"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "


Chinese premier Wen Jiabao 12th March 2009


""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."


Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Tuesday, January 22, 2008

There is a very good reason why bankers rhymes with wankers

Lord King Speech at the Mansion House 16th June 2007...

"Our central view remains that inflation will fall back this year as the rises in domestic gas and electricity prices last year drop out of the annual comparison, and the recent cuts in prices feed through to household bills."

The Bank of England's governor "Myopic Merv" the King of Threadneedle Street spoke to business leaders in Bristol tonight.

He explained that a combination of totally unexpected and inforseeable higher energy and food prices, which his highly educated, high powe4r economists, econometricians and business brains have now discovered that a lower exchange rate (steadily decling over the last 6 months against the Euro and the Dollar) and higher import prices (Biggest trade deficit last month - third largest bill for Norwegian oil - which will never decrease as N.Sea oil dries up - followed by N.Sea and Irish sea gas) and food (grain prices have been soaring for last 12 months) are pushing inflation above the 2 pct target.

'It is possible that inflation could rise to the level at which I would need to write an open letter of explanation, possibly more than one to the Chancellor,' he said.

The governor is obliged to inform the Chancellor of the Exchequer should CPI inflation overshoots it's artificial target by more than one percentage point. In the ten years of alleged independence, this happened once, last April.

Is it any wonder they fucked up over Northern Wreck ?

Myopic Mervyn's speech can be found in full here

"The latter is the rise in energy and food prices, reflecting continued strong growth in Asia, that, together with rising import prices, threaten to lift inflation noticeably above target in the coming months. "

Wow ... we didn't see that coming guys !!!!



4 comments:

George Dutton said...

What a shame Thatcher burnt off into the atmosphere 20/25 years of our north sea gas supply as she didn`t want to spend the money to store it back in the 1980s. She needed the money to cut taxes to get re-elected. Of course the Norwegians did store there gas and are now selling it to us.

You get what you vote for.

ziz said...

Not to mention their massive State pension / sovereign funds.. and very beautiful girls ...

Anonymous said...

[...]
To grasp the magnitude of this wild west world of trading, one needs to understand that we are not talking about a market of a few billion dollars. According to the International Swaps and Derivatives Association, the credit derivatives market has grown from an estimated total notional amount of nearly $1 trillion outstanding at year-end 2001 to over $34 trillion at year-end 2006.
[...]
http://www.counterpunch.com/martens01212008.html

We're fvucked, right.
Ekk

Anonymous said...

Hi Gorge,
Worse than that, Thatcher could have employed British steel workers to make/manufacture the gas pipelines.
Instead, 20,000[?] supremely skilled workers suddenly lost their jobs and Britain lost the important steel making skills, which take generations to develop.
Ekk

(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish