Saturday, Mar 07, 2009
QE in real terms
The Daily Telegraph: Retirement plans of millions of Britons at risk after Bank of England prints money
In a mere 24 hours the size of the pension deficits facing some of Britain’s biggest companies has jumped by around £100 billion to a record £390 billion - the equivalent of over £150,000 for every member of a final salary scheme.
The increase is a direct result of the Bank’s announcement this week to create £150 billion and pour it directly into the financial system, experts said.
Posted by devo @ 01:20 AM (705 views) Add Comment
7 Comments
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1. alan said...
"Furthermore, the deficits are likely to balloon even higher for as long as the crisis continues, experts added".
2. mdmick said...
Hmm, better off investing in an inflation-proof house .....
3. paul said...
mdmick, inflation would need to be running at 25% plus a year for a house to be a better investment than cash. Even at 0% interest rates. Think about it ...
4. paul said...
In addition, final salary pension schemes were always a ponzi scheme anyway.
The people who signed themselves up to them thought they were going to be able to pull the ladder up after them, all the while forgetting that the ladder was the only thing holding them up!
:-P
5. Rimmer said...
mdmick
And where is that inflation proff house i must ask?
6. quiet guy said...
This is vintage NuLab; taking future pension funds to pay he bills.
7. braindeed said...
paul@ The people who signed themselves up to them thought they were going to be able to pull the ladder up after them, all the while forgetting that the ladder was the only thing holding them up!
That is indeed profound.
This site is, sadly, becoming a long moan about blaming Broon, avoiding taxes,and grizzling about how it's every other fe%*ers fault we're in this mess (ok - Broon did jolly along the Thatcher experiment to it's logical conclusion) - but the country has elected people who rewarded fecklessness and helped to destroy our industrial base for 30 - 40 years or more..
So many big lies out there too - let's have a quiz
1 How high has inflation been these last 15 years?
2 How many people acually live on this island?
3 Is social mobility desired by any of the Bourgeoisie?
4 Is there acually any such thing as society (left)?
5.Should the bankers and their pals be entitled to keep the cash they stashed away?