Guido Fawkes
"Those dangerous radicals at SAGA, the retirees organisation, are describing QE as a “Titanic Disaster“,
“QE2 will damage pensions, impoverish pensioners and ultimately risk another crash. Inflation depletes spending power. It does not create growth. This inflation has undermined confidence and caused consumers to retrench, which has actually weakened the economy. The authorities must take heed of these dangers before it’s too late.”
The Monetary Policy Committee is simply no longer even trying to contain inflation, the Federal Reserve in Washington and the Bank of England in London are, in concert with their respective treasuries, deliberately letting inflation go to solve the government debt crisis on the backs of pensioners and prudent savers. ......In government and at the Chancellor’s behest we are seeing the printing of money on a scale never seen before, inflation is uncontrolled, spending is rising, debt is being encouraged to rise. The Chancellor plans to facilitate more private borrowing from the Treasury by poor corporate credit risks and the Bank of England now holds on its books a third of all the government debt outstanding with no credible plan to unwind the hundreds of billions in QE driven government gilt purchases. Sound money? What a joke."
Saturday, 8 October 2011
Friday, 7 October 2011
People too lazy to register being denied the vote? Why, it's simply outrageous!
Telegraph
"All the Government is asking is that citizens go to the trouble of filling in a piece of paper. Is that really too much to ask? A citizen has obligations towards his country, something I would have thought all those citizenship classes would have impressed on people. If he or she cannot even be bothered to carry out such a meagre obligation, should he expect to vote?
Harriet Harman has pointed out that the proposal is "going to push people off the electoral register – deny them their vote, deny them their voice. The numbers are going to be huge.”
But no one is denying anyone’s right to vote – they are only asking the very minimum of civic participation.
Yes, Labour will lose out, but if they rely on people who have no civic sense of responsibility, or who cannot understand English, or who don’t exist, then one has to question their mandate. Besides which, it’s strange that the party of women’s liberation is so keen for heads of households, the vast majority men, to fill in these forms – I wonder why that is?"
"All the Government is asking is that citizens go to the trouble of filling in a piece of paper. Is that really too much to ask? A citizen has obligations towards his country, something I would have thought all those citizenship classes would have impressed on people. If he or she cannot even be bothered to carry out such a meagre obligation, should he expect to vote?
Harriet Harman has pointed out that the proposal is "going to push people off the electoral register – deny them their vote, deny them their voice. The numbers are going to be huge.”
But no one is denying anyone’s right to vote – they are only asking the very minimum of civic participation.
Yes, Labour will lose out, but if they rely on people who have no civic sense of responsibility, or who cannot understand English, or who don’t exist, then one has to question their mandate. Besides which, it’s strange that the party of women’s liberation is so keen for heads of households, the vast majority men, to fill in these forms – I wonder why that is?"
QE is a disaster
Douglas Carswell
"Yesterday the Bank of England announced plans to "inject £75 billion into the economy".
Today the sort of "experts" who tanked the banks and landed us in this mess speak of the need for a further £500 billion. Indeed, many of the bankers cheering on this next round of QE stand to gain directly from it.This is a disaster. People will look back at this approach one day and wonder how on earth it was ever seen as a good idea.Printing more money will not create wealth.It will erode savings, punish those who do the right thing and seriously harm the productive sectors of the economy. It will disincentive savings - and not allow the increase in savings ratios needed to build up real credit.The bill for printing this extra £75 billion will be paid by my constituents through higher shopping bills, the diminished purchasing power of their pensions, and reduced savings. So much of this strategy - printing money, low interest rates, rationing credit - is a continuation of the kind of Treasury policy we had under Alistair Darling. We need a different approach.
"Yesterday the Bank of England announced plans to "inject £75 billion into the economy".
Today the sort of "experts" who tanked the banks and landed us in this mess speak of the need for a further £500 billion. Indeed, many of the bankers cheering on this next round of QE stand to gain directly from it.This is a disaster. People will look back at this approach one day and wonder how on earth it was ever seen as a good idea.Printing more money will not create wealth.It will erode savings, punish those who do the right thing and seriously harm the productive sectors of the economy. It will disincentive savings - and not allow the increase in savings ratios needed to build up real credit.The bill for printing this extra £75 billion will be paid by my constituents through higher shopping bills, the diminished purchasing power of their pensions, and reduced savings. So much of this strategy - printing money, low interest rates, rationing credit - is a continuation of the kind of Treasury policy we had under Alistair Darling. We need a different approach.
FACT CHECK: Obama claims miss some evidence
Yahoo News /AP
"WASHINGTON (AP) — Are President Barack Obama's ideas for job creation really bipartisan as he claims? Not when the means for paying for them are put in the equation. The president dodged various facts and and left some evidence in the dust in his latest challenge to Republicans to get behind his jobs program or offer a real alternative. A look at some of the claims in his fast-paced news conference and how they compare with the facts:......"
"WASHINGTON (AP) — Are President Barack Obama's ideas for job creation really bipartisan as he claims? Not when the means for paying for them are put in the equation. The president dodged various facts and and left some evidence in the dust in his latest challenge to Republicans to get behind his jobs program or offer a real alternative. A look at some of the claims in his fast-paced news conference and how they compare with the facts:......"
Confidence in UK banking system rocked as agency downgrades 12 bank and building society credit ratings
Daily Mail
Decision will make it harder for banks to borrow and loan
Doubts over Government support behind move
Fears state-controlled RBS requires new bailout
Osborne says Government has 'credible plan' to weather 'growing global debt storm'
Decision will make it harder for banks to borrow and loan
Doubts over Government support behind move
Fears state-controlled RBS requires new bailout
Osborne says Government has 'credible plan' to weather 'growing global debt storm'
A triple blow to squeezed middle: As Bank chief warns of worst-ever crisis, he pumps £75bn into economy
Daily Mail
Move seen as last-ditch bid to stave off new recession
Interest rates held at record low of 0.5%
Bank considered shock drop in interest rates to 0.25%
Household expenditure falls rapidly
Move seen as last-ditch bid to stave off new recession
Interest rates held at record low of 0.5%
Bank considered shock drop in interest rates to 0.25%
Household expenditure falls rapidly
So is this Plan B? £75billion round of money printing is right weapon to shore up our economy, says Osborne
Daily Mail
"The Bank said the latest bout of money printing will take four months to complete but added that ‘the scale of the programme will be kept under review’ – a hint that it may do even more next year. It is thought that as much as £300billion could be printed this time around – taking the total to an eventual £500billion.
Conservative MEP Daniel Hannan said: ‘Nothing new will be manufactured, invented or developed as the result of this monetary splurge, no services offered, no businesses founded. ‘Rather, the money already in circulation – the money in your bank account, in your purse, under your mattress – will be worth less.’
"The Bank said the latest bout of money printing will take four months to complete but added that ‘the scale of the programme will be kept under review’ – a hint that it may do even more next year. It is thought that as much as £300billion could be printed this time around – taking the total to an eventual £500billion.
Conservative MEP Daniel Hannan said: ‘Nothing new will be manufactured, invented or developed as the result of this monetary splurge, no services offered, no businesses founded. ‘Rather, the money already in circulation – the money in your bank account, in your purse, under your mattress – will be worth less.’
Thursday, 6 October 2011
Bank of England surprises with stimulus
Herald Sun (Australia)
"THE Bank of England has surprised markets by announcing that it will spend another $120 billion in an attempt to stimulate a struggling British economy, moving a month earlier than many in the markets expected. .......The pound slumped following the statement. Soon after, it was trading 1.1 per cent lower at $US1.5293."
"THE Bank of England has surprised markets by announcing that it will spend another $120 billion in an attempt to stimulate a struggling British economy, moving a month earlier than many in the markets expected. .......The pound slumped following the statement. Soon after, it was trading 1.1 per cent lower at $US1.5293."
Mervyn King on quantitative easing: why this time will be different
Telegraph: Video
"The Governor of the Bank of England says the challenge facing the world economy is greater now than during the credit crunch."
ED: So we are going to devalue the pound even more and rob any savers?
"The Governor of the Bank of England says the challenge facing the world economy is greater now than during the credit crunch."
ED: So we are going to devalue the pound even more and rob any savers?
Bank of England Launch Another £75bn QE Splurge
Guido Fawkes
"Though interest rates stay at 0.5%, the Bank of England is to print further £1,000 of unsound money for every man woman and child in Britain. On top of the £200bn they have already thrown up into the wind, the Quantitative Easing total is now £4,500 each."
"Though interest rates stay at 0.5%, the Bank of England is to print further £1,000 of unsound money for every man woman and child in Britain. On top of the £200bn they have already thrown up into the wind, the Quantitative Easing total is now £4,500 each."
Sunday, 2 October 2011
Freedom of speech is dead in Australia
Telegraph,James Delingpole
"For my money probably the best political blogger in the world is Australia's Andrew Bolt. He was one of the first journalists onto Climategate (he got there before me) and his takedown earlier this year on his radio show of an EU Climate Commissioner spouting nonsense was magisterial. But he's by no means a single issue commentator: he has strength in depth. His war, like mine, is against those who would constrain our liberty by imposing on us more tax, more regulation, more control. He's firm but fair: one of the good guys.
This is why we should all worry greatly about the latest bizarre ruling from the Australian federal court, which has found Bolt in breach of the Racial Discrimination Act."
"For my money probably the best political blogger in the world is Australia's Andrew Bolt. He was one of the first journalists onto Climategate (he got there before me) and his takedown earlier this year on his radio show of an EU Climate Commissioner spouting nonsense was magisterial. But he's by no means a single issue commentator: he has strength in depth. His war, like mine, is against those who would constrain our liberty by imposing on us more tax, more regulation, more control. He's firm but fair: one of the good guys.
This is why we should all worry greatly about the latest bizarre ruling from the Australian federal court, which has found Bolt in breach of the Racial Discrimination Act."
Saturday, 1 October 2011
The EU dream has turned into a nightmare
Christopher Booker,Telegraph
"The truth about the euro project is that it was always based on a colossal act of make-believe, launched in defiance of all economic and political reality. And as history and storytelling have shown us again and again, when human beings, individually or collectively, attempt to act out a fantasy, there is a very clear and identifiable pattern to what follows. "
"The truth about the euro project is that it was always based on a colossal act of make-believe, launched in defiance of all economic and political reality. And as history and storytelling have shown us again and again, when human beings, individually or collectively, attempt to act out a fantasy, there is a very clear and identifiable pattern to what follows. "
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