|
..
|
|
|
|
 |
U.S. Mortgage Crisis Can Trigger Collapse of the Global Casino
by Richard Freeman |
The accelerating meltdown of the $1.2 trillion U.S. subprime mortgage market has triggered the loss of over a half-trillion dollars on world stock markets in the first two weeks of March; obliterated New Century Financial, the second-largest subprime mortgage lender; paralyzed the market for mortgage derivatives, threatening the $600 trillion world derivatives market; caused tens of billions of dollars of losses on hedge and mutual funds; and spread contagion to Alt-A and prime-grade mortgages, which will disintegrate the $10.2 trillion U.S. mortgage market, itself one-quarter of all U.S. credit outstanding. The way in which this meltdown--combined with the unwinding of the yen carry trade--is now occurring, makes it manifestly clear that this disintegration was not ``pre-discounted'' by any market forces nor any government action. Lyndon LaRouche was the only economist who foresaw it....
...complete article, PDF |
|
|
|
This Week, You Need To Know
|
|
|
|
While this panic-mongering affects the short-term memory of the citizen ("I was just in the Alps, where there was really no snow!"), on account of the fact that the very cold Winter and snow-catastrophe of last year has already been forgotten, the real drama is playing out on another stage. The disintegration of the global financial system, which has now convulsed various sections of the markets as a result of the unwinding of the yen carry trade, is unstoppable....
...complete article, PDF
|
|
Current Subscribers:
Log in here or use the links below to access this issue.
|
|
|
|
|
|
All rights reserved © 2007 EIRNS
|
Subscribe to EIR Online
For all questions regarding your subscription to EIR Online, or questions or comments regarding the EIR Online website's contents or design, please contact eironline@larouchepub.com.
|
|
|