We have published a few cautionary posts on this blog over the years, but today's interest-rate cut speaks as eloquently as anything. We are in Big Trouble.
Industrial companies that had not really seen too much to worry them by mid year are now seeing an absolute bloodbath ahead. Watch for long shut-downs over the Christmas break, that extend to weeks and then longer.
A collapse in confidence may start as a matter of 'sentiment', but it rapidly becomes as tangible as can be. This has clearly been communicated to the Committee, and 150 bps is what we see as a result.
For how much longer can Gordon Brown keep whistling his ridiculous 'we are best-placed' tune in the gathering dark ?
ND
This is so stupid, I think for a change I shall subscribe to the conspiracy theory:
ReplyDelete1. Banks won't pass on cuts, that's a simple question of economics and experience. They will get richer again.
2. Politicians will have somebody to blame. Even though they've just enlarged their own powers and robbed the taxpayer by subsidising banks.
3. In a couple of years' time The Goblin King will join his old mate Tony Bliar on the lecture circuit, collecting £150,000 per speech, 'sponsored' by various banks, consultants etc.
The failure to pass on rate cuts is surely partly a function of the increase in capital adequacy and reduced competition engineered by our great leaders?
ReplyDeleteIt's not PM Brown's fault. It's largely the fault of that ass who was Blair's Chancellor.
ReplyDeleteNick,
ReplyDeleteI just clicked on the 'reach out to a capitalist' link to try and send you an email, and it aint working!
I wanted to pick your brains about where to get free information on the eneregy market, historical wholesale prices, idiots guides etc.
Any ideas?
Steven - don't know about the email (not the administrator meself)
ReplyDeletethe classic place to find energy stuff is BP, here
Also the IEA
Also the EIA (confusing, huh)
Also the CIA (yup, seriously)
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