|
Post by jeffolie on Dec 20, 2007 17:33:11 GMT -6
YESTERDAY WE LEARNED that the British government's guarantee to bail out Northern Rock’s creditors is worth a staggering £100 billion. That's £5,000 [$10,000] per British household. This week the European Central Bank made $500 billion available through money market operations. And only last week $110bn of new money was created by central bank loans with artificially low rates and reduced-quality security. This is money creation on an epic scale. In spite of this the monetary authorities are racing to issue more money, and economists are clamouring for cuts in interest rates. They're caught 'twixt the devil and the deep blue sea, because although they could address these serious inflationary indicators, doing so risks the revenge of a giant economic threat - a rout in the housing market. And that would mean depression. www.financialsense.com/fsu/editorials/tustain/2007/1220.html
|
|
|
Post by unlawflcombatnt on Dec 21, 2007 6:17:19 GMT -6
YESTERDAY WE LEARNED that the British government's guarantee to bail out Northern Rock’s creditors is worth a staggering £100 billion. £100 billion = about $200 billion in US dollars. Given US GDP is 5.5X times that of Britain, thats the equivalent of about $1.1 trillion in US dollars. Talk about massive Corporate Welfare and Corporate Socialism. If this number is correct, the British have really taken the cake on taxpayer-funded giveaways to rich banks and investors.
|
|