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The Clubhouse Bar
The macro economic discussion thread.
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<blockquote data-quote="Prestwick" data-source="post: 190495"><p>See thats the point, it <em>isn't</em> a franchise. It has never ever been called a franchise, and never will because guess what? It isn't a franchise. I'm not off track because I've stuck to the bottom-line, end of story, <em>das ende </em>point: it isn't a franchise. I don't care what lenders think, I'm just trying to tell you that it isn't a franchise. It is not a franchise, hey Shtove, its not a franchise. Did anyone tell you about Liverpool FC? Its not a franchise you know. It. Is. Not. A. Franchise. I don't know quite how many times I have to say "it is not a franchise" before you realise that my point was: its not a franchise. Maybe we can make a new game. I could say "its not a franchise", and you could just pretend not to hear me!</p><p></p><p>I mean, are you like Bertie Ahern here? I'm the guy telling you that its illeigal to take bungs from weird businessmen in Liverpool and you're the one muddling things by saying "well, if I took the 5pm crossing on the ferry to Liverpool instead of the 3:30pm crossing and if I went disguised as Chandler from Friends then <em>technically</em> you couldn't call it a bribe" :lol: </p><p></p><p> </p><p></p><p>Just because the ECB has single handedly failed to stimulate Eurozone growth, stop inflation from going below or above its set target and put any kind of break on overspending and deficit running by any of the Eurozone members (like it was meant to do) doesn't mean that it has a "wise head". The Banks haven't run to the ECB or the Bank of England. They're wary of central banks period and do not like suited men with gauranteed jobs by political appointment telling them what to do, especially when they have little or no power to influence national econmic policy like Wim Duisenberg who just sits around marvelling at the fact that the ECB hasn't really <em>done anything</em> since it was set up.</p><p></p><p>So far, the Bank of England has only cut interest rates about three times in eight months. And those rate cuts were quarter percent cuts. The Fed on the other hand has slashed and burned its rates multiple times over a three month period. At the end of the day, no amount of Pro-federalist propaganda is going to disguise the fact that the Bank of England sets interest rates by committee and not by the Treasury. The UK Government can lobby but no more and this is reflected in the (thankfully) very slow way that the UK has cut rates.</p><p></p><p>The UK was always going to be in a tough position in terms of price inflation but it isn't going to go the way of the dollar. Rapid interest rate changes would not influence how the City is going to see sterling and to be brutally honest, this situation is neither the fault of the UK and as such it is at the mercy of the international finance markets, exactly like it was with black wednesday in 1992. One good thing about Sterling falling (finally) is that UK business should be able to compete better abroad as it should be cheaper to export. A strong pound in the last 15 years has meant that we have consistently imported more than we have exported.</p></blockquote><p></p>
[QUOTE="Prestwick, post: 190495"] See thats the point, it [i]isn't[/i] a franchise. It has never ever been called a franchise, and never will because guess what? It isn't a franchise. I'm not off track because I've stuck to the bottom-line, end of story, [i]das ende [/i]point: it isn't a franchise. I don't care what lenders think, I'm just trying to tell you that it isn't a franchise. It is not a franchise, hey Shtove, its not a franchise. Did anyone tell you about Liverpool FC? Its not a franchise you know. It. Is. Not. A. Franchise. I don't know quite how many times I have to say "it is not a franchise" before you realise that my point was: its not a franchise. Maybe we can make a new game. I could say "its not a franchise", and you could just pretend not to hear me! I mean, are you like Bertie Ahern here? I'm the guy telling you that its illeigal to take bungs from weird businessmen in Liverpool and you're the one muddling things by saying "well, if I took the 5pm crossing on the ferry to Liverpool instead of the 3:30pm crossing and if I went disguised as Chandler from Friends then [i]technically[/i] you couldn't call it a bribe" :lol: Just because the ECB has single handedly failed to stimulate Eurozone growth, stop inflation from going below or above its set target and put any kind of break on overspending and deficit running by any of the Eurozone members (like it was meant to do) doesn't mean that it has a "wise head". The Banks haven't run to the ECB or the Bank of England. They're wary of central banks period and do not like suited men with gauranteed jobs by political appointment telling them what to do, especially when they have little or no power to influence national econmic policy like Wim Duisenberg who just sits around marvelling at the fact that the ECB hasn't really [i]done anything[/i] since it was set up. So far, the Bank of England has only cut interest rates about three times in eight months. And those rate cuts were quarter percent cuts. The Fed on the other hand has slashed and burned its rates multiple times over a three month period. At the end of the day, no amount of Pro-federalist propaganda is going to disguise the fact that the Bank of England sets interest rates by committee and not by the Treasury. The UK Government can lobby but no more and this is reflected in the (thankfully) very slow way that the UK has cut rates. The UK was always going to be in a tough position in terms of price inflation but it isn't going to go the way of the dollar. Rapid interest rate changes would not influence how the City is going to see sterling and to be brutally honest, this situation is neither the fault of the UK and as such it is at the mercy of the international finance markets, exactly like it was with black wednesday in 1992. One good thing about Sterling falling (finally) is that UK business should be able to compete better abroad as it should be cheaper to export. A strong pound in the last 15 years has meant that we have consistently imported more than we have exported. [/QUOTE]
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