From The Metro:
The head of the Bank of England has said the economy is in a...
"deep recession"
(click and highlight to reveal).
(click and highlight to reveal).
Sounds as if he's been reassured
3 hours ago
Wednesday 11 February 2009
Missing letters round
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9 comments:
Very clever, how did you do that?
call me gorden but I carnt seem to work
it out !!! LOL
I just don't get it, I can't understand it. BOE says interst rates will be zero, money will be printed, inflation will be kept at 2% and savers can go f*** - like where do they get the authority to redistribute wealth? is there nothing anyone can do in the courts to stop this insanity? They admit the interest policy doesn't do what they want, so why keep on? We are in recession, depression - who cares what, when were they empowered to run the political economy of the UK? Who thinks they know remotely what they are doing? how can they be held accountable for the consequences of their actions? Please someone put me out of my misery.
AC, you just format some of the letters as white.
CB, cheer up, things could be a lot worse ... oh, they will be.
MW - Thanks. I just wanted to leave a message where it might find an echo of sympathy. (btw, have you seen that disgusting advert at the cinema paid for with taxes and lying about drugs sold by so-called illegal web-sites, where a guy vomits up a rat? well now I just imagine it's Gordon Brown and that he is FULL of rats.)
Seriously Mark, I do wish someone could explain how this (below) is possible. Without a sniff of accountability for the consequences. (And why can't I "create money" for me to spend?
Financial Times, today:
Mr King said future measures were “likely to include actions aimed at increasing the supply of money in order to stimulate nominal spending”. His comments sent the pound tumbling against the dollar. On a trade-weighted basis, sterling fell 1.5 per cent, closing more than 3 cents lower against the US dollar at $1.4352. UK government bond yields also fell. Similar to printing bank notes, quantitative easing electronically raises the amount of money in the economy in an attempt to encourage spending.
The Bank hopes people who gain the new cash in their bank accounts will spend it and that commercial banks, which will find their levels of deposits rising, will use the new funding to increase their lending. Quantitative easing could reduce interest rates on longer-term government bonds and the cost of corporate borrowing.
MEANWHILE....
Hundreds of promising UK technology companies are expected to fail this year because of a lack of funding, venture capitalists are warning, as they press the government to finance a £1bn ($1.4bn) fund of funds to support the sector.
CB, "UK government bond yields also fell.", wouldn't we expect bond values to fall, i.e. yields to rise?
Anyway, it is politically possible because voters are dumb and fail to realise that this is literally and figuratively just mucking about with numbers on bits of paper (Stage 6) and has nothing to do with 'real economy', i.e. people making exchanges of goods and services for mutual benefit (Stage 1). See here.
Mark - thank you enormously. The balloon analogy is superb. That link has made all the difference. Some time agi I think I commented somewhere about my undergraduate (history) studies of the Great Depression, and my essay on the real economy explanations versus the monetray economy explanations. I was with the former - but things have become so (apparently?) complex now that I could not easily relate them. The only question left now is who is the bigger twat, GB or MKing?
CB, The Goblin King is the bigger twat by a factor of a zillion. MK was just doing what he was told - that the MPC is independent is a complete and utter myth.
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