Richard D. Wolff @ Guardian UK - Last week, federal court Judge James M Peck approved the final phase of the Lehman Brothers bankruptcy, which began with the investment bank's collapse on 15 September 2008. That bankruptcy, the largest in US history, precipitated the credit markets' disintegration that cascaded into the global economic meltdown that has deepened ever since. With roughly $450bn still owed by the bank, Judge Peck approved that Lehman Brothers has only $65bn left to settle creditors' claims. The latter must thus accept just over 14 cents for every dollar Lehman Brothers owed them. "Thieves," they are probably muttering. Read more.
The Australian government may have only halted a couple of small joint-infrastructure projects with China, but the response from Beijing to the decision was one of rage and threats. The Chinese Embassy in Canberra has... read more .