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“Just allow it…just admit it. It doesn’t matter where the inflation comes from. Just let it stay…”
SLASHING the Bank of England’s base interest rate to an historic low of 0.5% was supposed to “rebalance” the economy…tipping it away from galloping consumption towards an export-led recovery.
But all that the Pound’s slump since rates began sinking in March 2008 has done so far, however, is gift a 50% gain to UK gold owners.
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Before we get on to today’s Money Morning, this…
“The 2010 Walkley Award goes to… Jason Clout, for the Australian Financial Review’s ‘Rear Window’ column.”
That would be the result if your editor had, a) any influence over the award, and b) any interest in having any influence over the award.
In last Friday’s Money Morning we wrote:
“Let’s see if Peter Martin and the other mainstream journos have balls big enough to take on the might of Christopher Joye. Rather than just fawning at every word he says and reprinting verbatim whatever he writes in the press releases, ask him some hard questions.”
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We noticed with amusement Emperor Ken Henry’s statement that: “What people have called the global financial crisis, that has passed, I think it’s safe to say.”
It’s pretty easy to say that when you’re a career leach. Sorry, we mean public servant… No, actually, we do mean ‘leach’ after all.
On reading those words from Emperor Henry, it rather reminded us of this moment back in 2003:
“Major combat operations in Iraq have ended. In the battle of Iraq, the United States and our allies have prevailed… [Applause, whooping and hollering] And now our coalition is engaged in securing and reconstructing that country.”
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“You’ll like this” Daily Reckoning editor Dan Denning smiled last Thursday as he lightly dropped onto our desk a print out of former ANZ chief economist Saul Eslake’s article from The Age.
“Debt won’t ‘roon’ us” was Saul’s headline.
Actually, he’s wrong. Because it will impoverish everyone.
Even those without debt. But I’ll explain all that in a moment.
First a few snippets from Saul’s article. He starts off with:
“Truth be told, Australian household debt first exceeded 100 per cent of GDP during the June quarter of 2006, and according to the Bureau of Statistics’ financial accounts released just before Christmas had reached 112 per cent of GDP by the end of September last year. So we’ve already managed to survive for more than three years with household debt in excess of this supposedly critical threshold.”
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THE PRICE OF GOLD gave back yesterday’s 1.4% rally on Tuesday morning in London, drifting down to Monday’s start near $1113 an ounce as world stock markets slipped and the US Dollar rose on the currency market.
The Euro fell to a fresh 11-week low after the ZEW survey pegged economic sentiment across the 16-nation currency union at a four-month low.
Consumer-price inflation leapt in the UK last month, new data showed, wiping out average pay settlements for 2009.
Austria’s Die Presse newspaper said Viennese regulators are closely watching the country’s fourth-largest bank, OeVAG, following the failure and nationalization of Hypo Alpe Adria on Monday.
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