posted on Jun, 17 2009 @ 03:34 PM
The Governor of the Bank of England has said there were signs the economy was picking up but warned the recovery could be "protracted".
Mervyn King said more capital might be needed to boost the banking system during the annual Mansion House dinner.
He said the major lesson of the finance crisis was that authorities lacked the means to take effective action.
At the same event the Chancellor said he had no plans to fundamentally change the oversight of finance firms.
This came in contrast to plans unveiled earlier on Wednesday by US President Barack Obama, which involved the most significant reform of finance
regulation since the Depression.
Mr King questioned how the central bank would be able to implement its new legal powers to promote financial stability.
"It is not entirely clear how the Bank will be able to discharge its new statutory responsibility," he said.
Ok, let's read between the lines here.
Remember last year when the recession and economic trouble was starting?
Banks, governments and all their shills were telling the world that there is a slight problem, perhaps a few bumps in the road but nothing to worry
As the problems grew they kept reassuring all was to be ok, recession will be short, yada yada.
Finally around January of this year they started publicly admitting, albeit slowly; that things were bad.
So read the article again but read it as if this was last year. Once done reading it, pretend we are back in January/Feb.
No matter how they try to spin this stuff, it is all getting worse. They really are trying to hold on and keep people calm. Amazing stuff really.
The question remains: will this be a slow protracted crumble or will it one day just topple over faster than you can count to 10?