Tuesday, March 18, 2008

As far as the BBC is concerned this is not News

Pound Falls Most in Six Years Against Euro, Reaches Record Low

Pound falls 2% against Euro, falls to 3 year low against the Yen, and even falls against the Dollar!

Overseas holidays now getting expensive, are they in the ONS shopping basket?

Posted by enuii @ 12:09 AM (685 views)
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3 thoughts on “As far as the BBC is concerned this is not News

  • To be fair on Radio Five Live yesterday Robert Peston mentioned that the dollar was plunging against every currency but one…… the pound and that this was arguably the most worrying development of all from yesterday’s raft of horrendous news, simply because it implies that the currency markets think that the UK economy exhibits the same structural flaws as the US economy. In addition the BBC mentioned the possibility of more mortgage deal withdrawals over the coming weeks making it harder for existing mortgage holders to refinance and FTB’ers to get a foot on the ladder. These reports I thought were exceptionally bearish and I don’t know what the more “feral” members of this website expect from the BBC, blaring headlines screaming “UK Houseprice Crash Imminent”? Well it isn’t going to happen, the BBC has responsibilities as a public broadcaster and being perceived as talking the housing market into a crash isn’t one of them, can you imagine how the politicians would react if they judged the BBC as being guilty of such an action? Quite simply they’d pull the BBC charter, break it up and privatise – this isn’t in the BBC’s interests nor ours (have you seen ITV recently? Think that Jeff Randall debt expose – ridiculous ranting shoddily produced, now there’s a guy who wrote the book on “feral”, he was practically foaming at the mouth (!) and to no great effect in my opinion). The BBC will report the news as impartially as they can and any comment pieces will err on the side of neutral/mildly bullish for the reasons I’ve given above, expecting anything else is naive in the extreme (though their Economics Editors’ Evan Davies, Robert Peston in my opinion seem to have their heads screwed on right and give informed (and honest!) analysis of the current economic situation, eg. both mention the credit binge had to stop and the economy rebalance and Evan has even stated that an economy dependent on rising house prices was not ultimately sustainable in the long term).

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  • The BBC continues to ignore this, concentrating on the dollar’s lows instead. One person on BBC HYS has at least pointed this out and had it published.

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  • Faustus – it isn’t about being more bearish, but only wanting the truth to be told…….I am talking about the collapse of the British currency. The general public need to be advised that they will feel significantly poorer this year and for the foreseable future as the media, Boe and government collude to destroy the currency. Say goodbye to cheap costa holidays and all those ‘cheap’ immigrant workers, say hello to strike, strike, strike. The pound most definitely is worth less in your pocket and I find it disgusting that the media are doing nothing to warn people. The BBC is not the only mouthpiece, but no-one is bringing this wanton pillage of sterling to the notice of joe and josephine blogg.

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