World facing worst financial crisis in history, Bank of Engl

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Egg
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World facing worst financial crisis in history, Bank of Engl

Post by Egg » Fri Oct 07, 2011 1:56 pm

The world is facing the worst financial crisis since at least the 1930s “if not ever”, the Governor of the Bank of England said last night.

Sir Mervyn King was speaking after the decision by the Bank’s Monetary Policy Committee to put £75billion of newly created money into the economy in a desperate effort to stave off a new credit crisis and a UK recession.

Economists said the Bank’s decision to resume its quantitative easing [QE], or asset purchase programme, showed it was increasingly fearful for the economy, and predicted more such moves ahead.

Sir Mervyn said the Bank had been driven by growing signs of a global economic disaster.

“This is the most serious financial crisis we’ve seen, at least since the 1930s, if not ever. We’re having to deal with very unusual circumstances, but to act calmly to this and to do the right thing.”

Announcing its decision, the Bank said that the eurozone debt crisis was creating “severe strains in bank funding markets and financial markets”.

http://www.telegraph.co.uk/finance/fina ... -says.html


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lkwalker
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Re: World facing worst financial crisis in history, Bank of

Post by lkwalker » Fri Oct 07, 2011 3:27 pm

Economists said the Bank’s decision to resume its quantitative easing [QE]...
You can't inflate your way out of this mess. That never works and yet it's always tried.
"If you don't think to good, don't think too much." Yogi

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Egg
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Re: World facing worst financial crisis in history, Bank of

Post by Egg » Fri Oct 07, 2011 3:31 pm

I love how they won't say Depression. It's a recession. The Great Recession. A Double Dip Recession.
Worst Financial Crisis Ever. OR, Worse Financial Crisis Since The Great Depression.

But this is not a Depression.

Spin. Spin. Spin.


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Re: World facing worst financial crisis in history, Bank of

Post by lkwalker » Fri Oct 07, 2011 3:46 pm

Isn't Depression just intractable Recession? I think we're there.
"If you don't think to good, don't think too much." Yogi

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Re: World facing worst financial crisis in history, Bank of

Post by Egg » Fri Oct 07, 2011 3:53 pm

I agree. They just won't say the "D" word.


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IndicusMaximus
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Re: World facing worst financial crisis in history, Bank of

Post by IndicusMaximus » Fri Oct 07, 2011 4:06 pm

Seems to be working fine without the "D" word.
Blessed are the poor in spirit, for they will see God.

Under the shadow of thy wings, Jehovah.

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IndicusMaximus
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Re: World facing worst financial crisis in history, Bank of

Post by IndicusMaximus » Fri Oct 07, 2011 4:08 pm

When they feel it's time for people to start eating each other, they'll throw out the "D" word. When they say jump, you say "how high?"
Blessed are the poor in spirit, for they will see God.

Under the shadow of thy wings, Jehovah.

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Dr Exile
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Re: World facing worst financial crisis in history, Bank of

Post by Dr Exile » Fri Oct 07, 2011 6:48 pm

Apocalypse is not spelled with a "D".
Credo quia absurdum.

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Re: World facing worst financial crisis in history, Bank of

Post by IndicusMaximus » Fri Oct 07, 2011 6:55 pm

Unless it's spelled Da'pocalypse.
Blessed are the poor in spirit, for they will see God.

Under the shadow of thy wings, Jehovah.

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