Mervyn King, the Governor of the Bank of England, has cautioned against further significant spending by the government to stimulate the economy. Mr. King argues that the current high levels of debt means that the government needs to be careful about further spending. Warnings against Brown’s spending spree.
David Cameron today apologised for mistakes his party has made on the economy. Among the errors mentioned was not warning about the extent of the UK’s debt crisis. Cameron says ‘sorry’ while Brown is silent.
Barack Obama has held his first radio and Internet speech as the President of the United States. Not surprisingly, he concentrated on how to fix the flailing economy. His very expensive and complex plan is now being considered by congress, and also by the public, but they already had their say about two and a half months ago. Obama wants swift and expensive action.
I went shopping today, in order to do my bit to counteract the global crisis and help the ailing retail business. It was really hard! Even though most shops have a mid-season sale on, it was difficult to part with much money. It seems most shops have adopted the same tactics; mid-season sale and cheap advertising to attract customers, and keeping stocks low to avoid not selling out. Digging their own grave?
Mervyn King, the Bank of England’s governor, has warned that ’people should be concerned’ about the difficult times ahead. He said that interest rates might have to be cut to an all time low below 2 percent to help Britain’s ailing economy. Mr. King even indicated that the Bank of England was prepared to cut rates to 0 percent – or ‘whatever level is necessary’. A stark warning to Britons.
Yesterday another presidential debate hit the US. This was highly anticipated to be a ‘streetfight’, but those who would have enjoyed that was left disappointed. It was again a quite civilized affair. Obama came out on top again, but mainly because McCain didn’t win it. He desperately needed to. Obama looks to the future while McCain visits the past.
Anyone elected as leader of the free world should be able to concentrate on more than one thing at the time. So why has John McCain announced that he will suspend his campaign and return to Washington D.C to deal with the economy? Is this some desperate attempt to avoid Friday’s debate with Barack Obama (who is leading in the polls)? Is McCain trying to use his ‘I’m soon to be President-elect’ so I should be where the action is? Multitasking?