While we're caught up in one hell of mess here in Canada, things are getting really desperate in Europe. In Britain the rate banks charge each other has dropped to a 57 year low -- two percent. That's a cut of a full percent. Meanwhile, the ECB cut the rate in the Eurozone to 2¼%, a ¾% cut.
I don't know about you but when rate cuts get to the point where they're practically giving it away then it's a sign of major trouble, but at least they're doing something. And all we get in Canada is seven more weeks of suspended animation.
UPDATE 6:21 pm 2321 GMT: I was going to write a letter to the PM telling him exactly how I feel, but I don't know how to spell "blow a raspberry." Actually, it's something else but I have a bit more class than that. I'll let his conscience, such that it is, get the better of him.
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4 comments:
http://www.newswire.ca/en/releases/archive/December2008/04/c7003.html
My god.. It's like they're doing what you said!
Parliament proroged, the world moves on.
I'm sure you're aware that the Bank of Canada controls lending rates, not the government. Blame them. If you want to complain about the government, at least understand for what they're responsible, and complain about that.
http://www.guardian.co.uk/commentisfree/cifamerica/2008/dec/04/canada-harper-parliament-conservatives
That and they're not impressed either.
2 facts for you to respectfully consider:
1 - The interest rates here are already as low as those in Europe.
2 - The key measure in the UK's stimulus package (by the British Labour Party), the centrepiece, the most important thing a mature centrist party can think of to stimulate the British economy in such troubled times, is a cut in VAT from 17.5 to 15%
VAT being the British sales tax. Hmm, now why does that sound familiar? Imagine how great it would be to live a country so smart as to do that a year or 2 before the worst of the crisis.
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