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Breaking news: world’s central banks cut interest rates

by Scott Bicheno on 8 October 2008, 12:53

Tags: Bank of England

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It has recently been announced that interest rates in the UK have been cut by 0.5 percent, to 4.5 percent, as part of a coordinated international move.

The US and Europe have also cut interest rates by 0.5 percent, while Canada, Switzerland, Sweden and China have also announced cuts.

Having plunged this morning, the FTSE 100 has now bounced back to around the level of yesterday's closing price. It is hoped that this extra piece of broad financial stimulus will act to alleviate the current turmoil in the financial sector

 

HEXUS Forums :: 5 Comments

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Posted by Andrew McP - Wed 08 Oct 2008 13:14
It's a great sign when central banks have to take unprecedented coordinated action to cut rates isn't it. Rejoice, it's safe to run up the credit cards again! House prices will soar! Spend, spend, spend! ;-)

Gawd help us all. Every generation gets its chance to live through momentous times. This makes 9/11 look like a pimple on the face of capitalism. This is full-blown acne.

Having said that, the roots of this crisis go back – at least partially – to the artificial stimulus of stupidly low interest rates after 9/11.

Andrew McP
Posted by TheAnimus - Wed 08 Oct 2008 13:28
ah the greenspan put's.

i do love how he seams to of changed his mind about what he said and did only a few years ago, also amazing how he expects the archives of all the press coverage of what he was saying to not be noticed.
Posted by cordas - Wed 08 Oct 2008 15:01
Part of me wonders how much the banks and stock market really want to avoid a huge collapse…. I get the feeling they are far more intrested in making money themselves regardless of the implications of their actions.

In someways goverments pandering to banks and safe guarding them / bailing them out seems to be letting these muppets think thats this means they can carry on regardless because they know we the tax payers will bail them out however deep a hole they dig themselves….

Banks should be forced to give tax payers equity for the help the goverments are giving them, and we should be putting strict regulation in place. In the slightly longer term we should be fully investigating what went on and looking to hold people accountable for their actions. If any “normal” person was to behave the way bankers have been we would be locked up for fruad and the like…
Posted by funke_munke - Wed 08 Oct 2008 19:10
cordas
Banks should be forced to give tax payers equity for the help the goverments are giving them


Possibly the best idea I've heard in ages, and one that I can't believe I didn't think of myself!
Posted by Funkstar - Wed 08 Oct 2008 22:45
cordas
Banks should be forced to give tax payers equity for the help the goverments are giving them
Have you actually read up about what is going on at the moment?

This is exactly what is aready happening.