Monday, Nov 26, 2007
BOE turns bear on credit crunch and inflation
Telegraph: Bank of England warns credit crisis to worsen
The Bank of England warns that banks have so far only reported a relatively small fraction of the likely losses associated with the US sub-prime market. Further down the article the BOE warns that interest rates may have to increase to keep inflation under control due to China exports costing more. Oh thats okay then, for a minute I thought they were going to say that due to increasing oil and food prices interest rates would have to go up significantly. Only China is the problem so we can sleep easy!
Posted by who stole my pension? @ 05:13 PM (1001 views) Add Comment
9 Comments
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1. Bigyin said...
And when will the buffoon King be fired for gross incompetence? Not so much the Old Lady as the Feeble Minded Pensioner of Threadneedle Street, ha ha.
2. sovietuk said...
The current state of affairs with respect to UK financial institutions is disturbing to say the least. I don't recall anytime in my limited lifespan when UK banks were going belly up with several others supposedly also looking down the barrels of other guns. Or is this what happens when empires (ok small ones) end.
3. enuii said...
I remember having redundancy counselling some years ago (a load of PC rubbish) and it sounds to me like most of the UK is in the denial stage about the issue. I notice today that Brown was on form stirring up controversial issues such as Nuclear Power, Airport Runways and Crossrail as a distraction from the real problems this country is about to saddled with as a result of his economic policies.
I have to have Skill and Qualifications by law to do my job, yet any pillock can become an MP and even worse a Minister, Chancellor or even PM.
4. the northerner living in oz said...
If you believe some Internet sites this is a problem for the most of the western world
The U.S was the first to be affected now it looks like it is the U.K next.
followed by Eruope, and even Australia.
The problem is the western world has been on giant credit binge this has to paid for sooner or later
by some one and it is not allways the guity party that pays.
5. inbreda said...
I find it hard to beleive that the BoE, in its infinite wisdom, couldn't see this coming.
6. Ihopeitgoeswithabang said...
Thats it blame the Chinese and Indians.
Not fat cat, greedy, pin striped bankers ( with a W ) that have played "Pass the Financial Parcel" for the last 10 years only to find at the end of the game there was nothing left when it all finally unravelled.
They shoudn't get ANY sympathy whatsoever, because quite frankly they couldn't give a dam about the consequences of their actions - only their take home pay and bonuses.
House prices everywhere have been used to generate wealth from thin air. Enabling people like Gordon Brown to proclaim an economic miracle when infact it was nothing of the sort.
Where would today's economy be without the rampant house price inflation of the last 10 years????
Gordon Brown almost brought up my lunch today when I heard him quote "long term objectives" bla bla bla.
Meaning whatever happens now we should all ignore? I think not.
7. Tangara said...
Infinite wisdom... well, it's fully compatible with "take the money while you can..."
8. dohousescrashinthewoods said...
At least they are admitting to it. Gordoid is still claiming economic stability and a safe pair of hands, last I heard.
9. dohousescrashinthewoods said...
@the northerner living in oz - agreed. Northern Rock and US sub-prime were swimming out of their depth when the tsunami arrived. The rest set up deckchairs on the beach when the sea pulled back.