The coming recession and meltdown is now likely to spread across the Atlantic. This is because the staid BOE has agreed to cut interest rates in order to prod a US-like economic recovery on the back of easy credit. Oh well, at least the Brits won’t have a real estate bubble to worry about.
Meanwhile, the Fed admits this move is only to postpone the effects of the US mortgage crisis. “Recent developments in financial markets have increased the uncertainty surrounding the economic outlook,” Bernanke said. We’re not lowering them to manipulate the stock market, really we’re not.
Quick! Buy Gold!
Leave a reply
You must be logged in to post a comment.