Yum! - Double Dip Recession

[TVC_H4U]

Tweet

Did you all feel the double dip?

The economy contracted 0.2 per cent in the three months to the end of March on top of a 0.3 per cent decline in the last quarter of 2011, providing two successive quarters of a decline in output – the technical definition of a recession used by many economists.

With inflation at above wage growth, most people are losing purchasing power by the day. Add that to people deleveraging both by choice and through lack of sources of credit, a consumer led recovery is not very likely.

----------
David Cameron needs to grow a pair, and let me some some action.
Need to stop messing about, get the HS1 started double time.
Get Britain Building.
Stop subheading the EU
Get rid of Abu Qatada, on a plane "ops hes gone, we should have waited. Never-mind"

[TVC_H4U]

In related news, check out the INSTANT Plunge In The British Pound (After the GDP Report)


I think it looks worse than it is :P

[JasonFWard]

The pound vs the US Dollar there.

I think it looks worse than it is :P

A plunge of around ~0.5%, nothing too much at this stage, and it was at it's 120 day high at the start of the day, and is still higher than a week ago and no where near it's 120 day low of 1.53109 on 16th Jan.

And apparently right now more or less fully recovered

Be aware I think I've posted a live graph, so what you see may look confusing vs the conversation, especially if your looking at it some days, weeks, or months in the future.

[TVC_H4U]

Seems to have recovered Jason. Looks like someone panicked and the market corrected itself.

My bet is on them pesky French, jealous of us tried to kill the pound. lol

Same dip in the GBP/EUR but we are rideing now higher than the announcement.

Good Comment on Yahoo, being sarcastic (or is he!):

To boost our economy we should outsource more jobs to other countries and bring more cheap labour over here, impose more austerity on the middle classes and working man, we should have more quantitative easing too to help devalue our pound, we should give billions more to the IMF war chest to help prop up the EU banks, we should concentrate more and more on propping up the banks to keep the great ponzi scheme alive, and we should also tell the banks to stop lending money out too tut tut.....oh we did that one already eh ...anyway moving swiftly on.....we should help the rich evade paying tax like Tony Blair does, that always goes down well with the wondeful caring sharing rich people of the UK.......we should stay in the E.U too and give them £50 million plus everyday ......why ?....well because we can of course.....oh yes we should also give bigger bonuses to head CEO's and those hard working Bankers, ......did I miss anything ?......probably.....I like thinking positive .........life is just wonderful.........tra la la la ........tra la la la..

[JasonFWard]

The only issue with that comment on Yahoo, is that they seem to be calling for a policy of massive austerity (by ending quantitative easing and removing support from the banks) way beyond, orders of many magnitude beyond anything we've seen so far, and of not having any more austerity measures.

He's right banks are a very ponzi like scheme if you understand how they work, but it is how banks work, its the only way banks work, and it underpins just about every economic aspect of life on earth, unless and until someone can propose a workable alternative that would replace the fact that by the mere fact of taking deposits and lending money banks create wealth, wealth many times over the amount of money actually in issue in a country.

If we stopped the banks being banks we plunge ourselves into an economic dark age, where in effect if you couldn't barter it, it couldn't be done, and I'd love to see your average computer geek trying to barter their computer skills for a cup of coffee at Starbucks.