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June 03, 2012

Comments

Rod Sellers

Great coverage from Sky ( hat tip to the much maligned Murdoch Empire) BBC were pathetic as usual and kept cutting to Campaigns about Breast Cancer.

Garry Barners

I missed this on TV, but it is great you posted some parts of the celebration here.
Thank you!

personal blog

Russia debauched its currency and followed the path to final and total catastrophe. Japan, however, held back somewhat and trod a dangerous path between correction and hyperinflation. Printing new money to keep afloat zombie banks, monetise government debt and maintain low – if not negative in real terms – interest rates, it preserved the malinvestment of the 1980s boom without ever waving goodbye to the Yen, but, in doing so, like subsidising an ice cream van in frozen January, it rendered its economy unproductive and unresponsive to people’s needs, which, like the weather for the van, had irrevocably changed. Barriers to correction had been raised as the act of saving became counter-intuitive, as the purchase of government bonds to facilitate meaningless public works was encouraged. Since the early ‘90s, the Japanese economy has been locked into an odd state of limbo, trying, desperately, to preserve the old engines of “growth” that have long since spluttered and died and rusted away. It slips into recession from time-to-time to correct itself, but the Bank of Japan never allows this to take its course.

personal blog

redmayne77

There is nothing good about bad weather in summer. One possible advantage of climate change is higher tempreatures and better weather.

robert

I was concerned for the health of the Queen and the Prince - they were exposed to the cold and wet weather for hours - not good.

robert

The organisers did not even provide chairs for the Royals and the Queen stood in the cold for 4 hours.
Blankets and chairs were an obvious requirement.

humanhairwefts

The celebration was great, looks beautiful Queen.

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There are now only three directions for the UK economy, as typified by 1990s Japan and Russia and 1920s America; in short – and in order – stagnation, hyperinflation or correction, with decreasing likelihood for each going along. The seminal picture, then, is one of pain. It might be acute, it might be prolonged, it might be dim, or very nearly terminal, but that is what each scenario treats us with. Notably absent is the Coalition’s preferred outcome, namely, a negligible “blip” next year, with a return to annualised GDP growth between 2 and 3 per cent.


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This, I believe, is roughly the course for the UK, although our comparative position is far worse than that of Japan’s. Whereas a large percentage of government bonds in Japan are held by its own, native population, our total foreign-held debt is three times larger, at $7.3 trillion, (in relative terms, the 4th highest in the world behind Liberia). The risk is, with the advent of a recession in 2012, that the Coalition, on behalf of the government, will not cut more cloth in response as tax receipts take a further pummelling. Thus, borrowing will climb higher and so, in inverse proportion, will investors’ confidence that we can repay our debts fall. Suddenly, the cost of financing our not inconsiderable debt becomes higher and the temptation arises, so as to prevent a sovereign debt crisis, for the Bank of England to monetise even more, (which, unlike the European Central Bank, it can do, explaining our inflation rate being 100 per cent in excess of Europe’s*) beyond the 40 per cent it already owns – the only reason our credit rating is AAA and our 10 year bond yields are so low, at the moment. Couple this to the need to bail out the banks a second time as one or more of the PIGS default, a perceived “threat” of deflation and suddenly we look all-the-more fond of vodka and ushankas. Do not underestimate the proactive nature of the BoE, real interest rates for 2010 equated to -2.4 per cent, since 2009 it has Quantitatively Eased by £275 billion and inflation is more than 100 per cent over its supposed target.

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Do not underestimate the proactive nature of the BoE, real interest rates for 2010 equated to -2.4 per cent, since 2009 it has Quantitatively Eased by £275 billion and inflation is more than 100 per cent over its supposed target.


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This, I believe, is roughly the course for the UK, although our comparative position is far worse than that of Japan’s. Whereas a large percentage of government bonds in Japan are held by its own, native population, our total foreign-held debt is three times larger, at $7.3 trillion, (in relative terms, the 4th highest in the world behind Liberia). The risk is, with the advent of a recession in 2012, that the Coalition, on behalf of the government, will not cut more cloth in response as tax receipts take a further pummelling. Thus, borrowing will climb higher and so, in inverse proportion, will investors’ confidence that we can repay our debts fall. Suddenly, the cost of financing our not inconsiderable debt becomes higher and the temptation arises, so as to prevent a sovereign debt crisis, for the Bank of England to monetise even more, (which, unlike the European Central Bank, it can do, explaining our inflation rate being 100 per cent in excess of Europe’s*) beyond the 40 per cent it already owns – the only reason our credit rating is AAA and our 10 year bond yields are so low, at the moment. Couple this to the need to bail out the banks a second time as one or more of the PIGS default, a perceived “threat” of deflation and suddenly we look all-the-more fond of vodka and ushankas. Do not underestimate the proactive nature of the BoE, real interest rates for 2010 equated to -2.4 per cent, since 2009 it has Quantitatively Eased by £275 billion and inflation is more than 100 per cent over its supposed target.

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Thus, borrowing will climb higher and so, in inverse proportion, will investors’ confidence that we can repay our debts fall. Suddenly, the cost of financing our not inconsiderable debt becomes higher and the temptation arises, so as to prevent a sovereign debt crisis, for the Bank of England to monetise even more, (which, unlike the European Central Bank, it can do, explaining our inflation rate being 100 per cent in excess of Europe’s*) beyond the 40 per cent it already owns – the only reason our credit rating is AAA and our 10 year bond yields are so low, at the moment. Couple this to the need to bail out the banks a second time as one or more of the PIGS default, a perceived “threat” of deflation and suddenly we look all-the-more fond of vodka and ushankas. Do not underestimate the proactive nature of the BoE, real interest rates for 2010 equated to -2.4 per cent, since 2009 it has Quantitatively Eased by £275 billion and inflation is more than 100 per cent over its supposed target.

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The risk is, with the advent of a recession in 2012, that the Coalition, on behalf of the government, will not cut more cloth in response as tax receipts take a further pummelling. Thus, borrowing will climb higher and so, in inverse proportion, will investors’ confidence that we can repay our debts fall. Suddenly, the cost of financing our not inconsiderable debt becomes higher and the temptation arises, so as to prevent a sovereign debt crisis, for the Bank of England to monetise even more, (which, unlike the European Central Bank, it can do, explaining our inflation rate being 100 per cent in excess of Europe’s*) beyond the 40 per cent it already owns – the only reason our credit rating is AAA and our 10 year bond yields are so low, at the moment. Couple this to the need to bail out the banks a second time as one or more of the PIGS default, a perceived “threat” of deflation and suddenly we look all-the-more fond of vodka and ushankas. Do not underestimate the proactive nature of the BoE, real interest rates for 2010 equated to -2.4 per cent, since 2009 it has Quantitatively Eased by £275 billion and inflation is more than 100 per cent over its supposed target.

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The risk is, with the advent of a recession in 2012, that the Coalition, on behalf of the government, will not cut more cloth in response as tax receipts take a further pummelling. Thus, borrowing will climb higher and so, in inverse proportion, will investors’ confidence that we can repay our debts fall. Suddenly, the cost of financing our not inconsiderable debt becomes higher and the temptation arises, so as to prevent a sovereign debt crisis, for the Bank of England to monetise even more, (which, unlike the European Central Bank, it can do, explaining our inflation rate being 100 per cent in excess of Europe’s*) beyond the 40 per cent it already owns – the only reason our credit rating is AAA and our 10 year bond yields are so low, at the moment. Couple this to the need to bail out the banks a second time as one or more of the PIGS default, a perceived “threat” of deflation and suddenly we look all-the-more fond of vodka and ushankas. Do not underestimate the proactive nature of the BoE, real interest rates for 2010 equated to -2.4 per cent, since 2009 it has Quantitatively Eased by £275 billion and inflation is more than 100 per cent over its supposed target.


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leonardwakim

Russia debauched its currency and followed the path to final and total catastrophe. Japan, however, held back somewhat and trod a dangerous path between correction and hyperinflation. Printing new money to keep afloat zombie banks, monetise government debt and maintain low – if not negative in real terms – interest rates, it preserved the malinvestment of the 1980s boom without ever waving goodbye to the Yen, but, in doing so, like subsidising an ice cream van in frozen January, it rendered its economy unproductive and unresponsive to people’s needs, which, like the weather for the van, had irrevocably changed. Barriers to correction had been raised as the act of saving became counter-intuitive, as the purchase of government bonds to facilitate meaningless public works was encouraged. Since the early ‘90s, the Japanese economy has been locked into an odd state of limbo, trying, desperately, to preserve the old engines of “growth” that have long since spluttered and died and rusted away. It slips into recession from time-to-time to correct itself, but the Bank of Japan never allows this to take its course.


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Printing new money to keep afloat zombie banks, monetise government debt and maintain low – if not negative in real terms – interest rates, it preserved the malinvestment of the 1980s boom without ever waving goodbye to the Yen, but, in doing so, like subsidising an ice cream van in frozen January, it rendered its economy unproductive and unresponsive to people’s needs, which, like the weather for the van, had irrevocably changed. Barriers to correction had been raised as the act of saving became counter-intuitive, as the purchase of government bonds to facilitate meaningless public works was encouraged. Since the early ‘90s, the Japanese economy has been locked into an odd state of limbo, trying, desperately, to preserve the old engines of “growth” that have long since spluttered and died and rusted away. It slips into recession from time-to-time to correct itself, but the Bank of Japan never allows this to take its course.


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Printing new money to keep afloat zombie banks, monetise government debt and maintain low – if not negative in real terms – interest rates, it preserved the malinvestment of the 1980s boom without ever waving goodbye to the Yen, but, in doing so, like subsidising an ice cream van in frozen January, it rendered its economy unproductive and unresponsive to people’s needs, which, like the weather for the van, had irrevocably changed. Barriers to correction had been raised as the act of saving became counter-intuitive, as the purchase of government bonds to facilitate meaningless public works was encouraged. Since the early ‘90s, the Japanese economy has been locked into an odd state of limbo, trying, desperately, to preserve the old engines of “growth” that have long since spluttered and died and rusted away. It slips into recession from time-to-time to correct itself, but the Bank of Japan never allows this to take its course.


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Printing new money to keep afloat zombie banks, monetise government debt and maintain low – if not negative in real terms – interest rates, it preserved the malinvestment of the 1980s boom without ever waving goodbye to the Yen, but, in doing so, like subsidising an ice cream van in frozen January, it rendered its economy unproductive and unresponsive to people’s needs, which, like the weather for the van, had irrevocably changed. Barriers to correction had been raised as the act of saving became counter-intuitive, as the purchase of government bonds to facilitate meaningless public works was encouraged. Since the early ‘90s, the Japanese economy has been locked into an odd state of limbo, trying, desperately, to preserve the old engines of “growth” that have long since spluttered and died and rusted away. It slips into recession from time-to-time to correct itself, but the Bank of Japan never allows this to take its course.


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Russia debauched its currency and followed the path to final and total catastrophe. Japan, however, held back somewhat and trod a dangerous path between correction and hyperinflation. Printing new money to keep afloat zombie banks, monetise government debt and maintain low – if not negative in real terms – interest rates, it preserved the malinvestment of the 1980s boom without ever waving goodbye to the Yen, but, in doing so, like subsidising an ice cream van in frozen January, it rendered its economy unproductive and unresponsive to people’s needs, which, like the weather for the van, had irrevocably changed. Barriers to correction had been raised as the act of saving became counter-intuitive, as the purchase of government bonds to facilitate meaningless public works was encouraged. Since the early ‘90s, the Japanese economy has been locked into an odd state of limbo, trying, desperately, to preserve the old engines of “growth” that have long since spluttered and died and rusted away. It slips into recession from time-to-time to correct itself, but the Bank of Japan never allows this to take its course.

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There are now only three directions for the UK economy, as typified by 1990s Japan and Russia and 1920s America; in short – and in order – stagnation, hyperinflation or correction, with decreasing likelihood for each going along. The seminal picture, then, is one of pain. It might be acute, it might be prolonged, it might be dim, or very nearly terminal, but that is what each scenario treats us with. Notably absent is the Coalition’s preferred outcome, namely, a negligible “blip” next year, with a return to annualised GDP growth between 2 and 3 per cent.


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Hannah Farley

The story about the British monarchs never ceases to amaze me. Thank you for this vid.

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Printing new money to keep afloat zombie banks, monetise government debt and maintain low – if not negative in real terms – interest rates, it preserved the malinvestment of the 1980s boom without ever waving goodbye to the Yen, but, in doing so, like subsidising an ice cream van in frozen January, it rendered its economy unproductive and unresponsive to people’s needs, which, like the weather for the van, had irrevocably changed. Barriers to correction had been raised as the act of saving became counter-intuitive, as the purchase of government bonds to facilitate meaningless public works was encouraged. Since the early ‘90s, the Japanese economy has been locked into an odd state of limbo, trying, desperately, to preserve the old engines of “growth” that have long since spluttered and died and rusted away. It slips into recession from time-to-time to correct itself, but the Bank of Japan never allows this to take its course.

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Printing new money to keep afloat zombie banks, monetise government debt and maintain low – if not negative in real terms – interest rates, it preserved the malinvestment of the 1980s boom without ever waving goodbye to the Yen, but, in doing so, like subsidising an ice cream van in frozen January, it rendered its economy unproductive and unresponsive to people’s needs, which, like the weather for the van, had irrevocably changed. Barriers to correction had been raised as the act of saving became counter-intuitive, as the purchase of government bonds to facilitate meaningless public works was encouraged. Since the early ‘90s, the Japanese economy has been locked into an odd state of limbo, trying, desperately, to preserve the old engines of “growth” that have long since spluttered and died and rusted away. It slips into recession from time-to-time to correct itself, but the Bank of Japan never allows this to take its course.

Internet Marketing Blog

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Thus, borrowing will climb higher and so, in inverse proportion, will investors’ confidence that we can repay our debts fall. Suddenly, the cost of financing our not inconsiderable debt becomes higher and the temptation arises, so as to prevent a sovereign debt crisis, for the Bank of England to monetise even more, (which, unlike the European Central Bank, it can do, explaining our inflation rate being 100 per cent in excess of Europe’s*) beyond the 40 per cent it already owns – the only reason our credit rating is AAA and our 10 year bond yields are so low, at the moment. Couple this to the need to bail out the banks a second time as one or more of the PIGS default, a perceived “threat” of deflation and suddenly we look all-the-more fond of vodka and ushankas. Do not underestimate the proactive nature of the BoE, real interest rates for 2010 equated to -2.4 per cent, since 2009 it has Quantitatively Eased by £275 billion and inflation is more than 100 per cent over its supposed target.

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