Darkness Falls On British Economy
"Every cloud may have a silver lining, but the market’s verdict on last week’s shock decision by the Bank of England to cut interest rates to their lowest level since 1955, was that the cloud of recession descending on Britain will be much darker and longer-lasting than the government would have us believe.
The FTSE 100 plunged by 5.7 per cent following the announcement of the 1.5 per cent cut, as investors decided that the bank’s actions meant 2009 has set to be very grim indeed. There were also fears that the stricken banking system would fail to pass on the savings to individual lenders and small businesses."
The Sunday Business Post Online
But notice how, no matter what the facts are, economic problems are never the fault of the market. It's always because of government interference, as far as the free-market cult's many adherents are concerned.
Posted by
Mike |
12:54 pm, November 09, 2008