Sunday, Nov 23, 2008
Ambrose at his most extreme finest
Telegraph: There is really no choice: we must back Gordon Brown’s blitz
If this crisis is botched by the major powers – as the lesser crisis of 1930-1931 was so botched by politicians stuck in a mould – we risk a self-reinforcing spiral into devastation. Matters are getting out of hand. The American bank JP Morgan has just told clients that the US Federal Reserve will cut interest to zero by February. This never happened in the Great Depression. You can’t cut below zero. At that point, deflation increases the “real” burden of debts at a compound rate.
Posted by gobuchul @ 05:37 PM (180 views) Add Comment
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