"“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, August 12, 2008

Bank of England warns "There's NOTHING we can do ...er .... right ....." Part 2

As a public service on the monthly anniversary, we are happy to re-post this post which first appeared just a month ago. Happily coinciding with the announcement that Consumer prices rose 4.4 percent from a year earlier, breaching the government's 3% upper limit for a third month and the most since comparable records began in 1997(The 0.6 % increase is the largest jump since the series began in 1997. Based on a constructed index using retail-price data, it was the largest gain since 1991, the ONS said), the Office for National Statistics said today. That exceeds the 4.2 % median forecast of 38 economists in a Bloomberg News survey.

This means of course that miserable Mervyn will have to pop his 3rd third letter of explanation to the government in the Post Office (assuming he can find one still open) - that is unless inflation slows to 3 % in August - which about as unlikely as Northern Wreck turning a profit this side of Armageddon.

Anway here is last month's cheery tale of rank incompetence, woe, grief and downright misery.

This is what Lord King Chairman of the Bank of England said in his annual speech to the great and the good of the City of London at the Mansion House just over one year ago on the 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."

PS : Mervyn has a pension pot of £4.8million, which should be worth nearly £180,000 a year on retirement...which cannot come too soon.

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