Sunday, Jun 17, 2007
Bearish article from the Times
The Times: Boom Times and Doom Mongers
One disturbing aspect of the present situation is that comparisons are being drawn with the early 1970s. Then, as now, commodity prices were booming, while economists were warning of the dangers of the soaring money supply. Then, of course, it all ended in tears.
The global economy’s four-year boom may have been the result of the easy monetary policy adopted by central banks in the wake of the last global mini-recession in 2001.
Central bankers would blanch at the idea that they are a cartel but their message has been remarkably uniform recently, whether it is Mervyn King at the Bank of England, Ben Bernanke at the Federal Reserve, or Jean-Claude Trichet at the European Central Bank.
Posted by little professor @ 10:09 AM (152 views) Add Comment
5 Comments
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1. Orwell said...
IR's 7.5% by this time next year!!!
2. paul said...
It's Noshbag Smith telling everyone that they're wrong again.
He says inflation expectations remain low when the King Of Wishful Thinking said of inflation expectations 'If these indicators remain elevated, the Monetary Policy Committee may need to take further action'.
WRONG NOSHBAG. YOU LOSE AT INTERNET.
3. sold 2 rent 1 said...
Quote "The blogosphere (the trendy name for folk who sit in front of PCs in their dressing gowns) is full of predictions of economic and financial Armageddon. One day they’ll be right. Are we there yet?"
Blimey - how does he know I don't get dressed until midday?
I must have left my webcam on when posting on his economicsuk website.
Seriously though - Smithy gets more bearish every week now. He is covering all the options. As I am laying my put options.
He has always said no HPC without recession.
When a recession is indicated by the short term indicators he will predict HPC.
This will not help the homeowners who have bought in the last 18 months and stretched themselves financially after reading his articles.
4. paul said...
Noshbag's deleted all of the posts except one from a one word answer from someone Ahmedabad (I wonder if he even read the story).
That's very sad.
5. dohousescrashinthewoods said...
Speaking of boom and gloom, anyone been watching the FTSE/DJIA?
Sudden drop and then suddenly shooting ahead.
Is this jumping back from a few days of bad sentiment or a final suckers' rally?