The ECB raises rates to 1.5% with CPI at 2.7%; BoE does nothing with rates at 0.5% and CPI at 4.5%...
http://uk.reuters.com/article/2011/07/0 ... 1N20110707
Sir Mervyn King
Benny Hill
I've said it a thousand times, but the fact remains that the UK is toast if house prices fall. It's a Ponzi scheme which got out of control, which is why TPTB will do anything to prevent house prices adjusting. They will anyway (in real terms at the very least), it's just that they will take the whole economy with them now.
"You can't buck the market", Margaret Thatcher.
Interest rates
- superfrank
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Last edited by superfrank on Sun Jul 10, 2011 9:32 am, edited 1 time in total.
British Gas raises prices by 18pc - http://www.telegraph.co.uk/finance/pers ... -18pc.html
Nice one, Mervyn!
Jeff
Nice one, Mervyn!
Jeff
superfrank wrote:The ECB raises rates to 1.5% with CPI at 2.7%; BoE does nothing with rates at 0.5% and CPI at 4.5%...
Bank has 'failed' over inflation: http://www.bbc.co.uk/news/business-14085513
There's an interesting graph showing the B of E's projected inflation figures vs the actual ones. The B of E are nothing if not optimistic!
Jeff
There's an interesting graph showing the B of E's projected inflation figures vs the actual ones. The B of E are nothing if not optimistic!
Jeff
I saw this as well. I've put the graph in this post. This was one of the great bits of wisdom I learnt from Warren Buffett. The first time I met him I asked him about the 1974 crisis and he put me right about worrying about the future. You can't tell what's going to happen so don't base your decisions on it. Economists only role in life if to make weather men look good.
- superfrank
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That's true, but you didn't have to be Nostradamus to know that the BoE forecasts were wishful thinking with a tiny probability of coming true.
The thing is the BoE didn't believe them either, which is why a few years ago they switched their pensions funds into index-linked bonds.
http://ftalphaville.ft.com/blog/2009/03 ... inflation/
Complete rubbish to justify interest rates being held low to help with their real aim of supporting asset prices and eroding debt through inflation.
The thing is the BoE didn't believe them either, which is why a few years ago they switched their pensions funds into index-linked bonds.
http://ftalphaville.ft.com/blog/2009/03 ... inflation/
Complete rubbish to justify interest rates being held low to help with their real aim of supporting asset prices and eroding debt through inflation.
- superfrank
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In a previous job I helped to produce forecasts for mine production so that the company could predict how much it would have to sell in future years.
If our forecasts were even half as bad as the BoE's inflation forecasts, we'd have all been sacked.
Mervyn King gets a Knighthood.
If our forecasts were even half as bad as the BoE's inflation forecasts, we'd have all been sacked.
Mervyn King gets a Knighthood.
Mervyn King has got his priorities right on the day when the fate of the Euro is being decided...
http://i.telegraph.co.uk/multimedia/arc ... 52244c.jpg
Jeff
http://i.telegraph.co.uk/multimedia/arc ... 52244c.jpg
Jeff
superfrank wrote:
Sir Mervyn King
Benny Hill
From http://labour-uncut.co.uk/2011/08/31/da ... rvyn-king/
"[Alaistair Darling] confirms how close the government came to not renewing King for a second term in 2008 – the first time a governor would have been sacked after just one term in nearly fifty years – before they ultimately opted for renewal when they couldn’t find a suitable alternative."
Jeff
"[Alaistair Darling] confirms how close the government came to not renewing King for a second term in 2008 – the first time a governor would have been sacked after just one term in nearly fifty years – before they ultimately opted for renewal when they couldn’t find a suitable alternative."
Jeff
superfrank wrote:
Sir Mervyn King
Benny Hill
- superfrank
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But knowing Labour the reasons for wanting him out would have been entirely the wrong ones - he wasn't economically recklessness enough for them.Ferru123 wrote:From http://labour-uncut.co.uk/2011/08/31/da ... rvyn-king/
"[Alaistair Darling] confirms how close the government came to not renewing King for a second term in 2008 – the first time a governor would have been sacked after just one term in nearly fifty years – before they ultimately opted for renewal when they couldn’t find a suitable alternative."
Jeff
Do you just enjoy republishing the Mystic Merv/Benny Hill pics?!
Japan 10-Year Yield Drops to Record, Below Negative Deposit Rate
http://www.bloomberg.com/news/articles/ ... posit-rate
http://www.bloomberg.com/news/articles/ ... posit-rate
Negative Yields Seep Into Shell, Siemens Debt on ECB Distortions
http://www.bloomberg.com/news/articles/ ... ews-market
http://www.bloomberg.com/news/articles/ ... ews-market