Bank of England deputy governor Rachel Lomax yesterday signalled a willingness to cut UK interest rates further to try to counter a painful slowdown in economic growth, but only if people's expectations of future inflation remained anchored.What on earth does she mean by "anchored"?
"... a temporary spike in inflation did not necessarily mean that members of the Bank's Monetary Policy Committee needed "to tolerate a significant weakening in demand"Temporary! Who does she think she's kidding? Money supply growth is out of control, and not only in the UK.
And now there are rumours about another bank:
Jitters return to the banking sectors amid rumours of an emergency Bank of England meeting with one of the clearing banks in troubleEnough of this fiat money nonsense. Why should imprudent borrowers be bailed out by stealing from your granny's savings? We need a commodity based monetary system and we need it now.