Wednesday, Oct 17, 2007
Holy Smokes Batman this can't be true, can it?
Times: Bank ‘will cut interest rates if international turmoil returns’
MPC minutes suggest that the Bank has given itself room to slash rates as soon as next month if the turmoil in the financial markets returns and some members think that the UK economy is in “a position of strength”.
Have Gordon 'the penguin' Brown and Alastair 'the joker' Darling been using Orange Paralysing or their Lethal Mind Altering Laughing Gas?
You will have to wait until the next episode to find out more.
Posted by enuii @ 11:50 PM (1052 views) Add Comment
9 Comments
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1. J. Arfur said...
Looks like western central banks are going to let their currencies follow the US$ down and bollux to inflation.My advice? Buy gold and commodities.
2. paul said...
And so the seeds of the next financial crisis will be sown.
After all why tackle the problem when you can just pass it on to the next watch?
3. whiteknight said...
"position of strength". Just amazing. Absolutely amazing. Not suprising everybody is left running around like an idiot when something hits is it.
Lets make a statement again. Just so we can refer them to it. Like the Management of Northern Rock. Nobody could have seen this coming.
Yes they did. Not good enough. Not good enough. Not good enough.
This economy is a pile. Its built on cheap credit. It is not productive. It will fold faster a badly stacked house of cards.
4. sara said...
But it is Blanchflower that voted against. If you read the actual report, I don't think it sounds quite like the Times has placed it.
5. Dave The Box said...
@whiteknight:
I think the saying is: "it will fold faster than Superman on laundry day"
6. tyrellcorporation said...
I read an appraisal of the MPC report in the FT and their opinion was that the MPC will give more time before acting to lower rates - they don't want to make the same mistake as in 2005.
7. planning4acrash said...
Good point sara, and by the sound of it some members think a cut could be required, others think the economy is strong, i.e. doesn't require a cut, and Mervyn doesn't want to bail out investors and is still concerned about inflation. It sounds to me like a repeat of history may happen where the Govenor will have to choose to go with the hawks or the doves and to go with the majority or against it.
8. planning4acrash said...
Propertysnake ticker: 94,484, and counting.
9. mrmickey said...
So if we say that real inflation is running at 7% the BoE drop interest rates to 4% that means real interest rates are -3% so in fact their lending money for free and they still can't keep the economy and housing market going.