The Bank of England is concerned that the UK's banking system is heading for a third wave of crisis that could snuff out fragile signs of recovery in the economy.
On Thursday the Bank surprised the City by announcing that it would pump an extra £50bn of new money into the economy despite recent stockmarket rallies.
Now the Guardian has learned that this increase in quantitative easing was driven by fears in Threadneedle Street that the credit crunch is still sucking the life out of the British economy and the banking sector remains in deep trouble.
Hmmm ... and yet, when I speak to friends of mine running still profitable and still successful businesses, they say they have no trouble whatsoever getting credit. In fact, one of them told me he was getting a bit irritated by the enthusiasm with which people were offering him loans.
Could it be that things are, in fact, more or less as they should be with good business having no trouble getting credit and useless tossers not getting free money for half-arsed ideas? Could it be that prudent individuals with money in the bank and a good credit history will have no problem getting their hands on mortgages, albeit not on crazy terms?
Could it be that this is just a bit of a smokescreen?
3 comments:
Not enough votes for Gordy in people running successful businesses, are there?
Not his natural constituency either.
Thing is where do you get the "truth". under new labia truth is whatever they want it to be.
I wouldn't be surprised if Gordoom and those behind the NWO and one world religion are using it to further their own ends. They want us to believe that particular scenario is the only one that will "Save the World." What's sad is that some people actually believe them!
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