shedfish Posted September 23, 2009 Share Posted September 23, 2009 Bank calls 'crisis' meeting for experts The Bank of England has summoned the City's leading economists to an unprecedented meeting in Threadneedle Street, as the pound plunges amid growing confusion over its radical Quantitative Easing (QE) policy.The Bank will host a seminar of all London's major economists next Tuesday – the first time it has invited them in en masse in recent memory – in what has been construed as a sign that it fears market participants are starting to lose faith in its efforts to pump cash into the economy. The move has also sparked speculation that it is poised to announce a major change to the monetary policy framework, although insiders dismissed such suggestions. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 23, 2009 Share Posted September 23, 2009 Bank calls 'crisis' meeting for experts the crisis recovery. Quote Link to comment Share on other sites More sharing options...
Injin Posted September 23, 2009 Share Posted September 23, 2009 Bank calls 'crisis' meeting for experts Quote Link to comment Share on other sites More sharing options...
Guest happy? Posted September 23, 2009 Share Posted September 23, 2009 Bank calls 'crisis' meeting for experts It's probably one of those cost-saving exercises they have from time to time. No-one's allowed tea and biscuits except where external reps are invited. Y From here on in there'll be lots of meetings with external bodies - but I wouldn't put too much store by it. Quote Link to comment Share on other sites More sharing options...
sell low buy hi Posted September 23, 2009 Share Posted September 23, 2009 Why the confusion for these bankers? Diluting the Pound with QE was bound to weaken it against other currencys! Quote Link to comment Share on other sites More sharing options...
Errol Posted September 23, 2009 Share Posted September 23, 2009 (edited) Are these the same 'leading economists' who insist that the crash was completely unforeseeable? Edited September 23, 2009 by Errol Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 23, 2009 Share Posted September 23, 2009 can me and Injin go please? Quote Link to comment Share on other sites More sharing options...
Toto deVeer Posted September 23, 2009 Share Posted September 23, 2009 And the tiny, vanishing sack of cash within the illusion must represent their reserves. Bank holiday anyone? Quote Link to comment Share on other sites More sharing options...
Charlie The Tramp Returns Posted September 23, 2009 Share Posted September 23, 2009 I have melted down the wife`s gold into nice litte one ounce ingots, by jiminy it was a hot job. If you want to buy the price is $500 an ingot. Quote Link to comment Share on other sites More sharing options...
Minos Posted September 23, 2009 Share Posted September 23, 2009 I have melted down the wife`s gold into nice litte one ounce ingots, by jiminy it was a hot job.If you want to buy the price is $500 an ingot. 9 carat? Quote Link to comment Share on other sites More sharing options...
Kilham Posted September 23, 2009 Share Posted September 23, 2009 I have melted down the wife`s gold into nice litte one ounce ingots, by jiminy it was a hot job. Not as hot as it'll be when she finds out Quote Link to comment Share on other sites More sharing options...
Guest Daddy Bear Posted September 23, 2009 Share Posted September 23, 2009 Bank calls 'crisis' meeting for expertsThe Bank of England has summoned the City's leading economists to an unprecedented meeting in Threadneedle Street, as the pound plunges amid growing confusion over its radical Quantitative Easing (QE) policy. The Bank will host a seminar of all London's major economists next Tuesday – the first time it has invited them in en masse in recent memory – in what has been construed as a sign that it fears market participants are starting to lose faith in its efforts to pump cash into the economy. The move has also sparked speculation that it is poised to announce a major change to the monetary policy framework, although insiders dismissed such suggestions. It came after the minutes from the Bank's latest Monetary Policy Committee meeting revealed that the idea of cutting the interest rate banks are paid on the reserves they hold there was not discussed this month. The pound has lurched lower in recent weeks, thanks in part to speculation that ........ the Bank will impose charges on banks for holding excessive amounts of cash in reserve at its vaults. ......Under QE, it is pumping £175bn into the economy, but much of this cash is sitting in banks' reserve accounts rather than being recycled and flowing around the broader economy. The suspicion that the Bank will soon take action to mitigate this has pushed down market interest rates sharply and contributed to an almost 5pc fall in the pound against other leading currencies. It has caused gilt prices and short-term interest rates to fluctuate wildly in recent weeks. The Bank's seminar, chaired by deputy Governor Charlie Bean, alongside chief economist Spencer Dale and markets director Paul Fisher, is intended to clear up this confusion. It sparked anticipation in the City not merely because the Bank has a reputation for extreme secrecy, but because some suspect it may come alongside an announcement over the Bank's reserves policy. Others suspect the Bank is concerned that many think either that QE amounts to printing money, much as Zimbabwe and Weimar Germany did, or that it simply is not working. However, insiders insisted that although the meeting was unusual, it is merely intended to mark six months since the policy began. In yesterday's minutes, the MPC revealed that its nine members had voted unanimously to leave interest rates unchanged at 0.5pc and the QE total at £175bn, although both the Governor, Mervyn King, and external member David Miles said that "a larger asset purchase programme could still be justified." In a separate speech, MPC member Kate Barker said that the months ahead would be a critical test of whether a recovery was likely to be maintained. She added that, even as growth picks up, rising unemployment will eliminate the "immediate prospect of a 'feel-good' factor". She also indicated that low interest rates and Quantitative Easing would remain in place for the foreseeable future, saying: "As the expected recovery becomes established, monetary policy will need to be sensitive to the concern that too rapid an adjustment in private sector balance sheets could be provoked by premature monetary tightening." Tipping point coming soon Quote Link to comment Share on other sites More sharing options...
Guest KingCharles1st Posted September 23, 2009 Share Posted September 23, 2009 (edited) So this is expected to set off a rush for the exits then...? "She added that, even as growth picks up, rising unemployment will eliminate the "immediate prospect of a 'feel-good' factor". Is this a WTF moment? Edited September 23, 2009 by KingCharles1st Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 23, 2009 Share Posted September 23, 2009 Tipping point coming soon theres always a karellian star cruiser about to blow the world up...its just that you have a telescope fixed to keep looking at the sky DB, and you see it all happening. the older you get, the worse it seems. Quote Link to comment Share on other sites More sharing options...
kilroy Posted September 23, 2009 Share Posted September 23, 2009 So this is expected to set off a rush for the exits then...? FED may have already done that today. Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted September 23, 2009 Share Posted September 23, 2009 they gonna suggest everyone hands over their gold scrap and post it off to money4gold as they admit the QE thing has created a bigger hole than they can actually cover? Quote Link to comment Share on other sites More sharing options...
Guest happy? Posted September 23, 2009 Share Posted September 23, 2009 theres always a karellian star cruiser about to blow the world up...its just that you have a telescope fixed to keep looking at the sky DB, and you see it all happening.the older you get, the worse it seems. Are you saying the economists wore Eggar suits? Quote Link to comment Share on other sites More sharing options...
threetimesdead Posted September 23, 2009 Share Posted September 23, 2009 can me and Injin go please? Injin not allowed as "printy, printy" are words of the past If the news are real - we may see IRS hikes before the election But by any means - excessive ones after the election Quote Link to comment Share on other sites More sharing options...
Guest Daddy Bear Posted September 23, 2009 Share Posted September 23, 2009 theres always a karellian star cruiser about to blow the world up...its just that you have a telescope fixed to keep looking at the sky DB, and you see it all happening.the older you get, the worse it seems. I think I totally agree but WTF are you on about? Quote Link to comment Share on other sites More sharing options...
threetimesdead Posted September 23, 2009 Share Posted September 23, 2009 Tipping point coming soon Gilts will collapse immediately after the meeting if you were to have it your way If they don't do so right away - watch the IRS Quote Link to comment Share on other sites More sharing options...
Guest Daddy Bear Posted September 23, 2009 Share Posted September 23, 2009 Gilts will collapse immediately after the meeting if you were to have it your wayIf they don't do so right away - watch the IRS Mind I am hedged with a 10 year fix at 4.99% Quote Link to comment Share on other sites More sharing options...
Scunnered Posted September 23, 2009 Share Posted September 23, 2009 They're all going to get in a big bus, then drive away and leave us to it. Quote Link to comment Share on other sites More sharing options...
piece of paper Posted September 23, 2009 Share Posted September 23, 2009 can me and Injin go please? No, because you're both shit at using Powerpoint so it would be boring. p-o-p Quote Link to comment Share on other sites More sharing options...
threetimesdead Posted September 23, 2009 Share Posted September 23, 2009 Mind I am hedged with a 10 year fix at 4.99% The best hedge you can have - no assets and no income £-denominated Quote Link to comment Share on other sites More sharing options...
kilroy Posted September 23, 2009 Share Posted September 23, 2009 Gilts will collapse immediately after the meeting if you were to have it your wayIf they don't do so right away - watch the IRS If gilts collapsed that would really kick off a depressionary spiral (like 1931). Bye bye housing market, for sure Quote Link to comment Share on other sites More sharing options...
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