Batten down the hatches: this is the big one

[katty]

more: http://www.guardian.co.uk/business/2008/apr/07/economics.banking

Batten down the hatches: this is the big one

The Bank has to change its low inflation mentality to address economic reality
Ashley Seager, economics correspondent The Guardian, Monday April 7 2008 Article

It was last updated at 08:58 on April 07 2008.

"Whole cities of pain. A continent of pain," said the great, if eccentric, Wall Street money dealer Jim Cramer recently. He was talking about the economic pain spreading across the United States, of course.

Until recently, the pain of the US housing market had not spread to our own fair land. Much of the economic data here has been, if anything, surprisingly healthy. But such figures are generally backward-looking and often look fine until suddenly they don't.

Last week we saw a dramatic escalation in pain levels as one mortgage lender after another either withdrew home loans or raised the interest rates. The chart shows the growing divergence between the Bank of England's official rate and interbank Libor rates that explains this.

[whistle]

1. Big banks cause inflation and high interest is merely a symptom

...of the usury practices that big central banks engage in once they stamp out state and local charter banks, savings and loans and credit unions are able to moderate by working within their communities to build economies. All of what we are seeing is corporate fascism taking over the U.S.

[katty]

4. corp fas takeover, agree--it's obvious

[Uben]

2. Jim Cramer?

I wouldn't believe a word that guy says....ever. He's in it for himself, not you.

[Yael]

3. THIS Jim Cramer? 4 days before Bear Stearns folded?

http://youtube.com/watch?v=gUkbdjetlY8

:rofl:

[samsingh]

5. scary