I started this blog in June 2007 asking these questions: Are we in a massive asset bubble that will blow up in our faces ??? - ANSWERED YES ! Is western and particularly British society on the verge of social collapse??? What are the best common sense long term investment strategies to keep you rich? When will consumption/debt bubble economics end and a real savings/production economy begin ???

Saturday, 27 December 2008

We knew about the 'crazy' mortgages, but Bank of England admits it failed to grasp scale of crisis

He admitted there is a risk that billions of pounds will be lost by the two embattled banks.

Perhaps more worrying, he said the bank's base interest rate, recently slashed in an attempt to kickstart borrowing, was a 'blunt instrument' - and new tools were needed to help steer Britain through the crisis.

New 'policy instruments' were being discussed, which would 'make it expensive for banks to expand rapidly in the upswing', he said.


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