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Britain may need 0% interest rate to avoid a depression, leading economist warns
- Text size
James Chapman
Mail Online
October 27, 2008
Interest rates may have to be slashed to zero as Britain battles to avoid a full-blown depression, one of the country’s leading economists warns today.
- A d v e r t i s e m e n t
The extraordinary claim from Charles Goodhart, a founding member of the Bank of England’s Monetary Policy Committee, came as Gordon Brown signalled that he wants to see further, aggressive cuts in the cost of borrowing.
Mr Goodhart, professor emeritus of banking and finance at the London School of Economics and a member of the MPC between 1997 and 2000, tells Channel 4’s Dispatches programme: ‘Interest rates will go down from now, by how far and how fast
nobody knows.
‘They could go to zero. They went to zero in Japan in the 1990s when the Japanese had a recession or depression which went on for a long time and was quite severe.’
Such a drastic move here would bring rates, currently 4.5 per cent, to their lowest level since the Bank of England was founded in 1694.
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October 27th, 2008 at 4:32 pm
And now we’re looking at war with Iran?? Stock up on necessities and learn Proper Natural health care
http://www.curecabinet.com
October 27th, 2008 at 4:50 pm
Ahhhhhhhhhgggggghhhh! It’s all happening and such. I needs to finds a ways to profits offs alls this fears!
October 27th, 2008 at 4:53 pm
It should be illegal to have interest above 0% anyway, do people no question who it is that actually profits from the interest payments on newly created credit.
October 27th, 2008 at 6:11 pm
Low interest rates are meaningless in that they do not represent what is available to the “everyman”. Try finding a first mortgage for anything close to the “Central bank” rate.
It is the whole philosophy of borrowing that is the problem. Stop doing it and win!
October 27th, 2008 at 7:01 pm
UK if really freaking out. Last new is they have used their anti-terror laws on fellow Nato member Iceland. The reason? Icelands finacial troubles in the crisis has had a bad impact on brittain. Being a terrorist has nothing to do with terrorism i guess.
October 27th, 2008 at 7:26 pm
good lord man,if it is coming down to this we are in trouble
October 27th, 2008 at 9:19 pm
Let the English Bank bring the interest rates down to 0% , They made their profits…
It’s time for the tax payer’s to make the most of it…. Need I say more ???
October 27th, 2008 at 10:39 pm
At least there is no usury when there is 0% interest. It should be like that all of the time, and make the Banks draw upon a small percentage yield of the net profits after expenses and taxes for the privilege of lending to the consumers-at-large be they individuals or companies.
Having 0% interest is the best thing I have ever seen. It remains consistent with the commandments of G-d in the Torah, and is echoed in the Koran.
Anyways, if anyone is interested in educating themselves for a small price in how to use the Courts to defeat crooked lawyers and Judges, go to http://www.jurisdictionary.com.....ode=BE0002
Best of luck to all.
October 28th, 2008 at 1:02 am
Yeah, and AMERICA needs ZERO tolerance for corrupt politicians who got us into this mess!!!!!!!
October 28th, 2008 at 1:32 am
For a bunch of soccor hooligans and street thugs the people in the UK know how to put on a good show but what is the point unless there is a result.
Also, your Royal family is really of German descent and wanty nothing more that to put you back into selfdom. And they are suceeding
October 28th, 2008 at 2:14 am
Maybe, Maybe Not…who the fuck knows whats going to happen!
The lack of interest shown over the last seven years, indicates that no one really gives a fuck about anything anymore…and no mass protests proves beyond doubt “that people are full of shit”!!!
October 28th, 2008 at 4:47 am
Bring it on, could do with some relief on the mortgage.
October 28th, 2008 at 7:47 am
There’s only 7 days left until the elections!
Make a wise decision at the voting booths!
Vote Chuck Baldwin in 2008!
NOBama! McCain is nearly exactly like Bush!
http://www.baldwin08.com
Information provided by,
-Freedom Forever-
Tyranny, NEVER!
October 28th, 2008 at 9:08 am
Err…. If these guys are so brilliantly intelligent. HOW COME THEY DID NOT SEE THIS COMING?! Sorry, I forgot: they did, and sat back to watch. lol
News flash: We’re already in full-blown depression! People are struggling to feed their families and to have enough money left for petrol so they can get to work. Not forgetting trying to keep a roof over their heads!
And all we get from banks is letters and emails to borrow MORE.
October 28th, 2008 at 9:57 am
#15: some fawn, some don’t. I’ve never understood the need for the royal family…
Well, if the interest rate goes to 0%, I hope it applies to ALL borrowed money!
October 28th, 2008 at 11:06 am
God save the queen, she ain’t no human being. She married a moron, potential H-bomb.
October 28th, 2008 at 1:14 pm
When interest rates hit zero, and unemployment goes beyond 3 million, then an influx of hard core drugs will flood streets of England. British troops guard the poppy heroin fields of afghanistan while a whole generation of young Brits are about to be raped by a Government Banking cartel of fascist business interests. But lets look on the bright side, if you’re employed in replacing smashed car windows, then your business will boom for the next decade.
October 28th, 2008 at 2:12 pm
The Queen, I heard, is deep into banking; even to the extent that she and another royal monarch hold one of the biggest European banks. Is she going to take a hit or are they top side of the machinations.
You are right: All loans at 0!
The Bolivian Constitution goes to referendum!!!
October 28th, 2008 at 3:37 pm
This is old testament stuff folks,and I think we can dig ourselves out of this hole.
HRH is not in control of the country,just look at some of rothschilds comments.
However,US,UK and Ireland are DEFINITELY a contingent of the lost tribes of isreal.
It might seem quirky,but I think there’s a reason why limeys are only one of a handful of countries that drive on the opposite side of the road..
You guys stateside are in a bit of bother.DON’T give up your guns,you will need them.
Prepare for a red-dawn scenario,and wake as many people up as you can.
For God’s sake,stay united…get right with the lord and load up with NBC gear.Your brothers across the pond will need you,so don’t take the bait and start fighting each other.
The rank and file are clueless about this,and they need to be informed.
October 28th, 2008 at 7:54 pm
soothsayer,
Indeed! Since you know who we are, then you too can take courage seeing as you should, from a prophetic point of view, know the outcome of all this ‘trouble’. Some how, some way, through thick and thin, this will work out for His Bride, Israyl. However, the warnings are not there for no reason and preparations are obviously intended. Debt free is a simple preparation for example. If one was subject to Yahweh’s laws they would not be in debt in the first place, especially if paying interest ‘usury’. Otherwise we reap what we sow. Our countries are reaping their servitude, with yet more to come, from Esau/Edom. We should never have allowed them to control the money. But we are given great promises reguarding the outcome in Obadyah (Search google for “Comments On the Book of Obadyah” I wrote). Here in the great state of Georgia in the Southeastern U.S. this family is very ready for the final cleasing and the Age of Jacob to manifest with the Sons of Yahweh. The Age of Esau is at its end. The Devil knows he has but a short time. Let’s rub it in!
October 28th, 2008 at 9:42 pm
Hmmm… No interest money will save us, wow what a concept. All of us CRAZY austrian economists have been saying it for years..
October 28th, 2008 at 10:17 pm
Yeah Israylite: But the end is not yet, don’t forget, “the restrainer” is still in place…Macca.
October 29th, 2008 at 12:00 am
#15: So true. These sheep are getting CRIMINAL records for not putting the lid on their garbage bins correctly.
October 29th, 2008 at 12:27 am
Here, you can keep your money you stewpid greedy-british-banking-wankers!!
Based upon the Falacious proof of TH€ algebraic formulation 2=1
You may have seen this little proof that 2=1:
a = x [true for some a's and x's]
a+a = a+x [add a to both sides]
2a = a+x [a+a = 2a]
2a-2x = a+x-2x [subtract 2x from both sides]
2(a-x) = a+x-2x [2a-2x = 2(a-x)]
2(a-x) = a-x [x-2x = -x]
2 = 1 [divide both sides by a-x]
You may doubt that 2=1. So, where is the mistake? Think about it.
Answer: “Tuppence”=’No Cents’
October 29th, 2008 at 1:14 am
since a=x, a-x=0. you can’t divide by zero
October 29th, 2008 at 12:50 pm
This Post might be off topic, but it concerns the massive theft going on right now of your
wealth, via the bank Bailout. Consider these ideas:
I lived in California from 2003 to mid 2005. I was amazed at how high real estate was getting. For example, a small nice home in Austin might go for between, say $100,000 to $150,000, whereas in California it would be from $400,000 to $700,000. And if it were in a more desirable area, even more, of the order $900,000 and up.
I would deal with the general public, there, and found out that they were not generally very rich, yet loans were offered with terms such as zero down, and very low [to start] teaser interest rates. I knew that this real estate bubble was a house of cards
I thought to myself how can all these professional bankers be this stupid, loaning money that they will probably never get back? Why would they do this? This was only answered later, that I will reveal here, down below.
To recap, I knew that the California Real Estate Market was a house of cards, that as soon as Interest Rates rose significantly, and other costs rose, then this house of cards would tumble.
[Note: A Put option is a contract that allows one to sell 100 shares of stock for a specified strike price, for a given period of time. For example, on the stock of the Airline Builder Boeing, trading at say $100 per share, a December 2008 Put Option with a $100 strike price might be trading at $4 {this is quoted on a per share basis} or $400 for one contract that gives you the right to sell 100 shares of Boeing for $100 dollars per share from now {October 28 to December 20, 2008} until expiration. If in a month or so the Shares plunge to $80 per share on Boeing, then this put option would be worth about $2,300 [Intrinsically it is worth $2,000 [100-80]*100 Shares, the additional value is time value.
In the [b]James Bond Movie “Casino Royale”[/b] 2006, Mr. Evil Le Cheffe {It means Cypher, or is it Lou-Cypher (Lucifer?). Is this a hint back to the Satanic Elite, or the rigged Casino for the Royals?}receives $100 Million Dollars Cash from some Africans for the purchase of weapons. Le Cheffe takes the money, and instead of first buying the weapons for the Africans, he buys $100 Million Dollars of Put options in an Airplane Manufacterer. From the movie, it seems that he buys the short term contracts that are out of the money, so he gets more “Bang for the Buck,” if the Stock were trading at,say $120 per share, and he buys contracts good for one month with a $100 strike price, these would sell for probably $25 per contract. His $100 Million would buy 4 million contracts. These contracts will expire worthless, if in the next 30 days the Company never trades below $100 [the Strike price] per share. Mr. Evil Le Cheffe, in the Movie plans to cause this stock to plunge. He sends his agent to destroy their New Prototype JetPlane, this would send the stock plunging, from $120 to maybe $80 per share or lower. Mr. Le Cheffe’s 4 million puts [that he bought for $25 each] would be worth $2,000 {[100 Strike Price-80 Stock Price]*100 Shares} per contract, or $8 Billion Dollars!!! We know James Bond stops him, but the movie sets the scheme for what is happening now with all the bad mortgage loans. Create massive quantities of bad Mortgage Loans, have compromised rating agenies rate them as triple A [were the raters photographed with the DC Madame's hookers, and blackmailed in doing what the elite needed doing? Is this one reason why Deborah Jeane Palfrey was killed, since too many of these threads would reveal this scheme?], bundle them and sell them off to unsuspecting fools [Merrill {got}Lynch{ed}] and other banks, and buy Credit Default Swaps on all this Garbage. The timer has been set for this junk to explode and the Swaps to go from $20 each to $1,000 each. Trillions will be needed to pay off the lucky [they created their own disaster like Le Cheffe wanted to do] holders of the swaps. The new Billionaires created out of this created disaster need to be brought to justice. Who are the owners of the Credit Default Swaps?
As this manufactured crisis grew Treasury Secretary Paulsen pleaded for his $700 Billion Bailout. When Congress voted no, the stock market, curiously plunged -777.68 points down DJIA. This would scare the Senate into passing it and Congress later. When you go to a Casino and hit the Jackpot you get “7″ s or 7,7,7; but remember there was one more “7″, the $700 Billion Bailout. This is another example of the market being rigged, with codes for those in the know. One year after 9.11.01 on 9.11.02 the S&P 500 closed at 911; was this another one of their codes revealing an elite connection?
October 29th, 2008 at 2:18 pm
Poor England!! Her luciferic bankers have had their hands around her throat for about 300 years or so now!! And it has her in a great stranglehold along with her child the United States!! And they will both sink to the bottom of the economic abyss together!! And very few in England know the Great God of Heaven and that will be worst on her populace because of her intentionally flooding her nation with the Arab culture whom SHE WILL BLAME FOR ALL OF HER DILEMNAS THAT SHE HAS KNOWINGLY CREATED!! But like I said before; she along with her daughter America will fall to the new world antichrist order who will ENFORCE THEIR BEAST CHIP ON HER TOO!! BUT UNTO THE 15% TO 20% OF THE TRUE CHRISTIANS IN ENGLAND; KEEP THE GOOD WORK UP AND KEEP UP YOUR WAR AGAINST THE ANTICHRIST BANKERS AND luciferians and come all the way to Jesus!! AND AT ALL COST; REJECT THEIR zombie making beast chip that will steal your soul and have you in the regions of THE DOOMED AND DAMNED WITH THEM!!
November 8th, 2008 at 8:13 pm
Brown was brought in for this very purpose, the destruction of the UK economy, thus leading to the catastrophic devaluation of sterling. This unlocks the portal for the introduction of the euro, the plan of Brown and his luciferic backers all along.