“The world economy is on track to grow at a 5.1% rate this year, but the risk of a severe global slowdown in 2007 is stronger than at any time since the September 2001....."But no shock to Lord Patel's readers who were warned on Wednesday, January 3 in a New Year round up for financial predictions for 2007 - The Mysterious case of the disappearing M3
1. A sharp slowdown in the U.S. housing market
2. Surging inflationary expectations that would force central banks to raise interest rates.
"If you live in the US ... the only thing you will buy cheaper in a year's time is your house.
If you live in the UK ...expect interest rates 1/4% to rise when the Monetary Committee meet 2nd Thursday in Janaury... highest ever under Gordie as he battles soaring inflation which new energy bills which have been capped for many will flutter through the letter box."
On 17th January Lord Patel posted ..
Well, everybody but followers of Lord Patel's projections said the rise by the Bank of England of a 1/4% base Rate hike followed this week by the disclosure of higher than expected (but nonetheless heavily massaged) price inflation data was "unexpected" .."a shock" (Go back and look at the news headlines)Now we have Lord King sending a billet doux to the Chancellor claiming there were "unexpected rises in inflation" ... don't these moghuls of the money markets ever pay any fucking household bills? Have they not coppered up to pay the 'lecky bill? The gas bill? Have they not clocked the US$70 a barrel record oil price ?
Well more shocks are on the way.
Real inflation taking into account interest rates boosted by their January "shock" rate rise has hit mortgage payers and is squeezing home owners.
Now the bamboozled Economics editors are awake to the real world Guradian "Pound surges to 25-year high after prediction of 6% interest rate"
Rupe's Rag of Record, the Times "Is it too late to tame the inflation monster? "- who talk of a shock for the chancellor. Shock ? "The shock in question is the news that Britain’s inflation, instead of stabilising and then gradually subsiding as generally expected, is accelerating sharply and maybe even spiralling out of control." The BBC, "The Bank of England is widely expected to raise rates to 5.5% on 10 May and at least once more later in the year."
Look at this garbage in the Scotsman today ...
"The survey of 45 economists, taken April 11-17 and before data on Tuesday showed a surprise jump in inflation above 3.0 percent, showed the economy growing around trend at 2.7% this year and then easing to 2.5%"If you limit your reading to the pap that comes out of Threadneedle Street it may be a shock, join the queue at Tesco, Asda .... apart for imported clothes priced on the back of sweated labour, no shocks there....
"Indeed a separate Reuters poll, taken straight after that data, showed 49 of 51 economists forecasting a quarter point hike in May and a 35 percent median forecast that rates will go even higher to 5.75 % or above by year-end."
Can't these herds of wankers think independently ? These trends were evident in autumn last year but there was never a murmer about the trouble ahead from these highly paid readers of Press Releases.
Some good financial news, David Dein that businessman of such integrity and probity, high minded and highly paid is retiring from Arsenal unless of course his pal American billionaire Stanley Kroenke who has increased his stake in the club to 11.26% asks that DD sits on the Board for him ? Nina Kakkar AKA Lady Bracewell Smith (15.8%) and diamond dealer (Star Diamonds) Danny Fiszman (24.1%)who allegedly unloaded some shares for £4Mn last week to the charming Stanley, still maintain control of the murky affairs of this club.
Don't expect any clarification real soon...or ever.
It is of interest to see how the Hungarian supporters describe their lady shareholder and Director ...
Nina Bracewell-Smith egyébként hotelbizniszben is jelentősen utazik, korábban a családjának komoly befolyása volt olyan hotelek vezetésében, amik pl. a londoni Ritz Hotelt birtokolták. Amikor ezt eladták, a Park Lane Hotelnek - ezt egyébként Sir Bracewell Smitn építtette 1920-ban - jelentős részvényese lettek. Őt és a családját a 817. helyre rangsorolták a világ leggazdagabbjait felsoroló listán 2006-ban, Európát tekintve pedig 44. helyre. Szóval nem valószínű, hogy őt is olyan könnyű lenne megvesztegetni, pláne ilyen történelmi múlttal (a családtagok 1948 óta benne vannak az Arsenal vezetésében).
Readers might like to now both Associated Newspapers and News International have been reading this story thisd afternoon ... watch out for it in the Mail and the Times tomorrow.