Well nothing left now for them.
The Bank of England has cut interest rates to 1.5%, the lowest level in its 315-year history, as it continues efforts to aid an economic
recovery.
Shares were broadly unchanged following the Bank decision, with the FTSE 100 index down 85 points or 1.9% to 4,423 in early afternoon trading.
BBC
Such a cut was always followed by a huge Rally on the markets not a drop, and this is indicative of the problems.
With the Pound Faltering as a stable Currency, soon to be on parity with the Euro.
No Gold to Back it up or sell.
This will further devalue the pound over time until the Euro becomes a necessity.
The lenders have already stopped passing on any interest rate cuts on Secured Loans as shown by the Nationwide recently.
A further cut would devalue the Pound to levels not seen before in British History.
Investment is fleeing the UK market as the return on any investments is now lower than inflation even with the down turn, reducing its run away
direction 24 months ago to around 12 months ago.
One thing left, start printing more queens heads on paper which are becoming quickly as valuable as Postage Stamps rather than a currency.
Depression, followed by Stagflation followed by Hyperinflation if and when any recovery is made.
Lets put this in context
1694
Only 7 yrs had passed since Newton had published about Light, motion and gravity!
About I think 110 yrs before a French man named La Salle claimed the whole Missisipi river for France.
The Industrial revolution had not Stared yet!
Voltaire was born.
Not for another 60 odd years was the Common land status of the entire of the UK stopped under the "Enclosure Act" up until that time Land not owned
by a sort of feudal system was "Common" land to all in the UK to use for their wish... so basically Private Ownership and Land Registry of land had
not started !!! for another 60 Years!!!!!
No Sub prime Then!
America was still a British Colony!!!!
The war of independence did not start for another 79 years!!!
The French revolution did not happen for nearly another 100 years!!
Australia had been docked in in 1605 by mmmmm Jenzoon??? prob bad spelling but he never went onto land... Australia was still practically a untouched
and unclaimed Country.
Napoleon was not born for another 75 Years!!!! he was still a twinkle in Great Grandads eyes.
All textiles and clothes worldwide were produced by hand, except basic looms.
Iron was not smelted with coke for I think another 10 yrs or soo...!!!!
Factories had never been built never mind conceived for another 50 odd years in Northern England!!!!
No Steam Trains had been built, as steam engines were not safe or practical.
No Metal Bridges existed anywhere in the world for another 85 yrs when one was built in the UK in 1779.
All Bridges were Wood!
Britain was in a Civil war only 30 years earlier with the new Model Army Charles and Cromwell
So we have to accept where we are, the oldest Bank of such a type in the world the Bank Of England has put rates at there lowest levels since it's
inception,
Before Western Man was even industrialised.
The Have made a decision today in 2009 to put Rates of borrowing and return on savings never before contemplated, even before the first factory was
opened,
Before any metal bridges,
When most of the world was still monarchies and Feudal,
Before real Land Ownership except by the Kings and Queens,
Before Steam or any other type of Engine of any workable practical worth.
When America was still a colony and all that has happened in world history since then.
My God only a generation before 1694 Plague was still rampant in the UK and we did not have a sewarage system or clean water, still drinking out of
wells sleeping with Rats on stray bales... well the average man.
Two World Wars,
Rationing,
Collapse of the Gold Standard,
The Russian revolution,
Many huge depressions,
The Raj and its Collapse none of this merited such a move.....
Yet its still just called a "Downturn" lol.....,
and many still think it is ok
Yep too right a downturn to the Middle ages almost.
Wake Up
Kind Regards,
Elf
Edit for spelling [1] [2] Title 21.33 08.01.08
[edit on 8-1-2009 by MischeviousElf]