Despite the significant losses documented yesterday and in earlier notes, I don't claim poverty. Particularly compared to most in my home town, I'm doing ok.
However worse times are coming. News today: The Bank of England has cut interest rates to 1.5%, the lowest level in its 315-year history, as it continues efforts to aid an economic recovery. The Bank of England is shafting us.
Manufacturers' association EEF said the move was "too timid", and that the Bank should have cut rates further. Self-serving poppycock . The reduction of interest rates is not the only weapon in the arsenal of weapons available to tackle stagnation of demand. Whatever happened to the direct fiscal stimulus? Investing in the infrastructure of the country?
There are seven times as many net savers as net borrowers in this country, though overall saving rates are overall about zero as average borrowing is about seven times average saving. But all these ridiculous cuts will do is encourage more borrowing. Madness. That is exactly what got us into this mess in the first place.