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The economy will take longer to recover from this recession than it did in previous economic slumps and it will take “several years” before banks are lending normally to households and businesses, Mr King said.
The downbeat message came as the Bank disclosed that it was likely to keep interest rates low for far longer than experts had predicted as Britain shakes off the effects of the downturn.....
.....“We’ve been through an extraordinary financial crisis,” he said.
“One doesn’t need to ask questions about 'the worst since when’ since it may be hard to find any period in which it was actually worse.”
As anticipated by LEAP/E2020 as early as October 2008, on the eve of summer 2009, the question of the US and UK capacity to finance their unbridled public deficits has become the central question of international debates, thus paving the way for these two countries to default on their debt by the end of this summer.
At this stage of the global systemic crisis’ process of development, contrary to the dominant political and media stance today, the LEAP/E2020 team does not foresee any economic upsurge after summer 2009 (nor in the following 12 months)
On the contrary, because the origins of the crisis remain unaddressed, we estimate that the summer 2009 will be marked by the converging of three very destructive « rogue waves »
1. Wave of massive unemployment: Three different dates of impact according to the countries in America, Europe, Asia, the Middle East and Africa
2. Wave of serial corporate bankruptcies: companies, banks, housing, states, counties, towns
3. Wave of terminal crisis for the US Dollar, US T-Bond and GBP, and the return of inflation
Originally posted by Rockpuck
The British economy is in a state near depression .. as is France. Both economies right now are experiencing rebounds in GDP numbers due to government spending, very much like the US.
In the nation known as Whodunnitville,
“Recovery” was the word sung out loud,
Yet all through the Hoovervilles,
The people lived under a cloud.
Others were smiling, cajoling in sin,
In houses like Goldman, and Morgan again,
The Whodummies bought the story,
That all was okay,
But reality was but one Commerce report away.
The ports seemed quite busy,
But empties were abound,
As little came in and even less exported it was found.
When all was said and done they would see,
The Whodummies were duped by those at Citi,
And life would be sad as Christmas came soon,
As the shelves would be empty as a deflating balloon.
The Grinch was back for a return show,
Much like a prediction of Cramer would blow,
Yet the future is blind to those who think not,
Because Christmas is for banksters you silly snot.