The British Panic

[Mega]

Those Limey Son Of A Bit......
http://www.telegraph.co.uk/finance/f...eet-banks.html

Mike

[*T*]

Re: The British Panic

Link broken

[D-Mack]

Re: The British Panic

Link broken

gone, can't find it cached or anywhere else, but Mish has most of it

http://globaleconomicanalysis.blogsp...pean-bank.html

Alistair Darling, the Chancellor, could give the banks billions of pounds in return for shares in an emergency bailout plan to be enacted if the financial crisis worsens, The Daily Telegraph has learnt.

The Treasury has drawn up detailed plans for the scheme, which would put taxpayers' money at risk.

Ministers believe it may soon become necessary if banks do not begin lending money again to consumers and to each other.

...

[krakknisse]

Re: The British Panic

Found it:
http://www.telegraph.co.uk/finance/c...the-abyss.html

We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.

[D-Mack]

Re: The British Panic

Found it:
http://www.telegraph.co.uk/finance/c...the-abyss.html

Boy is Ambrose cheerleading

As for the US itself, it has not yet exhausted its policy arsenal. It can escalate further up the nuclear ladder. The Fed can cut interest rates from 2pc to zero. If that fails, it can let rip with the mass purchase of US debt.

“The US government has a technology, called a printing press,” said Fed chief Ben Bernanke in November 2002. (His helicopter speech).

In extremis, the Treasury/Fed can swoop into any market to shore up asset prices. They can buy Florida property. They can even buy SUV guzzlers from the car lots in Detroit, and mangle them in scrap yards. As Bernanke put it, the Fed can “expand the menu of assets that it buys.”

[don]

Re: The British Panic

Film of the dumping of crops into the ocean was often included in documentaries on the Great Depression. They didn't call it "asset buying" but the similarities are striking to these possibilities, as an attempt to deal with over production.

(In contradistinction, France's state funding of 30,000 new homes seems, on the surface, insane.)

[we_are_toast]

Re: The British Panic

[*T*]

Re: The British Panic

Oh, she'll do particularly well out of this, don't you worry.

[ASH]

Re: The British Panic

Boy is Ambrose cheerleading

Ambrose often sounds like he's cheerleading American policy because he's on the anti-Euro side of an "is the Euro viable" debate. One of his recurring themes is that the Euro isn't backed by enough political authority nor strong enough institutions to deal effectively with a crisis like this. American institutions are often brought up for purposes of comparison. From what I can gather, the pro- and anti-Euro/EU argument is pretty heated in the UK. Maybe Mega can comment?

[*T*]

Re: The British Panic

Ambrose often sounds like he's cheerleading American policy because he's on the anti-Euro side of an "is the Euro viable" debate. One of his recurring themes is that the Euro isn't backed by enough political authority nor strong enough institutions to deal effectively with a crisis like this. American institutions are often brought up for purposes of comparison. From what I can gather, the pro- and anti-Euro/EU argument is pretty heated in the UK. Maybe Mega can comment?

He writes for the Telegraph, sometimes nicknamed the 'Torygraph', a right-wing, anti-European paper, so the editorial slant is decidedly Euroskeptic. Their line is: "Anything out of Brussels is bad!" Generally the moderate right here is pro-US/Nato and anti-Europe/EU/Euro. This is a populist vein of thought that sees the Euro and EU lawmaking as a threat to national sovereignty.

All of the English papers are traditionally Tory-supporting and owned by Murdoch, excepting the Guardian, the Mirror, sometimes the FT (oddly enough) and sometimes the Independent.