Friday, Mar 12, 2010
Kaletsky: thank Brown for this
The Times: If interest rates rise, our prospects plummet
In October 2008 Mr Brown was the world leader in bank bailouts.
Posted by devo @ 08:35 PM (1299 views) Add Comment
13 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. South Lorne said...
The article falls down on the claim GB was the first leader to guarantee all his country's Banks.
I remember when many including Brown and Euroland were upset with the Irish when they initiated their move. This lead to UK money heading to Irish Banks for 'safety' and was one of the reasons why Brown like others had to follow suit .
Does this Kaletsky think we were all on another planet when this happened? Come to think of it, probably better for us, if we had been.
2. icarus said...
Fabricated Ad hoc Inventions Repeatedly Invoked in Efforts to Defend Unsustainable Spending and Taxation (FAIRIE DUST).
3. devo said...
thanks for the parentheses (i wouldn't have got it otherwise)
4. fallingbuzzard said...
If interest rates don't rise, some people's prospects increase relative to other people in this country and some people's prospects deteriorate. Its all relative.
5. devo said...
and all rather vague, even by your standards
6. stillthinking said...
They don't need to stay low just for the recovery, if they rise up to even 5% the Wilson's won't be the only ones busted out.
They need to stay low to avoid disaster. But this is woven into the magical recovery dependent on foreign countries importing more UK goods (despite production being set-up over a decade to provide for their own and also UK needs).....
7. alan said...
Not to worry, Kaletsky is on the way to his peerage.
8. fallingbuzzard said...
Devo, its all relative. Interest rates redistribute wealth within the country, for those that have wealth in it. The prospects of the country (our prospects) are indifferent to interest rates. Still too vague?
9. enuii said...
I just remember all the tripe he was spouting 12-18 months ago and consciously switch off whenever I read any of his articles now.
10. novice pete said...
An example of classic Kaletsky,
"If there were going to be a US recession in response to the credit crisis, it would have started by now. So let me stick my neck out and say without qualification - the US economy is out of the woods. "
From
The Times June 2008
11. devo said...
@ fallingbuzzard: our prospects are indifferent to interest rates
congratulations, you have gone from vague to nonsensical
12. uncle tom said...
Kaletsky talking complete rubbish - as per usual.
The notion that the BOE could guarantee low interest rates is a joke - it can't possibly be done.
The measures taken by the govt and BOE to date have not been cures to our economic woes, but delaying tactics, and it will not be long before the interest rates are forced up, with inevitable consequences.
AK usually plays the trick of being wise after the event - but when he tries to prescribe for the future, he reveals his total ignorance of economic fundamentals.
13. clockslinger said...
Uncle Tom & Enuii...glad you also have "false memories" of Analtoes analyses of the minor difficulties with LIBOR back in 2007/8 and his subsequent brilliant analysis after a long chat with Professor Hindsight. Anyway, wonderful analysis; reward the profligate and rich at the expense of the prudent and poor. I'd say he is in for a peerage whoever wins with that approach.