Hats off to Sir Mervyn King of the U.K. The first major politician to say: Yes folks, we're all fubared. The rest of the pols have all been hiding behind the Ministries of Disinformation long enough and it takes true guts to come out of the closet like the good Sir and tell it like it is. He's also giving us the possibility of no pensions and no savings. I'll repeat that: No pensions and no savings. I would add healthcare might be in jeopardy. You start pouring meaningless paper into a tanked economy and it might slow the fubar for a month or three but we are all facing the black chasm. No one is spared. Even up here in smug old Canada.
I love how he advises us all "to do the right thing".
As if the unregulated wankers who got us into this mess to begin with ever did or ever will.
World facing worst financial crisis in history, Bank of England Governor says
"The world is facing the worst financial crisis since at least the 1930s “if not ever”, the Governor of the Bank of England said last night.
Sir Mervyn said the Bank had been driven by growing signs of a global economic disaster.
Sir Mervyn King was speaking after the decision by the Bank’s Monetary Policy Committee to put £75billion of newly created money into the economy in a desperate effort to stave off a new credit crisis and a UK recession.
Economists said the Bank’s decision to resume its quantitative easing [QE], or asset purchase programme, showed it was increasingly fearful for the economy, and predicted more such moves ahead.
Sir Mervyn said the Bank had been driven by growing signs of a global economic disaster.
“This is the most serious financial crisis we’ve seen, at least since the 1930s, if not ever. We’re having to deal with very unusual circumstances, but to act calmly to this and to do the right thing.”
Read more here.
What does that word "fubarred" mean?
ReplyDeletei had to look it up myself and yes we are http://www.urbandictionary.com/define.php?term=fubared
ReplyDeleteThanks Frances and CC, I've been using the term for years but did not realize it was not in general use.
ReplyDeleteI have corrected the post to source the word.
XO
WWW
This sounds to me like the Weimar Republic's catastrophic solution to its monetary troubles.
ReplyDeleteBang on GFB, but much, much worse economically, though I do believe most are asleep and have been for years.
ReplyDeleteXO
WWW
It's all getting pretty scary. And depressing because there's f-all we ordinary folk can do about it. But if everyone who's been repossessed joins the encampment at Wall Street that would have quite an impact.
ReplyDeleteI hadn't come across the word fubared either. Nice one.
WWW & GFB ... I wasn't using the old wheelbarrow anyway, so I may as well use it to carry the money in with which to buy a loaf of day-old bread! I agree with the old sod - our state of FUBAR is dire. I think we should be VERY glad that we're anchored our wretched souls on these shores. :-)
ReplyDeleteNick:
ReplyDeleteYes we are the 99% with ne'er a hope to sustain us. Apart from planting.
The new peasants. Better practise that cap-tipping.
XO
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Veep:
ReplyDeleteI'd like to see that wheelbarrow painted please, with "Fubar" on the side. ;-)
Yes, there is a lengthier stretch of hope over 'ere in the Great White North but not for long, we will follow the wretched masses over the cliff.
Plant.
XO
WWW
You're such a friggin' optimist! ;-)
ReplyDeleteMervyn King is not a politician, but Governor of the Bank of England. And I can't see that printing money is going to do great deal if there is no economic recovery behind it.
ReplyDeleteI do so wish I understood how all this lending and borrowing and speculating and printing money works.
The more I listen and watch and read, the less I understand.
I do know that the German government, even though they are the strongest economy in Europe, have no idea where and how it's all going to end.
Nobody does. All we know is that hedge fund managers and other bankers are going to get rich on the misery of others.
As do the credit ratings agencies - Moody's and the like - who earn their money from the very people they are rating.
ReplyDeleteWhat a manipulative greedy world we have become.