91热爆

Quantitative Appeasing is helping push the stock market up nicely. The commercial banks are passing the cash to their investment banking arms, and making profits from speculating on the price of commodities, shares, currencies, bonds, etc.

So, QE causes price inflation:
(i) Imported price inflation, through our weak sterling; and
(ii) Asset price inflation, through investment banking profits

There is not much profit in bank lending at present; so the banks aren't pushing too hard in that direction. However, house prices have still managed to nudge up slightly.

Anyway, my hedges against asset price inflation are paying a reasonable return; as I purchased some equites back in early June, to guard me against a stocks bull market period.

Now the BoE is hooked on QE, can it stop itself from more of the same in the future?

Paul Mason,

How about asking why we should believe anything Mervyn King says given that he and his colleagues did not see the huge noisy, and entirely obvious, oncoming express train of the credit crunch before it hit the buffers.

These are the same people whose credibility evaporated six months ago - how come you and the other commentators treat what they say with so much reverence and respect?

Why is it the we are now expected to respect these (I can't find an appropriate derogatory description - let us say, kindly) charlatans? Have they decided that as they are still not sacked and have such huge pension pots (in the case of Mervyn King) that they can carry on as usual - they are taking the people to be fools.

And while I am about it what role did, and indeed does, the Permanent Secretary of the Treasury (present since 2005 ) and previous, have in formulation and management of policy that led to the credit the credit crunch and why are they both still in post! All these men have 'benefited' from an entirely faulty education (at our expense!) and have proved themselves unfit for the positions they hold!

We all need to know who are the sellers of gilts under the Asset Purchase Facility and what are they doing with their liquidity. Rumours abound that one third are foreign investors. Significant numbers of investors are offloading gilts to BoE and lending QE cash to the banks. Banks' debt issuance is guaranteed by HM govt. Banks are told to buy new gilts to increase their liquid assets. A virtuous circle of monetising public debt, meanwhile the private sector cant get access to debt unless you are a big footsie who can sell their debts on the market. Get some answers, Paul and shine some light, please.

Cheers

Just one more comment. Is it valid and being straight with the public to on the one hand admit the impairments to QE, as was done at this morning's press conference referencing significant bank balance sheet reconstruction and re-re-capitalisation which will take several years to resolve, but then to factor the whole QE stimulus straight into nominal spending / GDP for the purpose of vital forecasting in the medium term?

RISING UNEMPLOYMENT FIGURES and LIVING ON RATIONS

The Brilliant Lord Mandelson has the answer - "more work experience, mentoring and internships are needed to avoid a generation 'lost to work'." He must have had one of Barrie's eureka moments; what an inspired idea...errm.. wait a minute, the only work experience available at present is queueing up at jobcentres; what employers are going to supply real work experience, mentoring or internships; and who is going to pay the increased wagebill?

91热爆's 'Have Your Say' has attracted more practical responses to this same topic. The top blog comments with almost 200 'Recommended' votes indicate the public's chosen solutions:
" Stop Immigration; Stop state handouts to those who refuse to seek work;
Reintroduce proper apprenticeships; and Bring back national service for the jobless."

Those seeking Jobseeker Allowance has increased by 709,000 over the year and by 25,000 over the month! The best 'mentoring' for the huge number of those destined to become 'lost to work' would be National Service, with an element of military discipline (uniformed, bags of bull and discipline), but mainly community work, such as training in dealing with natural and man-made catastrophies, which are becoming a feature of real life everywhere. The money paid for non-productive searching for non-available jobs would have covered my National Service pay of 7 shillings (35p) per week, even after indexation. It should also enforce the concept of national loyalty, that just receives a meaningless nod-and-wink at the Citizenship ceremony.

WHY PICK ON ONE?

They are all PRE-CHOSEN by party machines signed up to the Westminster Charade.

Let's choose home-grown heroes, free of party taint, and then we shall see an end to Duncans, Blairs, Mandelsons, Milibands, Blears, Browns, etc etc etc. The kind of fawning, feckless, acolyte that is so dear to the party ethos, is anathema to ordinary folk and long-term, ethical governance.

In three words SPOIL PARTY GAMES.

Does Alan Duncan think we鈥檙e all stupid? Of course his comments were not a joke. And if he were really to apologise for them unreservedly then surely he would be resigning now. This is yet another insincere 鈥渁pology鈥� by an MP who鈥檚 been caught out. And MPs are not treated like shit, they鈥檙e still given lots of public money and they don鈥檛 seem to be doing anything serious about changing their system of allowances.

Hi,

perhaps the General MidWinters have raised their game since the '60's;

they no longer invade countries like Riga with armed troops but pull the strings of the politicians, all of whom seem to become stinking rich...

o well i guess politics is a Poor man, Rich looooooooaaads of wonga man,

but many questions occur to me, none of which I can legally post on this site,

but look out YOU General Midwinters of this World, SPRING is a coming!

we shall see a SPRING DAWN, Yes I am sure of this, even here in the capitalist Vest, among the lealfy suburbs and well trimmed gardens of suburvia, where everything is meant to SMELL of Roses,

bye for now

I would think digging up someones garden is not a laughing matter, but quite threatening. then repaying the generosity of the person on the receiving end of this, Alan Duncan, who responded by inviting the 'dirty digger' for a drink rather than reacting as many would, by secretly recording him!, -and by the way what was the nature of conversation >up to the point Mr Duncan made his unwise remarks?,

but then for the 91热爆 and other media outlets not to see this, but record DD's remarks in a positive light, reflects very badly on you, on your judgement and moral compass, or lack of it.

Please aise your game Newsnight, before the shutters come down on this programme and the 91热爆 enters the past-tense.

gangofone
I apologise for not having, until now, composed something about you. You have also shown me support which I have thanked you for but not in rhyme. So here we go:
Gangofone bravely insists upon
Fighting the nuts, the cracks and hangers on.
Day after day, this way and that way,
He points to us their crackpot aims.
Hiding behind other men's butts.
How else can we call them
But cowardly nuts?
P.S. You seem to have some kind of obsession, however, about Nobel Prize distribution, as if I was expecting one for the lines like:
My Grandma and I in common we had
A previously indiscernible and invisible thread.
I do rhythms and rhymes because they seem to virtually come out of their own volition these days, and if sharing them gives people pleasure, amusement or food for thought, then it's a very special bonus which I must admit am delighted about. And, if on top of it, I've encouraged other people to do rhythm and rhyme, then I just simply feel over the moon.

#53 from previous page - copy and paste:
At 5:46pm on 12 Aug 2009, you wrote:
#27 & #38
streetphotobeing
Thank you so much for your continued support. Even at the beginning of this year I don't think I would have had the confidence which, indeed, I seem to have now. It must be, among other things, something to do with finding the right and kind people to communicate with. As they say, people on similar wavelengths.
I'm sorry to hear about your prolonged ear problem. It must be most frustrating not to be able to get the appropriate help for it and I'm surprised your surgery haven't been more helpful. I have always found my GP Practice not only very efficient in dealing with my health but also very reasonable people to deal with.
Having worked as an NHS and private practice secretary for approximately 12陆 years, I know that, if GPs are unhelpful, one can always book oneself an appointment in a private hospital and the Specialists will then refer their patient to be seen on the NHS, though one shouldn't rely on jumping the queue. Personally, I don't see anything wrong with it as at least another patient could be seen instead in the NHS slot. I don't know whether you have enough money to do that but whatever way you go about sorting out your ear, I wish you a speedy recovery.
P.S. Bloggers like JJ are only minor irritants really so please don't worry about me being upset by them. In fact, I worry more about others being affected, threatened or offended by them than I do about myself. Not that things don't need to be dealt with ASAP, as far as I'm concerned.
mimpromptu

should we have any sympathy with him that MPs are treated "like shit"? We'll debate.

Let brevity be your guide. He really has managed to restore the gravitas and public faith in the role. Not.

Spooks Spooked?

Sir John Sawers is the new MI6 chief. MI6 officers are in a state of 'near mutiny' over the appointment of Sir John Sawers as their new chief, which they view as a 'political stitch-up'. Senior security sources say that Gordon Brown has sought to increase Downing Street's influence over the Secret Intelligence Service by drafting in Sir John from the Foreign Office to become the next 'C'. Spy chiefs had expected Charles Farr, a serving MI6 officer who is Whitehall head of counter-terrorism.



the original daily mail story has ..er. been extraordinary renditioned?

it did look funny to give the job not to someone known for spycraft but because he is an iran hardliner and believes in the war on terror narrative?

So Mr Duncan talks privately in jest of a subject that has caused one of the biggest upheavals in recent political history.

Perhaps he now should consider, in view of the poor remuneration that he receives for his current employment, it is time for a career change?

Suggested options ......

Object of derision ... Nope, no progression opportunities there.

Expert witness .... Nope, he wasn鈥檛 talking honestly, he was joking.

Jewel Thief .... Nope, he wouldn鈥檛 have enough energy to spend 40 mil, he works way too hard as an MP.

Job Centre Plus statistic .... Nope, he鈥檚 鈥榦ne of the boyz鈥� he鈥檇 get his mates to find him a job.

Gardener .... Nope. .... Well, he could do the design but the practical ....Hmm?

Got it!

Stand up Comedian!

He鈥檇 need new material first though .......

How about a routine based upon his party鈥檚 policies?

Nah! .....

Who鈥檇 laugh at total silence?

How about a Double act?

After the performance earlier in the week perhaps ....

Dunc an鈥� Oz?

Troule iz ......

Nobody would know whom was the straight man!

baldrick returns ?

#1;"Now the BoE is hooked on QE, can it stop itself from more of the same in the future?"

I'd be surprised if Paul Mason comes up with anything else other than more quantitative easing as a solution, 'cos I think now it's the only solution left, due to some dodgy, vested interest decisions on the part of banks and politicians in the early days of the bubble bursting.

The Bank will not have to stop itself; politicians will; specifically Gordi, if it's getting near election time and Mandy says he's got no chance; stop and leave the mess to the Tories/hung Parliament come next May; if there is the slimmest chance of Labour winning, quantitative easing will continue.

A neat piece of analysis, MrTweedy; looking for a spot on NN?

On the Arctic Sea, the missing ship, could this be a new variation of an old insurance scam? There used to be a ruse where somebody would register two ships when there was one. Sail the ship through the Panama Canal and then repaint it to be ship number two. Then put out a Mayday for ship one and ship two sails back through the Panama Canal.

Perhaps in these days of transponders and satellites they could not afford "to be rescued".

I doubt it though as they would have had to have been very well informed to know that the Swedes would pick up on their erratic manoeuvres.

Still it may be helpful.

I can't see anybody using the ship for another purpose like drugs as everybody is looking for it.

#10 mimpromptu

Thanks. I am honoured.

No sorry it was a mild dig at kingcelticlion as he claims that two Nobels are based upon his work. But methinks they take massive care to scrutinize work for just that purpose before they hand out Nobels. Therefore I am a tad sceptical.

Some people who are the BNP pretend not to be - but kingcelticlion says he is not.

#10 mimpromptu

Part of 18 was thanks to you in case the moderators take exception to the other part.

Deeply honoured, but my poetry is worse than my singing so I won't reciprocate.

Related to Quantitative Easing and Mervyn King is this query.

Given the importance of the finance sector to the UK economy is the reluctance of both Labour, and the Tories to a large extent, to regulate because we need booming banks to pull the economy out of recession beyond the short term so we can pay off the debts?

What I am driving at is Mervyn has indicated we need stronger regulation and common sense indicates that we do. So are we in effect like the duff gambler who has gone to the table and lost big and then decided to put up the house to try and win back what was lost?

Is it not more secure to accept that the boom times are gone for our lifetimes and to start building a more stable and sustainable future?

NN ......

It has been looking for a while as though you may be looking for a new addition to your presenters team .......

Consider Krishnan Guru Murthy?

He's just reported the Duncan "jest" - on tonight's C4 bulletin -far more accurately than any one else dare.

Undoubtedly leading news broadcasting where it really should be going ...... i.e.

Say it as it is!

Or (parody) ....

Present and be damned!

#6 You are right Barrie, except for one, who is different - Mandelson.

He doesn't wear a rosette, and I have a theory that he isn't a human at all, but a virtual-reality cyberperson created to act as our mentor and hold the fort whilst wee Jimmie Brown is out of town.

My other theory is that the government long ago gave up on being able to raise a generation of obedient indigenous yeoman workers, having weakened their backbones by encouraging dysgenic non-families and offering cash handouts as an alternative to developing a work ethic. This has meant importing a work force from third-world countries and making them similar to local people by telling them about cricket, taking them on free trips to English heritage sites, and encouraging some to take up hill farming in Wales "so that they do not lose their own culture". No major political party is now able to reverse this situation. Not having done any research on the long-term effect of the multi-cultural experiment they now have to continue to placate and favour the new-brits as they become an ever-increasing proportion of the electorate, and unique in that they are really grateful to the major parties for not speaking out against their encroachment and improving their lives. Spoil major party games.

PROLESSE OBLIGE IDG2 - YOU FORCE MY HAND (#22)

THE LORD MANDELSON

He holds us in contempt
With such a loving leering care
And contemplates our needs
With a calculating stare,
While a smile plays round those lips
That they were not quite made to wear
And we know we're in the presence of the lord.

His titles: they are legion
Competences: manifold;
Though his Iv'ry towers crumble
Yet the dust transmutes to Gold.
He is known to Jules and Sandy,
At his name they cry: "Oooh - bold!"
It is plain that he was born to be adored.

As he rises o'er Great Britain
His ascendance marks decline;
Undeterred, aspiring higher,
Always closer the Divine.
Now the dark abyss enfolds us
Of our end, he is the sign;
Sole survivor - in the presence of His Lord.

Hmm? .....

Microsoft have been banned from selling 鈥淲ord鈥� in the US!

Just wondering where else in the world the price will go up?

Suggestion for a NN 鈥榩iece鈥� .....

Is 鈥淩ip-off Britain鈥� really 鈥淩ip-off Britain鈥�

or just .....

鈥淩ip-off Britain鈥�?

#18 & #19
Thank you, gangofone
You know, I don't think Celtic Lion is a BNP supporter but he let himself be used for a while for their wicked purposes.
Don't know about Nobel Prize winners, but for all I know, his work may have been ruthlessly used by others. Unfortunately, these things do happen and I can assure you that I know something about it and have a suspicion that there are some 'dreamers' around who are still deluding themselves that I'll play a part, as a 'guinea pig', in them obtaining the ultimate 'heroic' world renowned reward, if not 2, one in Science and the other in Peace. Well, I've just thought of a third one - a rhythm and rhyme twirling robot for Literature. I don't think the noble people give awards for twirling on ice, alas for them.

#23 Brilliant poem Barrie! Very funny, I can see the Lordy dancing in front of my eyes as I read it. : )

Nos11

Thanks for taking the time to make that reply mimpromtu. If my problem doesnt sort itself out soon I'll probably be doing something along those lines. But I do enjoy moaning as much as possible first ;o)

#8

Correct

JUST IN THE INTEREST OF BALANCE - YOU UNDERSTAND, BLOGDOG. (#26)


CHOICE CHAMPIONS

Big-Beast Ken sits at the foot of the stair
Hasn't the breath to go climbing up there.
Hush, hush - puppies beware
Or you'll end up testing some BAT fare.

Baccy kills more than a Tony Blair war
Ken rakes it in with a nicotined paw.
Hush, hush - no pension paid there
If you get lung cancer it thwarts all repair.

Ken shadows Mandelson on that high rung
Tobacco has shadowed full-many a lung.
Hush, hush - hear that last breath
Another poor smoker has been done to death.

Ken's worth his weight in addictive leaf-gold
A heart for such earnings must truly be cold.
Hush, hush - he's no heart at all
While Mandy has one, but it's really quite small.

Two major parties see fit to oppose
Through these two, by proxy, but look what it shows:
Shout, shout - they're damned in their choice
IT'S TIME PARTY-POLITICS HEARD BRITAIN'S VOICE!

Well done Ms Wark on the intro.

Is this this the start of NN, once again, reporting news honestly?

Viva la revolution!

The Duncan Discussion....

There is NO advantage WHATSOEVER to plenty of new faces in the lower house if they have to follow the party whips instead of acting in the best interest of the GBP .... Period.

Regarding QE, the last was 拢50BN, which caused a 3% drop in Sterling, given that the BoE "stress tests" assumed 60% losses in the banks, that would put the governments backstop at 30-40 times the last QE, i.e. > 100% drop in the Sterling assuming a linear relationship. Of course the relationship isnt linear, the drop would be roughly parabolic, a sudden crash is possible, though less likely than Iceland due to the depth of Sterling liquidity. On the other hand the government could issue debt to cover the backstops losses, of course QE was started when the government had failed Gilts auctions so that is a nonstarter. The only possibility left is to unilaterally seize approximately 40% of the 拢4-5TN UK private assets left in the UK, which would trigger very serious social unrest at the very least and an attempt to oust the government by force at worst. We are on the road to hell, the question is which path do we take, for anyone that says this is all doom and gloom I would recommend reading Collapse: How Societies Choose to Fail or Survive by Jared Diamond, and The Decline and Fall of the Roman Empire by Edward Gibbon to give you some perspective on the times we are living through.
.

Hi,

perhaps the camera never lies, tonights studio discussion re Alan Duncan
was pretty revealing, up to then, I had thought the whole report was pure humbug. Agree fully with Iain Dales comments. Though I do hope the Tories are defeated at the next General Election but NOT through dirty tricks,

Good night

ANOTHER TRIUMPH FOR THE VIDEO-WALL

Glen Campbell appeared to be consumed by St Elmo's Fire, by the chance flow of blue light-fuzz on The Wall. Any possibility you can simulate Hell-Fire for a few deserving individuals?

As a former Treasury Minister surely Angela Eagle MP should have known that 'Danny Blanchflower'(sic) was a footballer not a former member of
The Bank of England's Monetary Policy Committee .......

The economy: its like banging a nail into a plank with a cup. It can be done but will the nail stay straight as its hammered in?...and can you drink out of the cup when your done hammering?

If the Rothschilds are close friends with Mandelson...do we buy a crucifix and hope for the best.

Morning UK
A ditty a day keeps loonies at bay

Maybe another pleasant and warm day it might be
Whatever they show on 91热爆.
It鈥檚 raining for now,
Are they, up there, going to row?

The use of the video wall has got much more sophisticated, I can remember when they went in for Stanley Kubrick's 2001: A Space Odyssey meets Jack the Dripper. Seriously, it was headach and probably epileptic inducing. There was much more welcome work during the Georgia, Russia, South Ossetia and Abkhazia war 2008. Graphically powerful stills were carefully composed in relation to the presenters, it was striking, bold and visually intelligent work. Although I can see why the wordy people wouldnt appreciate it.

I walk through the legs of giants.

I just hope they don't drop anything on me, from their great height.

That "Mandelson" chap does have certain hypnotic powers.
He is a true performer, and definitely worth watching.

I never saw any charisma in Anthony Blair, but this lord Mandelson is rather good at being never passive and always persuasive (I choose the word "persuasive" rather than "devious", as the word devious could be construed as rude).

After watching John Redwood on NN last night, I got a very strong feeling here's a match for Mandy. They seem very similar in character, and would understand each other.

Ah Mr Tweedy, "devious" is right and a much better choice of word.

i agree with duncan. given your average council worker gets more in pay than mps it is a bit of a joke. i don't think there will be 'outrage' except from the usual suspects.

mps should get 100k.

My recent experience was slighty disturbing.

On the one hand we have this obsession with local council health and safety, then get ill walk into a doc's surgery ( find yourself sitting 6 inches away from someone also ill, young mothers with two year olds walking up an down trying to control the tantrums) to be seen in a brisk, very no nonsense manor. When I asked my doc if I may need to have my ear syringed - the answer and I quote word for word *why would you want to have your ear syringed* after I had just told them that I couldnt hear for a month due to it being bunged up and had penicillin for a week. As if I were either some kind of idiot for asking or trying to get something for nothing - that it was suspicious that I should ask the question in the first place. So not only do you have to deal with your illness, there is this whole psycological and emotional issue woven with the suspicion of benefit fraud to look forward to during a visit to the GP. Its no wonder men dont bother going.

How confident would you feel asking about an embarrassing problem that might require a pants down job after being treated like a potential Mr or Mrs fraudster .

I'll admit to being dodgy looking but should they make asumptions about a person based on what they look like.

Dear Newsnight

Rather than the Ian Duncan non-story would you be willing to challenge David Cameron tonight to either endorse the disgraceful views and attack by his MEP Daniel Hannan on the NHS on American television or remove the Party whip from him.

Why the pull mod? I only suggested that since Mandelson is buddies with a rich banking family we shoud protect ourselves with rosery beads...I thought that was fair comment.

On the Lockerbie bomber release I thought the comments by Pamela Dix were very dignified, totally understandable and very accurate. They should compel those in authority that may know more than they have revealed to date, should that be the case, to consider the thoughts of the families who will suffer real anguish, whatever happens to Abdelbaset Ali al-Megrahi, if they are now uncertain of his guilt.

#25 mimpromptu

You are perhaps right. That is the trouble with blogs though you have to be cautious. I seem to recall kingcelticlion's response to my condemnation about the romany woman with a four day old child being beaten by (induced) racists was to ask me "what I knew about Belfast".

In fairness there could have been a clarification afterwards that I missed.

But the Nobel process I think takes years.

The BNP types try to indirectly undermine the views of others to try and ferment a situation where they can recruit.

Thats because their own views, as you know, don't stand the test of time or logic or rationality. I still await the explanation of how Stalin ejecting "anarchists and Trotskyites", some of whom were Jews, in the thirties explains the "Jewish Communist International". Why not "brown eyed Communist International" or "Lisping Communist International" or overweight people dominate the world economy etc etc.

I think they are being quiet at the moment as they are often inclined to say they don't eat babies and the Holocaust didn't happen etc.

But with Baby P batterers being shown to have an IQ of sixty and being former National Front types that "revere Hitler" and alleged Nazi death camp guard Djemjanjuk awaiting trial and a recent Nazi war crimes conviction it does not really carry any weight at all.

Did I hear at one point during the studio discussion Ms Wark refer to Mr Duncan as "Cameron's storm trooper" ? Clever little smear that...anybody complained ?

Was that it ?

8 mins of first lead in film and interview
6 mins of debate divided by 3 Party spoke people and one chair lady
7 mins of second lead in film
7 mins of debate divided by 3 Party spoke people and one chair lady

Don't you think this kind of scheduling limits the debate at best and at worse reduces the debate to sound bites ?


Anyway ,still the basic questions have not been answered -

1)Who's I-O-U's is the BofE buying with all this QE money ?
2)What are the plans for taking this QE money out of the economy when the time is judged right to do so ?


Oh btw , France and Germany had in Q2, not surprising as these countries citizens had a higher saving ratios than the citizens of the UK had.

GLAMOROUS FAWN STOOPER (#47)

With Kirsty's 'drones' going full blast and very few consonants or endings coming from her 'chanter' to inform the listening ear, I was sure she called him a 'glamorous fawn stooper'. I thought: 'suit yourself duckie' and went back to sleep. Could this be the reason no one has complained?

Hi,

re 43 again

back him or sack him, Mr Cameron
if you fail to act those who see your Party for what I think it still is,

! will I hope use this against you every time you promise that the NHS is safe in your care,

I really don't think it will be,

When it comes to cutting public expenditure it is as clear as daylight that you will target those least able to protect themselves,

I really do believe however that you are NEVER going to make it to Number 10, and those who strongly oppose your selfish view of society may organise in the year to come, to defeat you,

as they did in 1997

Go1

You just don't read very well do you.

"what I knew about Belfast".

Both myself and other bloggers replied to tell you you were wrong. You read a post from Cookie ducker, and for some completely bizarre reason thought that I had wrote it.

Despite what you were told you never apologised or retracted, just carried on from your original mistake.

never ever ever did I ever refer to Belfast. Only to correct your mistake by pointing out you confused posters and I had never been to Belfast.

Still you perpetuate your own mistakes.