Zimbabwean Central Bank Endorses UK Policies on Banking

We Are A Police State - Trevor Kavanagh
Historic Attack on Liberty and Democracy - Rees Mogg
Damian Green : Limits and Restraint - Charles Crawford
Do You Think the Police Were Right Gordon? - David Cameron
Scenario for Bankrupt Britain - First Post

MONDAY, DECEMBER 1, 2008

Zimbabwean Central Bank Endorses UK Policies on Banking

Some people got upset when Guido compared Britain to Zimbabwe, in defence it should be borne in mind that making the comparison does not belittle the suffering of the Zimbabweans. It seems Zimbabweans too are making the comparison; no doubt Gordon (and Vince Cable) will be cheered by this endorsement from the Reserve Bank of Zimbabwe:

As Monetary Authorities, we have been humbled and have taken heart in the realization that some leading Central Banks, including those in the USA and the UK, are now not just talking of, but also actually implementing flexible and pragmatic central bank support programmes where these are deemed necessary in their National interests.

That is precisely the path that we began over 4 years ago in pursuit of our own national interest and we have not wavered on that critical path despite the untold misunderstanding, vilification and demonization we have endured from across the political divide.

....leading central banks in the global economy are bailing out troubled economic sectors to achieve macroeconomic and financial stability....the Bank of England... providing a £50 billion lifeline to the UK’s banking sector.

Here in Zimbabwe we had our near-bank failures a few years ago and we responded by providing the affected Banks with the Troubled Bank Fund (TBF) for which we were heavily criticized even by some multi-lateral institutions who today are silent when the Central Banks of UK and USA are going the same way and doing the same thing under very similar circumstances thereby continuing the unfortunate hypocrisy that what’s good for goose is not good for the gander....

As Monetary Authorities, we commend those of our peers, the world over, who have now seen the light on the need for the adoption of flexible and practical interventions and support to key sectors of the economy when faced with unusual circumstances.

They seem to think that Gordon, far from leading the world, is copying Mugabonomics. They may have a point...

Via : Naked Capitalism

Bad News, Good News

With a load of economic data out this morning the pound is off 1% against the euro, the Purchasing Managers Indexis down sharply, mortgage lending is down 70% year on year, credit card borrowing is up, PWC have research out saying Briton's are now personally £1.5 trillion in debt - yet Gordon wants them to spend, spend, spend more.

It is not all bad news though, Guido is short the FTSE....

+++ London Scottish Bank Bust +++

Official Stock Exchange announcement that after 100 years of trading it is in administration here. Metaphorical allegory in there somewhere.