Thursday, Jun 10, 2010
The homeownerist prop continues
BBC: UK interest rates kept at 0.5% for 15th month
Yawn.
Posted by doomwatch @ 02:00 PM (2889 views) Add Comment
27 Comments
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1. mrflibble said...
Quelle surprise. Is it just me or is this monthly meeting result becoming a bit samey?
They robbed from the currency via QE, they robbed from the savers via ZIRP and they robbed from the unborn via debt, all so they didn't have to release the ill gotten gains the housing market has made back into the economy. Well done chaps, may you all burn in hell...
2. str 2007 said...
It appears in the last hour or so all has been corrected with the world.
Stock markets have suddenly risen, gold and US $ fallen.
Can someone let me know what actually happened since lunchtime to correct all ills ?
3. Davethebox said...
So are the inflation figures going to show that inflations coming down to justify them not increasing rates? I very much doubt it.
mrfibble @1
"Well done chaps, may you all burn in hell..."
Where's the petrol and matches and I'll do it now!
4. mrflibble said...
Sterling is rising too, all we need now is for housing to rise 2% this month and we'll all be saved, saved I tells ya...
5. Ròóster said...
HPC really isn't going to happen is it... : (
6. fallingbuzzard said...
@2, the recovery locked on to target again
7. This comment has been removed as it was found to be in breach of our Blog Policies.
8. bystander said...
@4 what does that actually mean??..............especially as unemployment claims in the US rose more than estimated, even when the government tried to stem to flow, by hiring 411K for a senseless census, at least for 5 months anyway. China housing, not in a bubble (at over 100x average salary in some cities) and tightening stimulus/ lending. The EU fighting amongst themelves as to who can devalue first (difficult with a single currency, but they are all trying), before austerity makes life even more unpleasant than it is for so many already. The only recovery I am really seeing is a stimulus driven recovery backed up by companies working their fewer employees harder than ever to fill government contracts and therefore making 'record' profits...............and don't get me started on the banks.
9. mander said...
Expect the rates to stay like that for 10 years or so. I say 10 years because in America they had low interest rates for a long time till they got themselves into trouble. But still this sounds too optimistic for Mervyn and I would like to forsee 1-2 years of minor deflation and after that 3-4 years hyper inflation.
10. str 2007 said...
bystander
That was my feeling
falling buzzard
No reason for the artificial props then I guess, perhaps we'll see these falling one by one along with house prices soon.
11. bystander said...
..............also in addition to my previous post. When is the world, I mean the all powerful 'market' going to turn its beady, many, eyes on the American deficit? Trade imbalances, paying people to count other people, and paid for by the taxes of a diminishing number of private employees. Is the 'market' actually just another name for individuals, companies and states who are either owed money by, China and most other countries in the world or owe money to, can't hink of that many, the US of A? This may be a reason why the Yanks can continue as normal (this isn't counting the millions who have and will lose their jobs due to the ongoing financial problems), since if they did declare bankruptcy the repercussions would indeed be monumental. 'MORAL HAZARD' on a continent wide basis anyone?
12. titaniccaptain said...
Capture "Plan Whodunit".....bloomin prophetic if you ask me!
Speaking of Prophetic my next important date as I have already said will be the 14th of this month.....please give me a day each side to take time zones into account with my wizard powers.
Mystic Meg comes to me for advice and Russell Grant is not fit to inhale the vapour from my shadow. And S2R1 is quivering in therapy trying to get over his prediction envy after my last historic prediction that saw gold begin one of it's sharpest ever upward movements.
Anyway STR2007.......
"Can someone let me know what actually happened since lunchtime to correct all ills ?"......I have just been in consultation with some brilliant minds and economists and after much heated debate on your question they have unanimously agreed that it is all down to a spot of drizzle.
Interest stay the same eh?
Well they must go up at some point just in case everyone has forgotten the fact that index linked pensions will need feeding in an inflationary environment!
And mama ain't got no spoon big enough to feed all them darn chicks......no sir......mama eating corn from chicken coup and she even trying to lay an egg!
13. Si said...
recapcha = "social theft"
haha nuff said.
14. str 2007 said...
TC
Drizzle eh, well it's due to pour tomorrow - how long does the mystic captain plan to hang onto his gold.
And are you likely to tell us what is likely to happen in your 3 day world window ?
(The new I phone isn't out until 24th BTW)
15. titaniccaptain said...
Mystic Captain has been consulting the Valleys Calender (Much more reliable than the Mayan) and something big will happen in that three day window!!!!!!!
Not sure what this event will be yet.....my mother's phlegm(The intrinsic feature of the Valleys calender) is difficult to read....must weight until she coughs next to get a more accurate picture....will ask her to give a little extra spittle for clarity in my mediumship.
But I am hanging onto my gold for quite a while........until told to do otherwise by the big man upstairs...and I don't mean my grandfather who used to bash his stick on the floor for attention which usually involved a p*ss.....he finds that rather difficult these days because he was taken ever so slightly dead a few years ago.
16. titaniccaptain said...
Ooops that should read "Must wait".......daft old me eat a rather large hash cake by mistake last night so its all a little weird here today.
17. Chilli said...
The Bank uses interest rates to try to curb inflation, but Mr Williams said: "The target was never meant to be hit every single month. It's a medium-term target. And I think they're quite right to hold off.
Ahhh..!! Ok then.... So what was that letter to the chancellor all about then?
18. alan_540 said...
@2 STR
"Stock markets have suddenly risen, gold and US $ fallen.
Can someone let me know what actually happened since lunchtime to correct all ills ?"
China exports propel world stocks :
http://uk.reuters.com/article/idUKTRE6593TH20100610
19. Notyethomeless said...
Well, my shorts are down and I'm hurting.
Recaptcha: "frazzles vengeful " ... too right it does!
20. str 2007 said...
Cheers Alan
Some quite positive news out there really. Chinese exports up 50% on a year ago is pretty significant. Yes they were probably at a significant low a year ago but 50% is quite a jump.
Strong demand for Spanish Bonds.
I wonder if Gold and Silver are still 'going to the moon' ?
Only this week Money Week were saying they wouldn't buy BP until it got down to £4.20. Erhm £3.60 today.
No doubt there'll be a complete reversal of all this news soon or will there ?
21. quiet guy said...
@TitanicCaptain
"the big man upstairs" ?
Sounds very sinister, TC. Care to scare us with more info?
22. titaniccaptain said...
@Quiet Guy.....
Oh you know who I am on about......he featured in a small paint job in the Sistine chapel reaching out to his creation.....you the guy with the white beard......the painter and decorators were Michelangelo and Sons (At least he said they were his sons but could be wrong)......commissioned my a Mr Pope.
Is it just me that he talks to?......oh dear time to take the blue pills again.
23. jack c said...
titaniccaptain - have you used the proceeds of the house sale to fund more fine wines and a batch of LSD?
24. titaniccaptain said...
No Jack c.............but the yellow shiny stuff is calling yet again!!!!!!!
I have already blown over 300k in the past on wine, good food, women and drugs.....the rest I wasted.
Don't want to have to do all that again.....started getting a bit boring.
Anyway getting back to the plot I just had a thought.....Agricultural land may take a bashing with this CGT increase....plenty invested in the land in the same way we made the housing bubble.
25. markj69 str05 said...
@tc.. Re-CGT... Wait until you see the small print, in the decision. Might just find a few caveats hidden away. When you think that approx' 95% of land is owned by just a couple of % of the population. There must be some very persuasive rich folk out there, looking to protect their own interests.
26. jack c said...
titaniccaptain - I think that line was one from my old drinking mate Besty !
I gave up women and drinking in 1969 - it was the worst 20 minutes of my life
27. David47 said...
I feel that the Bank of England has effectively stopped aiming for its 2% CPI inflation target and is happy for it to be higher. I was just reading a some economic analysis describing how UK Producer Price Inflation remains high and inflationary expectations are rising. And yet the Bank of England does nothing yet again.....