Wednesday, February 10, 2010

Jeremy Warner

Mervyn King: sorry, I haven't a clue

"The Council of Mortgage Lenders, which has warned of a mortgage famine if central bank and government funding support is not extended, can expect no joy from Mervyn King. He said that the Special Liquidity Scheme would end in January 2011 as scheduled and would not be extended. It was already the most generous such scheme in the Western world. In other words, mortgage rates will be going up sharply by the end of the year, as banks are forced to fall back on more expensive market funding for their mortgage books, rather than the near free central bank money they have enjoyed for the past several years."

Posted by dill @ 04:38 PM (1869 views)
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12 thoughts on “Jeremy Warner

  • vacuouspolitician says:

    “I fail to see what merv has done that is so wrong…”

    Jar Jar Spoon Spoon

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  • IMO King is almost a complete a*se only marginally better than Eddie George who along with Brown deliberately created the housing bubble. The UK is now an utter disgrace and joke only kept going by borrowing and also buying its own debt with QE money, all overseen and allowed by King who is paid £200k a year for this shambles. The BoE runs monetary policy solely for the benefit of its banker chums and politicians and f**k the general population. All three main political parties are committed to maintaining house prices at unaffordable levels because this traps the general population into a lifetime of mortgage slavery for the benefit of bankers and creates pliant workers. The UK, the US and other countries have been deliberately hollowed out in terms of manufacturing in order to enable China to take over from the US as the global power. As cover for this the central banks in those countries have distracted the populations by deliberately creating asset bubbles. Should the people ever wake up to how badly they are being scammed by the central bankers and their fractional reserve banking I expect blood on the streets.

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  • vacuouspolitician says:

    2. chrisa said…

    Yes quite. But you’ll find that we are in a minority on this site. This site has a clique who are primarily King apologists but who in the words of another are “rubbing their greedy mitts waiting for armegeddon so they can pick up bargains”. Should be ashamed of themselves.
    King is a complete waste of space…an overpaid, bumbling dinosaur that is always behind the curve. The spivs and crims in the city love him because they have the measure of him.

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  • Ivacuouspolitician

    t’s not a case of rubbing greedy mits together.

    More a case of not getting caught in a sitaution where your homes at risk because you’ve paid way more than it’s realistically worth.

    But agree about King etc.

    Chrisa

    A very articulate outburst – well done.

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  • Nice one chrisa.

    I would also add, that it’s taxpayers money that is being used to keep house prices – via interest rates – artificially high. It’s like paying for an invitation for a party, and then you are purposely kept out.

    The sooner we see the end of King, BOE and the Labour government the better. The only danger is that we get equally misguided Keynesian economists with their socialist/marxist ideas.

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  • chrisa – why do the US and UK want China to take over as the global power?

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  • vacuouspolitician says:

    4. str 2007 said…

    Agreed and I really don’t have a problem with this point of view. However, a ‘select’ few on here don’t see it this way…they are more interested in lining their own pockets and seeing their fellow countryman and woman suffer.

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  • braindeed – Ah more bitching and sniping from you I see.

    Another pointless contribution.

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  • 9. hpwatcher said…

    Another pointless contribution.

    Aw, such rapier wit, I retire wounded.

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  • fallingbuzzard says:

    No-one should blame Merv, his track record in independent mode is pretty good. He currently has next to no power since the BOE isn’t currently in independent mode, its in taking instructions from the Government mode. All perfectly above board but I think that it should be a matter of public interest to know whether the MPC takes interest rate instructions from the Government.

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  • I mean Mervyn thinks that devaluing the currency is good. No companies make profits because of that now. He does not know the balance of imports and exports to talk about devaluing the pound. We cannot start manufacturing and exporting overnight and start making same goods with China so devaluing the pound so soon it is stupid.

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  • Good to read that the political analysis of the abuse-the-politicians kind is in a minority. I was beginning to think it was the majority.

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