Tag: banks
Capitalist crisis – Big bank losses and oil over $86
DESPITE having seen Northern Rock share prices crash by 60 per cent, queues of depositors outside branches taking out £2bn of their savings and...
Reject postal sell-out deal!
THE reply of the leaders of the CWU postal workers union, Billy Hayes and Dave Ward, to the injunction obtained by the ruthless Royal...
Brown Threatens Royal Mail Funding!
AT THE CWU rally at Central Hall yesterday afternoon, CWU leader Billy Hayes presented a successful outcome of the postal workers struggle as relying...
Snap General Election Farce!
LABOUR Prime Minister Brown, a cautious and bumbling, conservative politician, is due to decide this weekend whether to take a big gamble and call...
The Drive To Privatisation Condemned
‘THE most dramatic strategic shift of the balance against ordinary citizens, especially the ill and infirm, in over a generation, has been the drive...
Banks declare record indebtedness as gold and Wall Street shares reach...
THE US banks are now having to declare their indebtedness. Citigroup has lost $6 billion in a third quarter of this year write down, as...
Rescuing Banks Is Brown’s Policy
At the Labour Party conference in Bournemouth yesterday, Chancellor Alistair Darling stressed his support for the banks. In his keynote speech, moving the resolution ‘Prosperity...
Brown guarantees the banks while he cuts workers wages
THE Brown government has not just guaranteed all of the Northern Rock bank deposits, it has also underwritten its so called ‘commercial paper’, that...
Federal Reserve opts for debt mountain and to crash the $
FOLLOWING the decision of the US federal Reserve Bank to reduce its interest rate by 0.5 per cent, double the expected 0.25 per cent...
Brown And Darling Are ‘Gambling With Our Money!’
QUEUES of worried and angry savers continued outside Northern Rock banks yesterday. At the Harrow branch many queuers told News Line that they did not...
Brown cuts workers’ pay to underwrite the bankers
YESTERDAY was an historic day, with Prime Minister Brown pledging to bail out the banks. At the TUC Congress, Labour Party leader Brown told...
RUN ON NORTHERN CONTINUES! – double digit inflation on the way...
YESTERDAY morning frantic savers once again laid siege to Northern Rock bank branches, determined to withdraw their savings, following the scenes over the weekend,...
Greenspan Lashes Bush
Alan Greenspan, the former head of the US Federal Reserve has released his memoirs, ‘The Age of Turbulence’, just as the economy goes into...
King Warns About Intensifying Crisis
In a paper submitted to the House of Commons Treasury Committee, Mervyn King, Governor of the Bank of England warned yesterday: ‘The recent turmoil...
‘Let them go bust’ says Bank of England chief
THE governor of the Bank of England, Mervyn King, in a letter to the House of Commons Treasury select committee has warned that efforts...
Greek Crisis General Election Next Sunday
VOTING takes place this Sunday in Greece for the snap general election the current right-wing government of the New Democracy party called to avoid...
Royal Mail declares war but CWU carries on talking
ROYAL Mail has announced that it has brought the ‘period of calm’ in the Royal Mail to an end, and that it will be...
Call national strike action to defeat Royal Mail and Brown
AFTER weeks of secret talks, which were extended by a further week and were conducted behind the backs of the CWU membership, the Royal...
Banks ‘In A State Of Fear And Loathing’
The exposure of the UK to the US sub-prime loans crisis will push up mortgage rates in the UK, a former Bank of England...
Answer Brown’s attacks with a general strike
THE rapidly deepening debt crisis of the capitalist system is leading to a financial collapse and a slump of historic proportions as the bankers’...
Bank Hints At Rate Rises To Come
‘It is too soon to tell how far the disruption in financial markets will impair the availability of credit to companies and households,’ said...
Oecd Issues Slump Warning
US economic growth will slow sharply in the second half of the year and the risk of it going into a full-scale slump cannot...
Housing costs soar!
SINCE Labour took office in 1997, house prices have gone up four times more quickly than workers’ pay, according to figures published by the...
Brown orders troop retreat from Basra City
BRITISH troops retreated from Basra City, quitting their base in the Presidential Palace on the banks of the Shatt al-Arab waterway in the dead...
Bush’s and Bernanke’s policies cannot stop the debt debacle
IN A WEEK when billions were wiped off share prices in New York, Tokyo and London, on Friday both United States President George Bush...
Bush is confronted by the legacy of Hurricane Katrina
UNITED States President George Bush was in New Orleans yesterday on the second anniversary of Hurricane Katrina’s devastation of the city. The hurricane killed...
Brown’s bonanza for City speculators
ALMOST a third of Britain’s 700 biggest businesses paid no corporation tax in 2005-2006, according to a study carried out by the official National...
Occupy to stop Labour’s hospital closure programme
FOUR Greater Manchester hospitals are to have their maternity units closed in drastic cuts after the Labour government’s health secretary, ex-postman, Alan Johnson frantically...
Capitalism must be overthrown to resolve its crisis!
The propagandists for the bourgeois order are rushing to try and defend the capitalist system as being blameless as far as the crisis is...
Tuition fees must go!
STUDENTS going to university this autumn will face £3,000 a year tuition fees for the second year. But the trebling of fees –...
US Collapse Shocks Afl-Cio Leaders
‘One day after George W Bush asserted that the ‘fundamentals’ of the US economy are strong, the Dow Jones stock index plummeted by 387,...
BANKERS PANIC! – It’s the survival of the fittest as bankers...
There is a real panic setting in in the capitalist world’s financial system with the main world banks beginning to act to secure themselves...
Requiem For The British Economy !
GORDON Brown, the man who sold off a good portion of the British gold reserves for a relative pittance, and boasted that he had...
Cwu Members Oppose Secret Talks!
Communication Workers Union members have been telling News Line what they think of the ending of their strike actions in order to...
Don’t raise rates Chambers of Commerce warns B of E
ON the eve of the Bank of England’s monthly Monetary Policy Committee meeting over the Bank’s interest rate, the British Chambers of Commerce has...
Haniya Meets Euro-Med Human Rights Commission
PALESTINIAN Prime Minister, Hamas leader Ismail Haniya met a delegation from the Euro-Med Human Rights Committee at his office in Gaza last Saturday....
Shares Crash As Debt Crisis Explodes
IN London yesterday, the FTSE 100 rebounded momentarily, but then fell back into the red, down by 48.5 points by 1pm after a...
Flood Disaster = Britain’s New Orleans
WE all saw the Katrina disaster, and what it did to New Orleans, destroying whole areas of the city and making them uninhabitable to...
More ‘breadline poor’ after 10 years of Labour governments
The gap between the rich and poor has widened in recent years and is greater than at any time in the past 40 years,...
Scrap the Public Private Partnership on the tube
METRONET, the Public-Private-Partnership (PPP) within London Underground, has collapsed financially after years of failure to provide services required by the capital’s transport system. It...
US crisis intensifies!
THE US dollar, reflecting the crisis of the US capitalist economy, is now sinking fast against both the euro and the pound sterling. Rising...
New universities going bust as education becomes a commodity
FORTY-SIX universities, mainly but not entirely made up of ex-Polytechnics, were put on a list by the Labour government, after the introduction of tuition...
Its revolution or ruin for the Middle Class
IT was Harold Macmillan back in the days of ‘You have never had it so good’ in the late 1950s and early 1960s who...
Under Brown They Don’t Pay Any Any Taxes
GORDON Brown in his budget got rid of the lowest rate of tax, 10p in the pound, thereby setting out to further punish the...
AA sold to Saga, Permira and CVC bosses pocket £300m
TRUE to form the private equity capitalist groups Permira and CVC having acquired the prestigious AA motoring group with the help of huge borrowings...