We’re Facing Worst Financial Crisis Ever – Bank Of England

When uber-establishment figures like Mervyn King, Governor of the Bank of England (UK central bank) warn of an impending financial apocalypse, you know things are out of control. The Telegraph has the bad news:

The world is facing the worst financial crisis since at least the 1930s “if not ever”, the Governor of the Bank of England said last night.

Sir Mervyn King was speaking after the decision by the Bank’s Monetary Policy Committee to put £75billion of newly created money into the economy in a desperate effort to stave off a new credit crisis and a UK recession.

Economists said the Bank’s decision to resume its quantitative easing [QE], or asset purchase programme, showed it was increasingly fearful for the economy, and predicted more such moves ahead.

Sir Mervyn said the Bank had been driven by growing signs of a global economic disaster.
“This is the most serious financial crisis we’ve seen, at least since the 1930s, if not ever. We’re having to deal with very unusual circumstances, but to act calmly to this and to do the right thing.”…

[continues at the Telegraph]

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  • Ahmacrom

    Bankers

  • Ahmacrom

    Bankers, they are so skittish, me thinks that they have A LOT more to lose.

  • Ahmacrom

    Bankers, they are so skittish, me thinks that they have A LOT more to lose.

  • Okarin

    ‘We’re Facing Worst Financial Crisis Ever’ in a market rally, though the retracement is the financial collapse as we know it

  • Okarin

    ‘We’re Facing Worst Financial Crisis Ever’ in a market rally, though the retracement is the financial collapse as we know it

  • http://hormeticminds.blogspot.com/ Chaorder Gradient

    Theres a fire in the economy! what do we do?! what do we do?!

    Throw more money at it!

    • GoodDoktorBad

      Perhaps a bit of charcoal starter might help heat things up. We’ll all get warm and toasty… and roast a pigeon (city chicken) for food. Please bring the BBQ sauce…

      • Anarchy Pony

        “When the cities burn down, we’ll all be warm.”

  • http://hormeticminds.blogspot.com/ Chaorder Gradient

    Theres a fire in the economy! what do we do?! what do we do?!

    Throw more money at it!

  • Anarchy Pony

    Please “god” let it be forever.

  • Wanooski

    Please “god” let it be forever.

  • Anonymous

    Perhaps a bit of charcoal starter might help heat things up. We’ll all get warm and toasty… and roast a pigeon (city chicken) for food. Please bring the BBQ sauce…

  • Wanooski

    “When the cities burn down, we’ll all be warm.”

  • Redacted

    If even the British start to panic, things are not going well.

  • Anonymous

    If even the British start to panic, things are not going well.

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    At a guess, I’d agree with him, but for slightly different reasons. When this started, there had already been warnings for years and dark mutters from many that we were making every bad decision that could possibly be made. Here we are several years post-crash…and not one of the real issues has been dealt with adequately.

    Everyone and his brother has touted the ‘austerity’ concept…slashing money out of more pockets and households and battening down the fiscal hatches…not a single backlash against the actual stupidity that brought the crisis to bear (except from the angry fringe). At a time of record profits for multinationals…we still curiously exempt them from the discussion on needed changes. At a time of wild speculation and ‘creative’ financial market products…we still can’t find the will to force a return to a more heavily regulated era that preserved prosperity (or at least strongly reduced ‘bubbles’). At a time of consumer debt and mortgage crashes…we chose to safeguard the profits before the market(consumers) itself…and we wonder why things haven’t improved and are still sliding downwards?

    So yeah…I wish it wasn’t true…but we are headed for worse…because until we fire every last vestige of the bought and purchased old guard that got us here…there can be no constructive changes made that might lift us from this abyss.

     

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    At a guess, I’d agree with him, but for slightly different reasons. When this started, there had already been warnings for years and dark mutters from many that we were making every bad decision that could possibly be made. Here we are several years post-crash…and not one of the real issues has been dealt with adequately.

    Everyone and his brother has touted the ‘austerity’ concept…slashing money out of more pockets and households and battening down the fiscal hatches…not a single backlash against the actual stupidity that brought the crisis to bear (except from the angry fringe). At a time of record profits for multinationals…we still curiously exempt them from the discussion on needed changes. At a time of wild speculation and ‘creative’ financial market products…we still can’t find the will to force a return to a more heavily regulated era that preserved prosperity (or at least strongly reduced ‘bubbles’). At a time of consumer debt and mortgage crashes…we chose to safeguard the profits before the market(consumers) itself…and we wonder why things haven’t improved and are still sliding downwards?

    So yeah…I wish it wasn’t true…but we are headed for worse…because until we fire every last vestige of the bought and purchased old guard that got us here…there can be no constructive changes made that might lift us from this abyss.

     

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