The UK telegraph reports that-
The world is facing the worst financial crisis since at least the 1930s “if not ever”, the Governor of the Bank of England said last night.
Yep, but that’s not really news to most of us who can do maths and have been watching socialism take us to a living standard that was unaffordable because the money needed to sustain it really didn’t exist.
And what is the Governor’s solution to the problem? He’s printing even more worthless paper.
Sir Mervyn King was speaking after the decision by the Bank’s Monetary Policy Committee to put £75billion of newly created money into the economy in a desperate effort to stave off a new credit crisis and a UK recession.
As usual, the left wing media is busy printing the nonsense that this is a failure of capitalism. Yeah sure, capitalism has always worked assiduously to engineer its own death.
The anti-capitalist left are behind this. Its what they’ve been working for for decades, and they’ve been ably assisted by left wing cronyists posing as capitalists. (GE’s Jeffrey Immelt for example) This disaster is down to the left who have always wanted a societal collapse so they can use the resulting disarray to seize power. Its the way they have operated throughout history.
BTW, how’s that $300 million a week borrowing commitment looking Bill?
TrueblueNZ 
9 responses to “Governor of Bank of England- World facing worst financial crisis since at least the 1930s “if not ever””
When you do the “too big to fail” bailouts, you create a huge moral hazard because the Institutions go straight back to massive geared derivative plays. I guarantee you GS would market make swaps on pork belly futures and the price of camels in Kandahar and gear them 30:1 if asked.
Ban derivative gearing, (not derivatives), and the naked short and the problem gets fixed rapidly.
Remember no-one has a clue what counterparty $ exposure supposedly solvent Western banks have .
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Sika, at the root of this is government overspending, printing money, and colluding with left wing cronyists posing as capitalists. Whatever regulation you perceive as necessary in share trading, it is a million light years down the track from the real problem, socialism and socialists, and short sighted uninformed fools electing big government building socialist politicians to power.
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Printing money helps do something very dear to leftist hearts–it destroys the middle class.
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Damn right.
Drives down the value of assets and reduces the value of any cash you have.
The perfect communist pincer movement.
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Guess we disagree again Red, the 2008 GFC wasn’t caused by Western Fabian govt debt, it was caused by geared derivatives.
Yeah, I hear you say…. the cause was the US Congress mandating loans to dead beat borrowers against all prudential banking standards, via the Community Reinvestment Act.
Sure, but govt debt played little part, in my opinion.
Tho the US is Alice in Wonderland stuff for an antipodean….
They actually have qangos, Fannie Fay, Freddie Mac that carry most of the housing mortgage debt in the US…….dunno how you get any more socialised than that.
A govt department actually writes housing loans?
A Twilight Zone.
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(F)May
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“the left wing media is busy printing the nonsense that this is a failure of capitalism”
Of course, it’s the triumph of Keynes……a proper little comrade.
The Bernanke got the name “Helicopter Ben” because , as the Fed Chairman and an obsessive Keynesian, his fix for anything is drop money from helicopters, there’s no such thing as too much liquidity.
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