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interestrateripoff

Economy Set For Moderate Recovery - Bank's Bean

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http://uk.reuters.com/article/2012/02/21/uk-britain-bank-bean-idUKTRE81K1MZ20120221

The economy looks set for a moderate recovery starting later this year as falling inflation eases the squeeze on household incomes, Bank of England deputy governor Charles Bean said on Tuesday.

While he welcomed the latest bailout deal for Greece, Bean said in a speech due for delivery at a business event in Glasgow that the euro zone debt crisis remains the single biggest risk to the UK economy, which may see slow growth until mid-year.

"Despite the recent more encouraging signs, we continue to expect underlying growth to remain sluggish in the first half of the year," Bean said.

The expected fall in inflation should help a modest pickup in household spending, he said, noting that the strong retail sales seen in January could be a first sign of this.

Moderate being used for no recovery? Or anaemic?

I'm sure he meant mid century....

Edited by interestrateripoff

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The contraction in the economy is permanant.

I trust what I see and the people I talk to in the Bus2Bus enviroment.

How economists 'technically' describe a recession is wide open to mis-interpretation anway. We were never out of recession in reality. You could just as easily argue that we are a year or so away from a full blown depression

In the USA, at the peak of the great depression, [think Steinbeck, people dying roadside from starvation] unemployment was at 25%.

Unemployment stands at 23% in Spain at the moment.

We are in a Liquidity Trap. Once the banks have recapitalised themselves via the taxpayer and QE, and are home free, the BOE will let us slip into an orchestrated depression, dropping joe taxpayer in the sh1t.

The great lie is that they could not have done anything differently. Which of course they could.

The Government would rather see Joe Taxpayer suffer than implement policies which would help joe taxpayer, at the risk of the perceived undermining of their own authority.

I hope it blows up in their face.

Edited by Milton

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How economists 'technically' describe a recession is wide open to mis-interpretation anway. We were never out of recession in reality. You could just as easily argue that we are a year or so away from a full blown depression

The commonly used recession term of 2 negative quarters is a political invention to get LBJ out of saying the US was in recession during an election campaign. It had little to do with economic reality.

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The contraction in the economy is permanant.

I trust what I see and the people I talk to in the Bus2Bus enviroment.

How economists 'technically' describe a recession is wide open to mis-interpretation anway. We were never out of recession in reality. You could just as easily argue that we are a year or so away from a full blown depression

In the USA, at the peak of the great depression, [think Steinbeck, people dying roadside from starvation] unemployment was at 25%.

Unemployment stands at 23% in Spain at the moment.

We are in a Liquidity Trap. Once the banks have recapitalised themselves via the taxpayer and QE, and are home free, the BOE will let us slip into an orchestrated depression, dropping joe taxpayer in the sh1t.

The great lie is that they could not have done anything differently. Which of course they could.

The Government would rather see Joe Taxpayer suffer than implement policies which would help joe taxpayer, at the risk of the perceived undermining of their own authority.

I hope it blows up in their face.

same here

I'll believe it all when they have a balanced budget and economic growth, not in my life time.

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There might be a moderate zig recovery one month but then there'll be a zag down again.

At least that's what the Governor keeps saying. That is it'll "zig zag" and he was being optimistic in saying that. More likely over time it'll just keep zagging.

The left hand doesn't know what the right hand's doing.

All that such comments from the likes of Bank's Bean are doing is trying to distract from the macro (I think that's the word) position of the UK's economy which is at base montrously and seriously bad.

Edited by billybong

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Scottish National Party leader and first minister in Scotland's devolved government, Alex Salmond, has said he would want to keep the pound, at least temporarily.

This would allow Scotland to control taxes, spending and borrowing while the Bank of England would continue to set monetary policy.

It's fair bet that squidy already has some meetings lined up in Scotland for plenty of off balance sheet debt etc.

Give it a few years and likely as not we'll have something like another Greece.

He uses the word "control" :lol:

Give me control of a nation's money and I care not who makes her laws.

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Growth to the bean counters is an expanding money supply. Simple if you just print money and give it to the government to spend and for the banksters to skim off a load in the process.

Nothing but a load of contrived ******** - plus a bucketload of inflation that dstroys the absolute standard of living of the large (near total) majority of the population.

The Bankrupt of England are just scammers, just as bad as their retail banking mates.

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http://www.telegraph.co.uk/finance/personalfinance/pensions/9096514/Bank-of-England-deputy-Governor-Charlie-Bean-downplays-QE-effect-on-pensioners.html

Pensioners have not been hit as hard as they claim by quantitative easing (QE) and should accept that they must bear the burden of the downturn alongside working households, according to the Bank of England's deputy Governor Charlie Bean.

..

"Someone with a £100,000 pension pot, who could have expected that to yield an annual pension of a little under £7,000 three years ago, would now get just under £6,000. That is a rather substantial income loss. But it is only part of the story," he said.

"Those pension funds will typically have been invested in a mix of bonds and equities. The rise in asset prices as a result of QE also raises the value of the pension pot, providing an offset to the fall in annuity rates."

Says man with inflation proofed pension.

Perhaps everyone else should have the same gold plated pension then these comments might have some worth.

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http://www.telegraph.co.uk/finance/personalfinance/pensions/9096514/Bank-of-England-deputy-Governor-Charlie-Bean-downplays-QE-effect-on-pensioners.html

Says man with inflation proofed pension.

Perhaps everyone else should have the same gold plated pension then these comments might have some worth.

Beano is referring to the value of market rigged pension pots - ones that ho massivel overweight in one sector (TIPS in this case) and economic policy and money printing conveniently follow to make that sector one of the safest and highest gainers as a result. I think everbody's pension pots would flourish given such mannipulation and direct intervention on an individual pension by pension basis.

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There might be a moderate zig recovery one month but then there'll be a zag down again.

At least that's what the Governor keeps saying. That is it'll "zig zag" and he was being optimistic in saying that. More likely over time it'll just keep zagging.

Sorry, can't resist posting this...

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It's fair bet that squidy already has some meetings lined up in Scotland for plenty of off balance sheet debt etc.

Give it a few years and likely as not we'll have something like another Greece.

He uses the word "control" :lol:

For England to allow an independent Scotland to use the pound would be the stupidest thing imaginable. The credit rating of England would be used to subsidize borrowing in Scotland, followed by the eventual bailout (once, again) of Scottish borrowers by English taxpayers. If Scotland wants to be independent, then it needs to be 100% separate from England.

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http://www.telegraph.co.uk/finance/personalfinance/pensions/9096514/Bank-of-England-deputy-Governor-Charlie-Bean-downplays-QE-effect-on-pensioners.html

Says man with inflation proofed pension.

Perhaps everyone else should have the same gold plated pension then these comments might have some worth.

The details of Mr.Bean's rather gold-plated pension scheme are shown below.

Still never mind Mr.Bean is okay himself

Pension benefits for the current Deputy Governors are provided through the Court section of the Pension Fund,which allows members to achieve a maximum pension of 2/3rds at a normal pension age of 60 after 20 years

So he will not suffer from the “unwanted side-effects” of his own actions. Actually changes in legislation do not seem to have adverse affects either.

For executives joining the Court Pension Scheme before 2005 who were subject to the pension earnings cap introduced in the Finance Act 1989, the Bank contracted to provide additional unfunded pensions so that their total pensions broadly matched what would have been provided by the Scheme in the absence of the cap

Not much sign of ” we are all in it together” here is there? Particularly if you notice that a full pension can be got after 20 rather than the more normal 40 years….

http://www.mindfulmoney.co.uk/wp/shaun-richards/both-savers-and-pensioners-are-likely-to-think-that-the-bank-of-englands-mr-bean-is-a-right-charlie/

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Growth is going to be moderate to non existent until households and the government have deleveraged. We are all in debt rehab.

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