Tuesday, Aug 17, 2010
''Of course the Governor is "surprised" by the inflation. It's because he hasn't got a clue''
Telegraph: Bank of England Governor warns that Britons face higher inflation for longer
''British consumers should prepare for lingering higher inflation, the Bank of England Governor has warned, as latest figures show a sharp jump in food prices. Figures from the Office for National Statistics showed a 3.4pc increase in the cost of food over the last year, with fruit being 10pc more expensive. The last year also saw a sharp rise in the cost of travel, which climbed an average 7.8pc.''
Posted by hpwatcher @ 01:35 PM (1866 views) Add Comment
13 Comments
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1. hpwatcher said...
In the comments:-
Did you know that in the past year, our severely indebted nation has accumulated an additional $170bn of US Treasury Bonds?
The UK's holdings of US Treasury Bonds at the end of December 2009 totalled $180bn. At the end of May 2010 they totalled $350bn.
Video (fast forward to 9mins in video 1) -
http://www.silverbearcafe.com/private/07.10/LME.html
2. mark said...
Mervyn King is a D1c%head a prize one, he has no clue, he is useless and should be fired..
3. Crunchy said...
This has long surpassed the tongue in cheek group comedy act.
Put some money in food supplies if you want to save some dosh, it's safer to store than petrol.
The King has no clothes! Where's Cromwell when you want him.
4. Stevie Dee said...
I don't get it! Inflation is going up, but the officially it is easing! I'm definitely living in a parallel universe. Look into my eyes, look into my... WTF!
5. jack c said...
Britain misses inflation target again
"Britain has exceeded its inflation target for 42 of the past 51 months, prompting critics to question whether the Bank has abandoned its inflation target in favour of economic growth"
Full article @ www.fundstrategy.co.uk/1016958.article?cmpid=FSE01&cmptype=newsletter
6. mark said...
check this link, look at pic, i am sure that is mervyn kings head hanging on side
http://www.reuters.com/article/idUSTRE6724QW20100803
7. Crunchy said...
4. mark
Can't be Mervyn, as he only sits on the fence.
If he does it much longer he could end up like.......
http://www.youtube.com/watch?v=N0Rq8iTt4Xg
8. mrflibble said...
This clown ought to be shown the door - he's about as much use as a chocolate fire-guard.
9. quiet guy said...
I'm beginning to wonder if we're underestimating Mervyn. What would happen to our banking system if there was a house price crash and how could Mervyn avoid this scenario?
One way to try to avoid the crash would be to gently inflate away debts. Instead of saying 'sorry savers it's for the wider good', Merv just writes another letter and watched the percentage points counter on the debt eroder tot up. Yes, this is risky but every action by the MPC is risky at this stage.
The reason I ask about this is another question: would our banking system stand up to a house price crash? I cannot see any severe HPC scenario without risking a banking meltdown. I don't like this any more than you lot but I'm just wondering if this is the reality.
10. sureseam said...
Quiet Guy @ 6
For all that I absolutely agree with you .... I sense it is rather like that painful postponement of a visit to the dentist. First you fear it might happen and finally you fear it might not!
11. Crunchy said...
6. quiet guy
Engineered boom and bust = Blackmail, or will it turn out to be Jingle mail. The arrogant gamblers standing behind Obama
aka Barry Soetoro are of course winning. There are some very dangerous people around, history doesn't suddenly 'CHANGE.'
The real (?) paper on paper debt is impossible to repay, as with any national debt to a central bank. This is not the first time in history as
you know, but it is certainly the most ambitious transfer of wealth and the accumilation of financial and political power, yet to go into to a
hyper state.
'Putting on the agony, putting on the style.'
There is no way out, other than a revolution and the abolition of central banks and capping the too big to play, players. IMHO.
We need to banish the need for negative reactions to negative problems that only benefit the few.
The too big to play (and getting bigger by the day) players. The prozac pushers and the pump and dumpers.
12. general congreve said...
@6 - No the banking system won't stand up to an HPC. Also we need inflation to erode our national debt. Inflation is needed on all sides except the side of the prudent. This is why they are pursuing inflationary policies. If you have savings I recommend buying some gold to protect yourself.
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