Topic: | Re:Re:Re:Re:Re:Re:Re:Time to raise interest rates? | |
Posted by: | Tom Pike | |
Date/Time: | 25/03/09 17:51:00 |
Elliot, Norway has a sharply devalued currency, and is propping up the banks and chopping interest rates. At least it's still got huge oil revenues. Canada is in even deeper trouble, with unemployment higher than the UK and falling GDP. There the Conservatives have just announced a massive stimulus package. Any other countries off the top of your head that have avoided the downturn? Malcolm's right, the blame lies squarely with the banks in particular and with lightly regulated capitalism in general - Enron was just a foretaste of the scale of failure. When there was general market deregulation starting more than twenty years ago nobody expected the banks to be so reckless to the point of self destruction - after all the market was supposed to know best. It's easy now to say Blair or Brown should have reined the banks in, though nobody to the right of them recommended such action at the time, as Cameron has at least admitted. Given the sector you're in, I suggest taking the plank out of your eye... |