Posted on 01/26/2011 2:12:23 PM PST by Leisler
Families will see their disposable income eaten up as they “pay the inevitable price” for the financial crisis, Mervyn King warned. With wages failing to keep pace with rising inflation, workers’ take- home pay will end the year worth the same as in 2005 — the most prolonged fall in living standards for more than 80 years, he claimed. Mr King issued the warning in a speech in Newcastle upon Tyne after official figures showed that gross domestic product fell by 0.5 per cent during the final three months last year. The Government blamed the unexpected reduction — the first since the third quarter of 2009 — on the freezing weather that paralysed much of the country last month. But there were fears that the country was poised to slip back into recession, defined as two successive quarters of negative growth. Economists said the situation was “an absolute disaster”. The economic gloom deepened this morning as figures showed that mortgage lending by the major banks dived to an 11-and-a-half-year low during December.
(Excerpt) Read more at telegraph.co.uk ...
They need to keep bringing in more and more muslim and african invaders into a tiny island country.
Well the std of living drop will accelerate in the USA. 50% of baby boomers voted for the muslim. Their future along with their kids and grand kids is truly *********.
Scary!
The effects are delayed due to the bankrupt programs that are soon running out. Food stamps, welfare, unemployment. etc. It will soon blow up. Prepare.
You would almost think he didn’t have a clue any of this would be happening.
US embassy cables: Mervyn King says in March 2008 bailout fund needed
http://www.guardian.co.uk/world/us-embassy-cables-documents/146196
That won’t happen. They’ll print money right up to the breaking point, and then go over the point, and after that they will be so trapped with a dead fake economy, they won’t dare to stop.
We’re ridding this thing down. They are not going to stop printing and the money, people’s savings, any break in the fog to make a rational investment will all disappear.
Already life long savers are taking two to the back of the head.
The said everything was fine, then they said it wouldn’t happen, then they said the bailouts were critical, then they said the economy would expand, then they said printing would fix it, then they said it again.
The central bankers are like 0 for 8. Something like that.
That is just the beginning
They said there was no housing bubble too lol and oh remember banana ben under oath saying he wouldn’t monetize our debt that was a real hoot.
what we need are more Mexican immigrants. That’s sure to keep the standard of living high... for those of us that already enjoy the highest standard of living at least.
I see a few legal Brazilians. The US, leaving home, the expense and now the US Dollar becoming toilet paper, is making the coming to the US to work less attractive.
I guess we can thank the Fed for that. /s
The English must have their own Ben Burnbanky.
more and more I see multigenerational families living under the same roof. What is that characteristic of? An increasing standard of living? No. Third world status? yes.
The Waltons.
But you're not wrong.
The Walton’s took place during the Great Depression. lol
Sounds like it would be time to take the money and invest overseas.
Yes exactly. I agree - prepare. I was reading something a few minutes ago on Zerohedge.com about IL’s troubles. A variety of numbers that are staggering. IL’s pensions are underfunded by $208 billion! The numbers are just staggering. Total lib dem-union corruption and looting.
Obama hates coal (he really is just a Saudi stooge & coal is the USA’s ace up the sleeve). The irony is Illinois, not known for coal, has enough coal that could be made into diesel for $30 a barrel or less to rival the oil reserves of Saudi Arabia. This is probably more than enough wealth to make the state and it’s various pensions solvent.
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