Friday, July 08, 2011

Irish Mortgage Holders get second foretaste of what's coming in Britain.

The Irish Times reports on the impact of yesterdays ECB rate hike on the holders of mortgages in the Republic of Ireland, linked here.

With ever-rising inflation across the world, and particularly severe in the UK thanks to ever falling sterling, it can only now be a matter of weeks before the tennis fanatical, high-living Governor of the Bank of England and his sheeplike MPC members also have to bite the bullet and end the agony of ludicrously negative inyerest rates.

This now seems likely to co-incide with the full meltdown of international finance as forecast in Parliament, earlier this week, in the speech by Steven Baker, again linked here, from which I quote another portion referring to the waste of another £9,450,000,000 of Britain's hard-pressed, soon to be almost destitute, British taxpayers money to the IMF, to waste on countries locked within the EU and therefore unable to take the steps necessary to return to growth:

The Government should avoid committing that sum of money my view is that it will not help. I made a second point about the IMF and our monetary arrangements. If this is not the time of all times to question the fundamental basis of our financial system, I do not know when we ever shall. My third point was that I am afraid that the contemporary mainstream of economics is missing some vital information, which leads it to justify the very measures that we are discussing today. As I explained, as Mises set out, as Hayek followed in his steps and as others have predicted, we risk a final and total catastrophe for our currency system.

This Coalition Government, on top of the past Labour Government's deliberate (and in my view criminal) incompetence, is setting the scene for a disaster of unprecedented proportions in Britain's economy AND social fabric!



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