Ministers will today start pumping an extra £100billion into the economy as interest rates are slashed to a new record low.
Analysts believe the Bank of England will reduce the base rate from 1 per cent to 0.5 per cent.
The Bank is also expected to announce that it is ready to embark on a programme of so-called 'quantitative easing' to increase the money supply.
A letter from Chancellor Alistair Darling, giving permission to the Bank to go ahead with the move, is expected to be published this morning.
Analysts believe the Bank of England will reduce the base rate from 1 per cent to 0.5 per cent.
The Bank is also expected to announce that it is ready to embark on a programme of so-called 'quantitative easing' to increase the money supply.
A letter from Chancellor Alistair Darling, giving permission to the Bank to go ahead with the move, is expected to be published this morning.
A quick note here, Alistair is just the sockpuppet this is being done by Brown.
Gordon's problem is he thinks that the way to resolve the rapidly deepening economic crisis is via 'stimulus packages' with magic money plucked off the magic printing press.
With the ultimate of getting the banks to lend again and rebuild the very credit bubble and circumstances that landed us in the shit in the first place.
Like holding an alcoholics meeting in the local pub, you get full attendance but they all end up dead.
With the ultimate of getting the banks to lend again and rebuild the very credit bubble and circumstances that landed us in the shit in the first place.
Like holding an alcoholics meeting in the local pub, you get full attendance but they all end up dead.
Do have a look at hyperinflation over at Wikipedia.
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2 people have spoken:
BREAKING NEWS:
'City of London Hit by Massive Power Cut'
The City of London has this morning been hit by a massive power cut, blacking out most of the Square Mile's financial institutions and leaving bankers and traders unable to work.
The power cut is believed to have been caused by every single one of the Bank of England's printing presses going into overdrive simultaneously.
Under the BoE's new Quantitive Easing policy, all the new banknotes created will have an extra zero added - the £5 becoming £50, the £10 becoming £100 and so on. A spokesman for the Monetary Policy Committee said that they were introducing the new policy 'based on the successes of Quantitive Easing in Zimbabwe'.
The power cut in the City has so far caused no major problems, given that the banks and the Stock Exchange are all too screwed and skint actually to do anything. The only personnel affected are those currently counting Sir Fred Goodwin's monthly pension payout.
Keep calm and carry on.
We are on our own, it's our choice how we resolve this crisis.
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