Defaulting banks - where will it stop?

[Jan Klimkowski]

Out of interest Jan, has AE-P ever written a hard-hitting piece on the even more dire state of the US and UK economy, or is his brief, er, I mean "focus" only on trashing Euroland?

He has written apocalyptic pieces on the state of the UK economy, but mainly to INSIST ABSOLUTELY WITHOUT EQUIVOCATION that the govt & Bank of England must follow Paulson & Bernanke's American model.

In other words, massive state funding & exchange of T-Bills for toxic waste - eg TARP etc. And zero or even negative interest rates.

AE-P spent a long time bashing the BoE for not cutting interest rates "aggressively" enough.

In reality, the BoE cutting to near zero only helped to devalue the pound, and hasn't done anything to inject liquidity into the loan market. Economically, AEP's line is crass & stupid monetarism and a desperate lust for another bubble - pleeze pleeze - to be created.

Of course, AEP's economics is just a figleaf for his - Their - geopolitics.

In March 2008, he wrote (my emphasis):

At the end of the day, this country retains the Bank of England, the pound, and the tools of economic self-government (unlike some). We can slash rates to stop a slump.

http://www.telegraph.co.uk/finance/comme...ieces.html

That turned out well, didn't it.... :bird: