Another £50bn...

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/8187360.stm

The Bank of England's rate-setters have decided to pump another £50bn of new money into the economy in their programme of quantitative easing.

They have spent £125bn so far in their attempts to stimulate the economy by putting more money into circulation.

Bank of England governor Mervyn King had to ask the chancellor's permission to extend the programme beyond £150bn.

The rate-setters also decided to keep interest rates unchanged at their historic low of 0.5% for a sixth month.


I love this brilliant New Labour economy.

We don't make anything, all our service industries are going east, but hey, we just print money and the recession is over.

 

[TimberWolf]

How much is that as a proportion of all the money in circulation?

 

[TimberWolf]

Anyway £175,000,000,000 is about £3000 each. Boomed.

 

[Bright Spark]

Cheers gordon, I've just made a nice packet shorting the GBP/USD, will
have an extra spliff tonight thanks to your handiwork .

 

[TimberWolf]

Cheers gordon, I've just made a nice packet shorting the GBP/USD, will
have an extra spliff tonight thanks to your handiwork .

Can you translate that please? You bet against the pound rising in the short term?

 

[Bright Spark]

Can you translate that please? You bet against the pound rising in the short term?

No betted it against falling as in recent days it went up quite high was due
for a retracement down, but this news dropped it from 1.7030 to 1.6830 in
a matter of minutes, my sell order kicked in at 1.7010 and sold the position
at 1.6856

 

[sasguru]

No betted it against falling as in recent days it went up quite high was due
for a retracement down, but this news dropped it from 1.7030 to 1.6830 in
a matter of minutes, my sell order kicked in at 1.7010 and sold the position
at 1.6856

Nice work. Was thinking of doing something similar. Too late.