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Previously on "Government is now propping up the credit bubble"
Except this time the rate has been reduced to base rate (cheap borrowing for NR) and the BoE has underwritten all possible losses for the customers without limit. This has never happened before.
its not bakced by physical gold so basically the sterling is not even worth the paper its written on. you will soon discover this.
BTW the gold price is exploding currently
Except this time the rate has been reduced to base rate (cheap borrowing for NR) and the BoE has underwritten all possible losses for the customers without limit. This has never happened before.
There is nothing new in this, the BoE has always had the borrower of last resort role.
Except this time the rate has been reduced to base rate (cheap borrowing for NR) and the BoE has underwritten all possible losses for the customers without limit. This has never happened before.
The government has completely underwritten NR. This precedent is dangerous. Bankers like to take big risks to make big gains, but that risk taking is always tempered with the thought of bringing the bank down.
If BOE underwrite NR customers, it means the NR bankers can speculate wildly on the markets, chasing the biggest profits regardless of risk, since if it all goes tits-up, the BOE will pay all the depositors of the bank.
The bubble will now go super nova. Time to buy some more property, the BOE has underwritten all the risks.
Madness New Labour style.
There is nothing new in this, the BoE has always had the borrower of last resort role.
I think we should get that nice Mugabe chap in to sort these things out, he understands how economies work.
Actually they will probably use the same recipe as mugabe, inflation, to sort it all.
Greenspan sees 10% inflation at least for the USD for the followign years.
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