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John The Pessimist

Economy Saved - Hurrah For Osborne!

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If ever there was a moment to call the top of the whole ponzi scheme, this must be it. No doubt it's merely part of the attempt to generate a feel good factor before 2015.

At least he hasn't claimed to have saved the world, just the economy.....

http://www.telegraph.co.uk/news/politics/georgeosborne/10295060/Osborne-Weve-saved-the-economy-and-proved-Labour-wrong.html

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Edited by John The Pessimist

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Not only that but they won the argument on austerity.

Fastest growth since 90s 'shows UK is turning the corner and the austerity argument is won’, Osborne will declare later.

Why declare it later. Declare it now and have a party.

Print some more and there can be a real party.

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If ever there was a moment to call the top of the whole ponzi scheme, this must be it. No doubt it's merely part of the attempt to generate a feel good factor before 2015.

At least he hasn't calimed to have saved the world, just the economy.....

http://www.telegraph...bour-wrong.html

2015 is a LONG way off in economic terms? Plenty of scope for it all to go badly wrong. It will be funny watching a bankrupt Liebour trying to campaign though. I think when one of the main parties can`t fund itself that is the tipping point for me.

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“The economic collapse was even worse than we thought.

It can't have been - it's only taken 3 years to "save" it.

But the economy's saved now so why not normalise interest rates.

Edited by billybong

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It can't have been - it's only taken 3 years to "save" it.

But the economy's saved now so why not normalise interest rates.

Good point. Maybe that is the plan, because they know the markets are going to "normalise" rates for them soon anyway, they have to talk like they are in control and it is all "expected"?

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Great graphic, says it all.

Indeed

As per Fluffy's post earlier, the debt wasn't funding extra staff (outside the board rooms) and infrastructure is nill, so it begs the question....

Edited by PopGun

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Hasn't the economy already turned a few corners this year? Is Osborne trying to tell us that the economy is in some sort of maze and can't get out?

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Credit impulse is the explanation for the apparent uplift in economic activity. Paradoxically, even slowing the rate at which you deleverage can generate positive GDP momentum. Osborne has certainly slowed the pace of UK deficit reduction this year, while the rhetoric of austerity has been all-but retired in the run up to the GE. Ally this with the step-change in mortgage origination brought about by Help to Buy and we have the complete picture. Nothing whatsoever to do with rebalancing. Nothing whatsover to do with external events.

But the acceleration of credit into the UK economy is likely to prove transient unless Osborne increases his spending sharply, meanwhile rising swap rates have begun yet again to inhibit lenders' capacity to support house prices. Against a deteriorating global outlook brought about by reckless QE, going forward we should expect the UK's economic performance to continue to disappoint.

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F -it, I'm looking for a house. I've got no where else to go and these politicians are gonna keep on frickin massaging the property to the detriment of savers so I don't know why I'm renting. The barometer for economic performance in this stupid country is house prices, its time I became one of the stupid sheep.

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It can't have been - it's only taken 3 years to "save" it.

But the economy's saved now so why not normalise interest rates.

Fine but then what exactly is normal. For most of the BoE's history IRs were 2% - how many HPCers would be prepared to settle for that as the future long-term plateau?

Arguably it was the inflationary 20th century that was the historical exception with its much higher IRs.

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Fine but then what exactly is normal. For most of the BoE's history IRs were 2% - how many HPCers would be prepared to settle for that as the future long-term plateau?

Arguably it was the inflationary 20th century that was the historical exception with its much higher IRs.

In that case then surely 66% home ownership must unwind too? Despite peoples best lemming like efforts to get on board?

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