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No gold owned at the fed. More interesting disclosure, eh? Or do they mean it is not owned by the FED but by the US crumbtards? I "bared" with the site but got no clarity. Perhaps the idea in the end? I notice all Fedd-ies hemmm and hawwwww a lot in CONgress and (In)Sane-ate.
Curious. And the pound was bound to get pounded. The real empire biting the dust right now is the British, not the American as most believe. The US is a british colony, still.
Interest "bearing" times! ;-)
The UK economy is holed below the waterline and no matter how hard the Government and BoE try to bail it out, their bucket is simply too small. In the last six months, there has been hardly any interest from the markets in UK debt, other than from UK banks looking to shore up their balance sheets, rather than lend the money into the real economy.
This unofficial QE has kept the government afloat and put a lid on interest rates, but it won't last much longer - the banks just don't have that much more cash to invest. At that point who will step in and buy all of this debt? More QE is inevitable, sterling will sink and inflation will get totally out of hand.
This is what happens when you have an economy that depends on the now insolvent Financial Services 'Industry' for most of its tax revenue.
I think domestic banks and pension funds will be forced to buy gilts for some time to come. Eg there is a new pension scheme coming in for anyone who has not explicitly opted out or has private provision, so the sheeple will effectively tricked into buying gilts. Banks will be persuaded to do so since a major crisis is not in their interests either, and they are certainly not lending to business
Otherwise totally agree with you. Osborne is merely fiddling with public sector up around 50% of GDP, when he needs to napalm those roaches. We have about the same growth prospects as the Greeks
everything which happens in financial 'markets' happens for the profit / bonus of selected target groups. Is my conclusion right: Such 'rating at risk' - news is for owners of CDS contracts who want to sell with profit, right?
Apologies my words sound clueless, because I am clueless. Thanks for answers nevertheless.
I find it amazing that no one wants to address the fact that Bernanke did announce QE3. Everyone is in groupthink denial mode because the market has been down several days in a row. It always amuses me to see that. Nothing matters but what the market did the day before. If it had been up, for a week, everyone would be cheering how the Fed is going to reinvest all the principal its balance sheet and keep rates low. Obviously, way too many people are betting on a market collapse and a higher dollar. And like every other time the dollar has bounced, I am telling you, if you go long the dollar, you will get crushed. The dollar is in far worse shape than the Euro.
ach the UK is going to the dogs...
scottish power are bumping their gas prices by 19% (a tad more than the figure wee merv has used in his inflation calcs), inflation is rampant for day to day living.
just fitted an upgraded floor safe for the gold & silver 'pirate booty' at the weekend, i dont pay too much attention to the daily ups and downs in the PMs, just enjoy digging my hands into the pile of coins arrrrrrr
my garden is enjoying the rain today as well, so i feel OK, can feed my family whatever happens to the £
who controls the british pound? who keeps the martians underground?
Coming soon to Bond ratings as the Global Ponzi goes into Systemic Default:
Grading on the Curve, because some country has to be considered the best.
After intense Toilet Technical Analysis (TTA) Moodys gets an FFF
When are people going to realise that UK housing is massively over priced.
The value to earnings ratio is about is about 7:1.
Prices need to drop a minimum of 50% to be realistic. Merv knows this and shits his pants every night at the thought.
Only last week we had the disinformation squad saying UK house prices will rise 15%. What a joke. But the UK sheeple suck it up as always.
They should survey 1000 UK residents on who the FED is. The majority will think it's the surname of one of the partners that set up FEDEX Lol.
UK is leery of getting too involved in Europe's pile of dog do. They have Ireland, of course, but Ireland is showing some improvement. Not clear to me that UK can't keep AAA -- not that it means a whole lot. Do those guys think hedge funds don't do their own due diligence? Give me a break. It's the B-school rejects who go to work for Moody's.
The Uk economy which now is more or less "buy a house and flip it",with a banking sector that has liabilities of around 450% of GDP(the regulators that allowed the banks to leverage uo their balance sheets to those levels are still in a job),the rest either work for the government,are unemployed or get benefits of some kind from the government.
How can an economy that is so unbalanced still be "A" rated?Regular ZH'ers will already know the answer to that one.
needs to go back to real "sterling"
Jim Rogers, "UK is totally insolvent" (2010)
Moodys wimpers, "UK may lose its AAA rating" (2011)
No prizes for which of these two is so far behind the curve they're a laughing stock and whose opinions are totally worthless as an investment guide (as Moodys, Fitch and S&P proved with sub-prime)
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