This is what Mark Carney had to say on the UK economy this morning to the BBC's Hugh Pym:
This is the weakest economy on record, and those records go back more than one hundred years. There is significant slack.... and [the danger is that] the understandable feeling builds up that the Bank will start to pull back on the monetary stimulus packages [that have helped create the recovery].
I think that summarises Osborne's achievement - the weakest economy in 100 years.
Now, will we hear that in the press?
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I doubt very much the MSM will point that out, I am not sure what it is they are trying to point out as “good” on the BBC with regard to Carney’s statement, all I hear is it’s good to know interest rates will be 0.5% for the foreseeable future? The gist seems to be to encourage spending via borrowing?
I beg to differ.
The economy is accelerating in the direction the chancellor wishes it to.
That it is not accelerating, or even moving, in the direction the vast majority of the population wish it to, is because their vision is not operating in the narrow band that the chancellors is.
A “growth” based on borrowing, borrowing supported by government (by peoples taxes), and used to buy property for the rent business, and banks collecting the interest and charges for borrowing.
We’ve been there before: What could go wrong ?
You have to narrow your field of vision before things come clear.
Try narrowing it to, say, 1% ?
“The truth is that the British economy is in a depression, very similar to the one experienced in the 1930s – what Keynes called a “depressed equilibrium”. The government now – as then – is not taking the malaise seriously, and would prefer to spew meaningless slogans about “building an economy for hardworking people” instead of focusing on job creation, which is the only viable short-term route out of the slump”
http://azizonomics.com/2013/07/26/is-the-british-economy-finally-recovering/