Wednesday, Jan 21, 2009
8 to 1 vote, so who was the one?
BBC: Bank voted 8-1 to cut UK's rate
The Bank of England's rate-setting body voted 8-1 to cut rates to 1.5% from 2% this month, minutes from its meeting have revealed.
Earlier in January the Bank of England cut interest rates to their lowest level in its 315-year history.
Posted by phdinbubbles @ 10:02 AM (452 views) Add Comment
4 Comments
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1. paul said...
In years to come, this unprecedented move to the lowest rate in its history will guarantee that Mervyn King and the current MPC will be remembered in infamy for being asleep at the wheel, and failing to curb the largest ever credit boom and bust in history.
The current denials and 'look over there!' speeches will long since be forgotten when looking at this move.
2. paul said...
And another thing (he said drunkenly, while directing traffic in the street), as Peston (for it is he) points out every time sterling slides, the overseas debt holdings of RBS, Lloyds, Barclays etc. all increase in GBP value and their stock takes a hammering.
Whay hasn't the government worked this out yet?
3. Crunchy said...
1. paul said...In years to come, this unprecedented move to the lowest rate in its history will guarantee that Mervyn King and the current MPC will be remembered in infamy for being asleep at the wheel, and failing to curb the largest ever credit boom and bust in history.
crunchy- They have no choice. The debt based pyramid lending scheme must continue. That means low rates and further increase in money supply.
Too late, too late will be the cry when all that's gone has past you by. A LATE, NEW SYSTEM? : (
4. little professor said...
"The dissenter was David Blanchflower who wanted a reduction of a full point."
Oh Danny Boy.......