Telegraph
"The last official estimate of illegal immigration, a Home Office report in 2001, put the figure at 430,000. ...Because of the nature of illegal immigration, accurately charting numbers is difficult. The LSE team said the figure lies somewhere between 524,000 and 947,000, with a "midpoint" figure of 725,000.
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Number of illegal migrants in Britain is 80 per cent more than official estimates
"BBC's Panorama programme last night claimed that at current rates of deportation, it would take 34 years and cost £8 billion to clear the backlog of people who are currently in the UK illegally."
Monday, 9 March 2009
Sunday, 8 March 2009
Taxpayer underwrites another £260billion of 'toxic' loans as State takes over Lloyds
Daily Mail
"The Lloyds deal is particularly humiliating for Labour because Gordon Brown personally intervened to broker Lloyds TSB’s £8billion takeover of ailing HBOS in September to create the new banking giant.Brown urged Lloyds TSB’s chairman Sir Victor Blank to make the deal, promising to waive competition rules. But far from being a rescue, the takeover has infected the previously robust Lloyds with HBOS’s bad assets."
"The Lloyds deal is particularly humiliating for Labour because Gordon Brown personally intervened to broker Lloyds TSB’s £8billion takeover of ailing HBOS in September to create the new banking giant.Brown urged Lloyds TSB’s chairman Sir Victor Blank to make the deal, promising to waive competition rules. But far from being a rescue, the takeover has infected the previously robust Lloyds with HBOS’s bad assets."
Quantitative easing is not the answer
Telegraph
"Printing money "is all about saving jobs" say my opponents. So if you're against QE, you're happy – even gleeful – to see decent people suffer the trauma of unemployment.
That's how we've got into the current situation – where history shows QE is nuts and almost the entire country thinks QE is nuts, but no mainstream politician has the guts to oppose it. The stage has, instead, been left clear for Gordon Brown to vandalise the UK economy, decimating our financial reputation in a vain bid to cover-up his previous mistakes. ....Little wonder, then, our political classes take the easy option and give us QE. No matter that investment will be stymied as the threat of double-digit inflation looms. No matter that savers will suffer.For QE, and the price surge it will cause, will allow the UK, like some kind of post-Imperial banana republic, to inflate away its debts."
-----------------------------------------
Bank of England to 'print' first £2billion this week (Daily Mail)
"Quantitative easing is a huge gamble, intended to kick-start financial markets that have been spooked by the credit crunch....But a leading authority on debt markets warned of long-term consequences. 'We are deluding ourselves in thinking it is not going to be inflationary,' said Peter Warburton, director of Economic Perspectives."
"Printing money "is all about saving jobs" say my opponents. So if you're against QE, you're happy – even gleeful – to see decent people suffer the trauma of unemployment.
That's how we've got into the current situation – where history shows QE is nuts and almost the entire country thinks QE is nuts, but no mainstream politician has the guts to oppose it. The stage has, instead, been left clear for Gordon Brown to vandalise the UK economy, decimating our financial reputation in a vain bid to cover-up his previous mistakes. ....Little wonder, then, our political classes take the easy option and give us QE. No matter that investment will be stymied as the threat of double-digit inflation looms. No matter that savers will suffer.For QE, and the price surge it will cause, will allow the UK, like some kind of post-Imperial banana republic, to inflate away its debts."
-----------------------------------------
Bank of England to 'print' first £2billion this week (Daily Mail)
"Quantitative easing is a huge gamble, intended to kick-start financial markets that have been spooked by the credit crunch....But a leading authority on debt markets warned of long-term consequences. 'We are deluding ourselves in thinking it is not going to be inflationary,' said Peter Warburton, director of Economic Perspectives."
The special relationship is a joke, and it isn't funny
Telegraph
"The first few months of Obama's presidency are turning into a car crash (last week, US unemployment hit a 25-year high). Consequently, his primary concerns are national, rather than international, his time too scarce for Brown's grand visions of global new deals and reformed regulatory structures. And anyway, when he does need to look abroad for economic partners, why would it be to Britain? His main focus will be China."
"The first few months of Obama's presidency are turning into a car crash (last week, US unemployment hit a 25-year high). Consequently, his primary concerns are national, rather than international, his time too scarce for Brown's grand visions of global new deals and reformed regulatory structures. And anyway, when he does need to look abroad for economic partners, why would it be to Britain? His main focus will be China."
Gordon Brown must apologise, and quickly
Telegraph
"Brown really has invested extraordinary hopes in the G20 summit in April as one of the defining geopolitical gatherings of our time, and one that will significantly boost his own chances of electoral revival.Here's how much difference the G20 will have on Gordon's prospects at the next general election: nada. Nichts. Nul Points. Zip. Bugger all. ...Precisely at the moment that Gordon's vistas are broadening as never before, to the point that he can address Congress itself with poise and confidence, the very opposite is happening to the voters who will decide his fate."
"Brown really has invested extraordinary hopes in the G20 summit in April as one of the defining geopolitical gatherings of our time, and one that will significantly boost his own chances of electoral revival.Here's how much difference the G20 will have on Gordon's prospects at the next general election: nada. Nichts. Nul Points. Zip. Bugger all. ...Precisely at the moment that Gordon's vistas are broadening as never before, to the point that he can address Congress itself with poise and confidence, the very opposite is happening to the voters who will decide his fate."
Thursday, 5 March 2009
Bank of England will have its fingers crossed as it starts printing money experiment
Telegraph
"In the autumn of 2007, Ben Bernanke, the US Federal Reserve chairman, realised things were very bad. The US central bank began to slash interest rates and to engage in what he likes to call "credit easing" - dropping newly-created Fed money into markets that had seized up. ...About a year and a half later, the Bank of England has arrived at a similar conclusion. The Old Lady is getting ready to follow with her own "quantitative easing" (QE) - but will go about it in a different way. ...It will adopt a different approach to Bernanke's. Rather than, as it were, taking to its monetary helicopter and dropping newly-printed money into distressed securities and markets, the Old Lady will buy UK government bonds and, probably, high grade corporate securities. In contrast, the Fed has reduced its holding of US Treasuries in the past year."
"In the autumn of 2007, Ben Bernanke, the US Federal Reserve chairman, realised things were very bad. The US central bank began to slash interest rates and to engage in what he likes to call "credit easing" - dropping newly-created Fed money into markets that had seized up. ...About a year and a half later, the Bank of England has arrived at a similar conclusion. The Old Lady is getting ready to follow with her own "quantitative easing" (QE) - but will go about it in a different way. ...It will adopt a different approach to Bernanke's. Rather than, as it were, taking to its monetary helicopter and dropping newly-printed money into distressed securities and markets, the Old Lady will buy UK government bonds and, probably, high grade corporate securities. In contrast, the Fed has reduced its holding of US Treasuries in the past year."
Bank of England embarks on radical plan to print money as it cuts interest rates to 0.5pc
Telegraph
"The Bank of England has slashed interest rates to the lowest level on record and pledged to pump up to £150bn of new money into the economy as it embarks on a radical new policy to fight recession."
...The sweeping move - known as quantitative easing and considered to be the "nuclear option" for central banks - was predicted, but the speed and scale of the initial investment came as a surprise. The Bank plans to fire £75bn of money into the economy over the next three months largely through the purchase of government bonds, known as gilts. The Bank is embarking on policy to prevent the UK economy - already mired in the deepest recession since the 1980s - from tipping into something worse. Despite the massive recapitalisation of the crippled banking system, unemployment is rising and consumer confidence collapsing as the crisis spreads from financial markets into the broader economy.
"Although the £75bn of quantitative easing was a bolder move than many had expected, I think that even this could prove to be insufficient," said Roger Bootle, economic adviser to Deloitte. "The Bank will probably have to do much more. And until we see firm signs that quantitative easing and other stimulus measures are working, a prolonged Japanese-style period of deflation remains a significant risk."
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COMMENT:"quantitative easing" IS devaluation by another name
"The Bank of England has slashed interest rates to the lowest level on record and pledged to pump up to £150bn of new money into the economy as it embarks on a radical new policy to fight recession."
...The sweeping move - known as quantitative easing and considered to be the "nuclear option" for central banks - was predicted, but the speed and scale of the initial investment came as a surprise. The Bank plans to fire £75bn of money into the economy over the next three months largely through the purchase of government bonds, known as gilts. The Bank is embarking on policy to prevent the UK economy - already mired in the deepest recession since the 1980s - from tipping into something worse. Despite the massive recapitalisation of the crippled banking system, unemployment is rising and consumer confidence collapsing as the crisis spreads from financial markets into the broader economy.
"Although the £75bn of quantitative easing was a bolder move than many had expected, I think that even this could prove to be insufficient," said Roger Bootle, economic adviser to Deloitte. "The Bank will probably have to do much more. And until we see firm signs that quantitative easing and other stimulus measures are working, a prolonged Japanese-style period of deflation remains a significant risk."
---------------
COMMENT:"quantitative easing" IS devaluation by another name
Wednesday, 4 March 2009
Europe’s banks face a $2 trillion dollar shortage
Telegraph
"European banks face a US dollar “funding gap” of almost $2 trillion as a result of aggressive expansion around the world and may have difficulties rolling over debts, according to a report by the Bank for International Settlements. ...British banks have borrowed some $800bn in sterling to make dollar investments and loans. By mid-2007 they had accumulated what amounted to a $300bn net “short position” on the US dollar. The latest BIS data up to the third quarter of 2008 shows that this exposure has been trimmed by “deleveraging” but it still largely hanging over the UK financial institutions."
"European banks face a US dollar “funding gap” of almost $2 trillion as a result of aggressive expansion around the world and may have difficulties rolling over debts, according to a report by the Bank for International Settlements. ...British banks have borrowed some $800bn in sterling to make dollar investments and loans. By mid-2007 they had accumulated what amounted to a $300bn net “short position” on the US dollar. The latest BIS data up to the third quarter of 2008 shows that this exposure has been trimmed by “deleveraging” but it still largely hanging over the UK financial institutions."
Tuesday, 3 March 2009
Downing St left embarrassed after President Obama scales down first meeting with Brown
Daily Mail
"After overnight protests from British diplomats, the White House agreed to allow journalists into the Oval Office later for a brief round questions with Mr Obama and Mr Brown after their talks. ....As the first EU leader to be offered a coveted invitation to the White House, Mr Brown is banking on an Obama bounce to rescue his dire poll ratings."
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Comment: Brown is sinking fast....
"After overnight protests from British diplomats, the White House agreed to allow journalists into the Oval Office later for a brief round questions with Mr Obama and Mr Brown after their talks. ....As the first EU leader to be offered a coveted invitation to the White House, Mr Brown is banking on an Obama bounce to rescue his dire poll ratings."
-------------
Comment: Brown is sinking fast....
Gordon Brown refuses to apologise over recession despite plea by Alistair Darling
Telegraph
"The Prime Minister has rejected pleas from Cabinet colleagues and will not use a speech in Washington on Wednesday to issue any sort of apology for the role he played while Chancellor in allowing banks and the City to operate unfettered. ...in direct contrast to his Chancellor, he defiantly believes that the problems were unique and were not the fault of the system he put in place and presided over while at the Treasury for a decade. ....
The Prime Minister also knows that if he admits he made mistakes he will hand a massive propaganda coup to the Conservatives."
"The Prime Minister has rejected pleas from Cabinet colleagues and will not use a speech in Washington on Wednesday to issue any sort of apology for the role he played while Chancellor in allowing banks and the City to operate unfettered. ...in direct contrast to his Chancellor, he defiantly believes that the problems were unique and were not the fault of the system he put in place and presided over while at the Treasury for a decade. ....
The Prime Minister also knows that if he admits he made mistakes he will hand a massive propaganda coup to the Conservatives."
Monday, 2 March 2009
FTSE loses billions of pounds within hours
Telegraph
The sharp decline took the FTSE 100 below the lows experienced last October as UK banks teetered on the edge of collapse and were bailed out by the Government.
It came as analysts expressed concerns about the state of the UK economy, saying the financial crisis could spill over into other industries.
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FTSE plummets to six-year low after HSBC reveals £12.5bn share sale (Daily Mail)
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Wall Street stocks hit 12-year low as insurer AIG unveils £43.8bn loss... the biggest quarterly loss in U.S. history (Daily Mail)
----------------------------
World stocks tumble on AIG's $61.7bn loss (Independent)
The sharp decline took the FTSE 100 below the lows experienced last October as UK banks teetered on the edge of collapse and were bailed out by the Government.
It came as analysts expressed concerns about the state of the UK economy, saying the financial crisis could spill over into other industries.
----------------------------
FTSE plummets to six-year low after HSBC reveals £12.5bn share sale (Daily Mail)
----------------------------
Wall Street stocks hit 12-year low as insurer AIG unveils £43.8bn loss... the biggest quarterly loss in U.S. history (Daily Mail)
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World stocks tumble on AIG's $61.7bn loss (Independent)
Sunday, 1 March 2009
Alistair Darling's debt-defying stunt
Telegraph
"The Government is desperately hoping that the Asset Protection Scheme will prove to be the silver bullet that ends the financial crisis and gets banks lending again. It is the culmination of more than a year's worth of state interventions that began with Northern Rock, gathered pace with last April's £200bn Bank of England special liquidity scheme and appeared to end with the £50bn recapitalisation programme in October, which came with £250bn of loan guarantees for good measure. Despite the £500bn scale of the bail-out, it wasn't the silver bullet. ...Sandy Chen, banks analyst at Panmure Gordon, is sceptical about such a philosophy. "You could build enough wind turbines for the whole of the UK for £325bn," he says. "Wouldn't it be better to give people free power than rescuing RBS?" Mr Chen is an advocate of hard love. Britain is over-indebted and assets overpriced, he says, and the only remedy is a nasty crash. The Government, though, takes a different view."
"The Government is desperately hoping that the Asset Protection Scheme will prove to be the silver bullet that ends the financial crisis and gets banks lending again. It is the culmination of more than a year's worth of state interventions that began with Northern Rock, gathered pace with last April's £200bn Bank of England special liquidity scheme and appeared to end with the £50bn recapitalisation programme in October, which came with £250bn of loan guarantees for good measure. Despite the £500bn scale of the bail-out, it wasn't the silver bullet. ...Sandy Chen, banks analyst at Panmure Gordon, is sceptical about such a philosophy. "You could build enough wind turbines for the whole of the UK for £325bn," he says. "Wouldn't it be better to give people free power than rescuing RBS?" Mr Chen is an advocate of hard love. Britain is over-indebted and assets overpriced, he says, and the only remedy is a nasty crash. The Government, though, takes a different view."
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