at a natural gas plant in Algeria has climbed past 80 as the country’s forces searching [...]

Ex-Barclays CEO Diamond Testifies Before Parliament in Libor Scandal

By: Wednesday July 4, 2012 8:42 am

It’s not July 4 in Britain (almost caught ya!), and normal midweek business continues. That means a closely watched Parliamentary hearing with Bob Diamond, the former CEO of Barclays Bank who resigned after the scandal of bank employees rigging the benchmark Libor inter-bank lending rate. The Guardian liveblog is the best place to follow this [...]

The Emerging LIBOR Scandal: Will Britain’s Reaction Put the US to Shame?

By: Monday July 2, 2012 11:14 am

The Supreme Court business has really distracted me from this huge scandal over Barclays and other banks manipulating the LIBOR, the key interbank lending rate, to goose their profits. Therefore I thank Yves Smith for bringing me up to speed on it. First, Libor is the basis for pricing over $10 trillion of loans. As [...]

Britain Faring Worse in Great Recession Than They Did During Great Depression

By: Thursday January 26, 2012 11:00 am

This chart above is making the rounds today. As Brad DeLong explains, it shows recessions and recoveries in Britain over the past century, and you can see that the current recession, from 2008 to the present, is currently worse than at this point during the Great Depression. The British economy was on the rebound about [...]

Britain Vetoes EU Treaty on Fiscal Consolidation

By: Friday December 9, 2011 7:02 am

Earlier in the week, I wrote about how David Cameron wanted to use his leverage as a non-Eurozone member of the EU to wring concessions as a condition of signing treaty changes. At the EU summit, he presented his aims: basically, softening a financial transaction tax that the other countries in Europe want, and other [...]

Britain Trying to Get Goodies for Its Banksters Out of Euro Deal

By: Wednesday December 7, 2011 8:55 am

To this point, the European crisis has been a case of France and Germany dictating decisions to everyone else in Euro union. But there’s another potential player in all of this mess. The Merkozy preferred plan for tighter fiscal consolidation, with sanctions for member nations that fail to reach budget targets, requires a change to [...]

Riots in Britain, Worldwide a Descendant of Austerity

By: Thursday August 11, 2011 12:55 pm

Someone asked me yesterday if the economy had anything to do with the London riots, or if it was just about race and tensions with local police. I don’t see why it has to be any one thing, but if you ask me, yes, the economy – and particularly the austerity measures in Britain – [...]

Murdoch Abandons BSkyB Bid as Phone Hacking Scandal Grows

By: Wednesday July 13, 2011 8:55 am

Rupert Murdoch’s News Corp., embroiled in a phone-hacking scandal over in Britain, has been forced to abandon its bid to purchase the largest pay-TV broadcaster in the country, known as BSkyB. The writing was on the wall for this withdrawal when all three top political party leaders in Parliament encouraged News Corp. to drop the [...]

Libyan Rebels Retreat; Coalition Debates Arming Them

By: Wednesday March 30, 2011 7:55 am

The civil war in Libya has hit a snag, from the perspective of the rebels and the international coalition. As quickly has the rebels gained oil cities along the eastern coast, they are now losing them. After meeting fierce resistance on the road to Sirte, the rebels appear in disarray, still outmanned and outgunned by [...]

British Government to Pay 16 Torture Victims

By: Tuesday November 16, 2010 9:45 am

Showing at least a model of what accountability can look like, the British government will pay reparations to victims of torture at Guantanamo Bay, to absolve British intelligence services of their role. The development came only weeks after Sir John Sawers, the head of MI6, Britain’s overseas spy agency, insisted that his operatives did not [...]

Britain Goes for Austerity, Cutting 490,000 Public-Sector Jobs

By: Wednesday October 20, 2010 8:35 am

The Conservatives in Britain have announced their new budget, and it consists of massive spending cuts totaling $130 billion dollars, costing nearly half a million public-sector workers their jobs. Seeking to free itself of crushing debt, the British government unveiled the country’s steepest public spending cuts in decades on Wednesday, sharply reducing welfare benefits, raising [...]

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