Friday, October 07, 2011
We are on the economic brink
It just happened
Yesterday the Bank of England announced another round of quantitatuve easing worth £75 billion.
Andrew Lilico responded by asking
"Perhaps the Bank of England is privy to data that makes it believe that further collapse in the British banking sector is now inevitable. If so, an increase in QE is inevitable and correct. But are we really there yet?"
It seems Lilico's question has been answered. Today came the news that
"Moody's has cut its rating on the debt of 12 UK banks, including the state-supported Lloyds Banking Group and Royal Bank of Scotland"
The banks are back on the verge of collapse.