City of London

The Earth's Axis Shifts as City of London peers into Hell

On the day that a new American President was inaugurated, the Lords of the City of London decided to quietly announce in their newspaper of record, the Financial Times, that there are about to be major shifts in policies and practices.

On Monday the UK government declared total war on the economic crisis, and not a moment too soon. A long phony war ended abruptly with the financial system’s near-meltdown in October. Now, in the next phase of the crisis, the government is thankfully using a full arsenal of ammunition.

Oligarchs speak on the financial collapse

A guest op-ed in the Washington Post yesterday regarding the prospects of the U.S. defaulting on its debt, reminded me of a comment I had made on DailyKos about a week ago. Which led me to polishing and expanding the comment and posting it a diary.

Writing in the conservative magazine The Weekly Standard a few days before Christmas, Christopher Caldwell, reviewed Treasury Secretary Henry Paulson’s and Fed Chief Ben Bernanke’s erratic responses to the collapse of the financial system – and defended them::