Mervyn Kings Confidence

#1
The Bank of England has cut interest rates to 0.5% - a fresh all-time low - and says it will now boost the money supply to help revive the economy.

Interest rates have now been reduced six times since October, and the latest cut from February's 1% was expected.

The Bank said it would expand the amount of money in the system by £75bn - a policy called quantitative easing - in an attempt to boost bank lending.

Bank Governor Mervyn King said the policy would "eventually work".

"Nothing in life is ever certain, but these measures we think will work in the long-term," he said.

"I don't know how long it will take, much depends on the situation in the rest of the world. But if countries work together, these measures will I believe eventually work."
http://news.bbc.co.uk/1/hi/business/7925620.stm

He could do with sounding a tad more confident on this one!!
 
#2
Do you want the truth or a lolly pop? I've heard the guy give speeches and statements and I'm more inclined to believe him because he tells it straight.
 
#4
tattybadger said:
The markets need confidence. If he's confident then it will have a positive effect.
I think he was talking to the people - the market is in no state to judge. I just wish I had £10,000 handy to put in the FTSE - I could make a mint over the next ten years because of those headless chickens :D
 
#5
parapauk said:
tattybadger said:
The markets need confidence. If he's confident then it will have a positive effect.
I think he was talking to the people - the market is in no state to judge. I just wish I had £10,000 handy to put in the FTSE - I could make a mint over the next ten years because of those headless chickens :D
Agreed , but delighted that my mortgage rate is heading in the right direction. Just waiting for a few more products to come on the market. :D
 
#6
parapauk said:
tattybadger said:
The markets need confidence. If he's confident then it will have a positive effect.
I think he was talking to the people - the market is in no state to judge. I just wish I had £10,000 handy to put in the FTSE - I could make a mint over the next ten years because of those headless chickens :D
I have and fully intend to invest more this year and wait it out for about 10 years and make a killing :D
 
#7
tattybadger said:
The markets need confidence. If he's confident then it will have a positive effect.
People who sounded confident got us into this mess in the first place.

Anybody sensible will realise we're in uncharted waters and there's no magic pixie-dust to be sprinkled: anybody who needs a loud, confident voice telling them, "There, there" regardless of accuracy deserves everything they get. Just a pity the stupid buggers have dragged the rest of us down with them when getting their well-deserved comeuppance!
 
#8
I seem to remember other countries printing money,to get themselves out of the shite,Germany and,Zimbabwe are two that spring to mind?

Having said that,it wasn't called quantitive easing then,and it's never been done in this country before! :roll:

Thank F**k,I've got a tin hat! :wink:
 
#9
parapauk said:
Do you want the truth or a lolly pop? I've heard the guy give speeches and statements and I'm more inclined to believe him because he tells it straight.
Give me he truth please!

This man, King, is as incompetent and as 'guilty' for the nation's problems, as the 'clown' now masquerading as prime minister! They are both disconnected from the 'real world'.

Anyone want to know the financial difference between GB and Nicaragua?

Answer: You can trust the Quetzal and the Bank of Nicaragua.
 
#10
RoofRat said:
I seem to remember other countries printing money,to get themselves out of the shite,Germany and,Zimbabwe are two that spring to mind?

Having said that,it wasn't called quantitive easing then,and it's never been done in this country before! :roll:

Thank F**k,I've got a tin hat! :wink:
The difference is that using this system the BoE can remove the money when things get back to normal - they simply sell the assets they are buying now for printed money for cash and then burn the cash. In German and Zimbabwe they let the money out 'into the wild', and had no way to get it back.
 

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