Thursday, Apr 02, 2009
Why there's a lot more pain ahead for the economy
MoneyWeek: Why there's a lot more pain ahead for the economy
"...the G20 is unlikely to lead to anything except mutual recrimination and more financial regulation. Exporters – unsurprisingly - won't see why they should be pushed into spending more money by profligate consumer countries. That'll leave the consumer countries like the UK, pressing on with printing money, which will continue to weaken their currencies and make imports more expensive."
Posted by damien @ 11:35 AM (603 views) Add Comment
3 Comments
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1. crunchy said...
Good olde MoneyWeek!
The sane voice in a deluded must have easy money world.
Cod liver oil is good for you.
2. stillthinking said...
He makes a good point about interest rates not working as a stimulus, and worse, killing off the only UK consumer still standing, the savers. Apart from being unjust.
3. Agentimmo said...
It's so obvious, isn't it?
After a 15 year credit boom , the world is bust. We have to consume less / consume differently.
The bubble must deflate. Belts must tighten. If that means the average Joe in the UK not changing his car every 3 years or buying a new plasma tv every time it takes his fancy, then so be it. Unless, of course, average Joe actually saves up to buy these goods, which would mean a whole new way of thinking for the masses : Save before you buy !