Want to See America's Economic Future? Here It Is.
- From: mg <mgkelson@xxxxxxxxx>
- Date: Tue, 28 Oct 2008 10:03:26 -0600
While the rest of the world is cutting interest rates, Iceland just
raised theirs to 18%. That reminds me of the late 70s, when we wound
up having to do that same thing after having denied reality for years.
I'm not an economist, but I suspect that our politicians had two basic
choices with this economic crash: Raise rates and cure the problem, or
cut rates and borrow and print money and delay the problem and make
things worse in the long run. They chose the latter, of course.
-------------
"Economic Meltdown Could Cost $2.8 Trillion
Iceland Raises Rates Sharply, Others Poised to Cut to Head Off
Prospect of Deep Recession
By Elizabeth Piper
October 28, 2008
LONDON (Reuters) - Iceland raised interest rates by 6 percentage
points to 18 percent on Tuesday, taking the opposite tack to most
countries fighting a global financial crisis which the Bank of England
said could cost $2.8 trillion.
The United States is expected on Wednesday to cut interest rates, with
Europe and Britain forecast to follow next week, to try to head off
the prospect of a deep recession.
Other countries continued to bolster their banking sectors, hit by
holding assets linked to bad mortgage debts in the United States, and
shore up tumbling stock markets.
Japan restricted investor bets on falling share prices to try to end a
stock market slide, and delayed a parliamentary election to
concentrate on protecting the world's second biggest economy, from
recession.
Japan's Nikkei climbed 6.4 percent after hitting lows not seen in 26
years, helping European shares gain 2.7 percent."
http://abcnews.go.com/International/wireStory?id=6125630
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