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Its very rare for someone in his position to give such an honest opinion, and it justifies what many here on ATS have been saying for a long time now.
Sir Mervyn King expressed fears that Britain is in the grip of the world's worst ever financial crisis after the Bank of England announced it was injecting £75bn into the ailing economy. The Bank's governor said the UK was suffering from a 1930s-style shortage of money and needed a second dose of quantitative easing to boost demand and prevent inflation falling too low.
reply to post by CaptChaos
This is the farthest thing from an honest opinion, seeing as the BoE is basically the head of the Hydra that has CREATED the whole situation.
This is undoubtedly the biggest financial crisis the world has ever faced and it has continued now for four years.
I do not know when it will come to an end. What I do know is that in order for it come to an end we have to find a way for imbalances to unwind, for the debts to be repaid and for the countries that need to repay debt to other countries to be able to export their way out of difficulty.