Monday, December 10, 2007

Interest Rates… Someone trying to understand where we are rather than another deluded forecast

Shockwave from credit crisis continues to spread

We now have abundant evidence that the crisis is affecting the real economy. So we need to switch our attention from the travails of the banks and look instead at their customers. Which of them are getting hit?.. US mortgage borrowers are suffering and their UK counterparts will be shortly. But in the eurozone, consumers are less heavily indebted. And credit creation in the eurozone, on the latest October figures, is still showing strong double-digit growth. Hence the fact that the European Central Bank did not cut interest rates last week. It saw no need.

Posted by happyrenterz @ 01:54 PM (666 views)
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One thought on “Interest Rates… Someone trying to understand where we are rather than another deluded forecast

  • “But in the eurozone, consumers are less heavily indebted.”

    But the UK has more collective debt than the rest of the Eurozone put together. They’re tiptoeing around the central issue that the UK is massively indebted. There will be lots of economists desperately trying to keep that one quiet.

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