Wednesday, March 4, 2009

More of the same

Canada Cuts Rates to Record Low

"Canada's central bank has cut its key interest rate from 1% to 0.5%, a record low, as it tries to stem the effects of the global economic downturn. Canada has been hurt by the recession in the US, its biggest export market, and the decline in commodity prices".

Posted by alan @ 12:07 PM (910 views)
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6 thoughts on “More of the same

  • greytornado says:

    As with the UK – cutting rates to 1% doesn’t seem to have achieved anything except destroy the incomes of the retired middle classes – why should a further half per cent cut make a blind bit of difference?

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  • I increasingly believe that destroying the incomes of the middle classes is their aim – to get them spending the capital.

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  • Loonies!

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  • 2. paul said…I increasingly believe that destroying the incomes of the middle classes is their aim – to get them spending the capital.

    Aw Diddums…the bourgeoisie feeling a little discomfort? Tut tut, it’s just not cricket……and all that ‘capital’ accumulated through ‘hard work’ – and not a little good luck to be born on the right side of the tracks.
    Welcome to the club, nobby

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  • No doubt UK rate will be cut at Noon tommorrow – I’m anticipating another 0.5% cut and can only concur with above posts in that I can’t see what positive effect this will likely have.

    As for getting out and spending the cash it’s more likely to head for perceived safe havens eg NS&I

    See – news.bbc.co.uk/1/hi/business/7923106.stm

    “Consumers’ fear for the safety of their savings led to a record level of deposits with National Savings and Investments (NS&I), figures have shown. NS&I, which has a 100% government deposit guarantee, saw the amount saved with it rise to £9.55bn in the last three months of 2008.

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  • Not believing in conspiracies can be very costly. LOL

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