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Economy Set For Moderate Recovery - Bank's Bean


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#1 interestrateripoff

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Posted 21 February 2012 - 08:19 PM

http://uk.reuters.co...E81K1MZ20120221

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, 22 February 2012 - 09:06 AM.

Proof that Brown had repeated IMF / OECD / BIS warnings over house prices and did nothing!!!
Looting: The Economic Underworld Of Bankruptcy For Profit
The exponential growth of debt and the unsustainability of debt
The logic of HPI @ 10% YoY means your £100k house would be worth £1.38bn in 100 years
Paying down my mortgage with money found on the street

It's time to sue the Bank of England / Federal Reserve for GROSS NEGLIGENCE
If DEBT is the problem REPAYMENT is the solution or you default

"Northern unemployment is an acceptable price to pay for curbing southern inflation" Eddie George former Governor of the Bank of England

New digest on the credit crisis and economy Part2 Part 3

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#2 shindigger

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Posted 21 February 2012 - 08:30 PM

http://uk.reuters.co...E81K1MZ20120221



Moderate being used for no recovery? Or anaemic?

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



Low inflation?? Haha, look at the funny man...
If you want a cheaper house, vote Labour in 2015.

#3 Milton

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Posted 21 February 2012 - 08:44 PM

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, 21 February 2012 - 08:45 PM.

Under Labour the Average House Price TRIPLED in a decade, whilst the median UK wage rose by just £6.5k.
Utilities also
TRIPLED under Labour, and Council Tax DOUBLED, plus we saw rising inflation in other staples like Food.
It was all a giant Ponzi scheme.
Basically if you didnt get onto the 'housing ladder' at the appropriate time, and ended up 'priced out' as house prices rose year after year, YOU ARE F*CKED FOR LIFE.
Youve worked for over 13 years hard graft, with nothing to show for it. No Capital.

-----------------------------------------------------------
THERE ARE SOLUTIONS FOR THE FIRST TIME BUYER
-----------------------------------------------------------
Excuse me...... I believe you have my stapler.........ok, but I could set the building on fire.......

#4 interestrateripoff

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Posted 21 February 2012 - 08:49 PM

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.
Proof that Brown had repeated IMF / OECD / BIS warnings over house prices and did nothing!!!
Looting: The Economic Underworld Of Bankruptcy For Profit
The exponential growth of debt and the unsustainability of debt
The logic of HPI @ 10% YoY means your £100k house would be worth £1.38bn in 100 years
Paying down my mortgage with money found on the street

It's time to sue the Bank of England / Federal Reserve for GROSS NEGLIGENCE
If DEBT is the problem REPAYMENT is the solution or you default

"Northern unemployment is an acceptable price to pay for curbing southern inflation" Eddie George former Governor of the Bank of England

New digest on the credit crisis and economy Part2 Part 3

Posted Image

#5 frederico

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Posted 21 February 2012 - 08:56 PM

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.
Latest news, 5000 jobs to be created transferred to ASDA, the new high tech, knowledge based economy is powering ahead.

McDonald's says it will create 2,500 new jobs across the UK this year, taking its workforce to 90,000

#6 billybong

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Posted 21 February 2012 - 11:02 PM

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, 21 February 2012 - 11:03 PM.


#7 billybong

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Posted 21 February 2012 - 11:13 PM

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.



#8 OnlyMe

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Posted 21 February 2012 - 11:32 PM

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.
"Asians make things and sell them to Americans, who borrow money from their suppliers (on the inflated value of their houses) in order to continue living beyond their means. Asians take their profits and either relend them to Americans...or use them to buy more productive capacity, in America and elsewhere.

For those who wonder where this trend will lead, we offer a guess: The average American will be left with a shoeshine kit and instructions on how to say 'please' and 'thank you' in Chinese...."

Bill Bonner.

Socialists want socialism for everyone else, but capitalism for themselves, while capitalists want capitalism for everyone else, but socialism for themselves.
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#9 hotairmail

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Posted 22 February 2012 - 09:00 AM

Low inflation?? Haha, look at the funny man...




Time they flicked the Bean.

"The chicken is radiating disorder out into the wider universe."


#10 interestrateripoff

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Posted 22 February 2012 - 09:04 AM

http://www.telegraph...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.
Proof that Brown had repeated IMF / OECD / BIS warnings over house prices and did nothing!!!
Looting: The Economic Underworld Of Bankruptcy For Profit
The exponential growth of debt and the unsustainability of debt
The logic of HPI @ 10% YoY means your £100k house would be worth £1.38bn in 100 years
Paying down my mortgage with money found on the street

It's time to sue the Bank of England / Federal Reserve for GROSS NEGLIGENCE
If DEBT is the problem REPAYMENT is the solution or you default

"Northern unemployment is an acceptable price to pay for curbing southern inflation" Eddie George former Governor of the Bank of England

New digest on the credit crisis and economy Part2 Part 3

Posted Image

#11 OnlyMe

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Posted 22 February 2012 - 09:13 AM

http://www.telegraph...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.
"Asians make things and sell them to Americans, who borrow money from their suppliers (on the inflated value of their houses) in order to continue living beyond their means. Asians take their profits and either relend them to Americans...or use them to buy more productive capacity, in America and elsewhere.

For those who wonder where this trend will lead, we offer a guess: The average American will be left with a shoeshine kit and instructions on how to say 'please' and 'thank you' in Chinese...."

Bill Bonner.

Socialists want socialism for everyone else, but capitalism for themselves, while capitalists want capitalism for everyone else, but socialism for themselves.
Link

#12 rantnrave

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Posted 22 February 2012 - 09:49 AM

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...

http://www.youtube.com/watch?v=zrQ8-U4UmOE

#13 richc

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Posted 22 February 2012 - 09:59 AM

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.

#14 JaneTracy

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Posted 22 February 2012 - 11:13 AM

http://www.telegraph...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.mindfulmo...-right-charlie/

#15 APAC

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Posted 22 February 2012 - 11:34 AM

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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