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BoE's King-ratings agencies not about to re-rate UK
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that is not the point. banking is borrowing and lending money or transactions related to money.Banking by definition is a confidence 'trick'. Why would you think a bank would attempt to destroy this?
however, you've tried to confuse the point - business confidence may be a confidence trick.
they are different things.
Mervyn King telling lies or making himself look stupid and discrediting himself does nothing for him personally or his professional career. he wouldn't do that.0 -
Mervyn King telling lies or making himself look stupid and discrediting himself does nothing for him personally or his professional career. he wouldn't do that.
It wouldn't be fair to accuse him of telling lies. A credit downgrade isn't a certainty but given the situation it is certainly an outcome that is possible. Everyone will attribute different probabilities to the liklihood of that event.
Merv is just stating in public that he doesn't think it will happen and that is a natural and sensible postion to take if your partly responsible for the finanical stability of the country. I wouldn't expect him to say anything different
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i agree he's just doing his jobstueyhants wrote: »It wouldn't be fair to accuse him of telling lies. A credit downgrade isn't a certainty but given the situation it is certainly an outcome that is possible. Everyone will attribute different probabilities to the liklihood of that event.
Merv is just stating in public that he doesn't think it will happen and that is a natural and sensible postion to take if your partly responsible for the finanical stability of the country. I wouldn't expect him to say anything different
the focus of talk about downgrades has moved from the UK to Europe and Japan at the moment IMO.
you'll see prices on the markets move favourably until the focus of default returns to the UK. when this happens the markets will factor the default rumour into gilts and the rest of the market in the event of a default.0 -
He did not see the banks failing and he did not see us entering recession in 2008. Not sure why people feel he would see us having a rating cut. Also as has already been said we would be the last to know even if he did think it.0
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Hmmmm but then again Mervyn didn't see the slightest hint of the credit crunch.
Surely he's not the oracle he might profess to be when it comes to predicting seismic events.0 -
Hmmmm but then again Mervyn didn't see the slightest hint of the credit crunch.
Surely he's not the oracle he might profess to be when it comes to predicting seismic events.
Then again perhaps he had to close an eye on the UK credit situation and was hit by an Excocet (remember them:eek:) from across the water.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Then again perhaps he had to close an eye on the UK credit situation and was hit by an Excocet (remember them:eek:) from across the water.
Yep. They're the things the french (our euro "allies") were caught red handed selling to the argies in 1982!It's getting harder & harder to keep the government in the manner to which they have become accustomed.0 -
HAMISH_MCTAVISH wrote: »No they don't......
There is no imminent threat of a downgrade.
And in fact, there is only a chance of a downgrade in the highly unlikely "worst case scenario".
Which is a far cry from the inevitability of downgrade portrayed by our more pessimistic posters.
And right where you stopped quoting:
What you have used is the imminent part. Infact, the title of the story ended with "for now"."The rise in debt and higher interest costs could test the ratings under some scenarios, but not right away."
The analysts said they did not expect either country to lose its "Aaa" rating but two risks to this view are how quickly interest rates rise over the next few years and debt financeability.0 -
Graham_Devon wrote: »What you have used is the imminent part. In fact, the title of the story ended with "for now".
:rotfl::rotfl::rotfl::rotfl:
Mastery of the English language is not your strong point, is it Graham?
Perhaps you'd care to explain why there is a significant difference between......
No rainfall is imminent.
No rainfall wil be happening, for now.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »
Mastery of the English language is not your strong point, is it Graham?
You are the one questioning the difference!Perhaps you'd care to explain why there is a significant difference between......
No rainfall is imminent.
No rainfall wil be happening, for now.
Surely I don't really need too?
Imminent = Likely the occur at any moment
Ok for now = We are ok at the moment, but cannot guarentee the near future.0
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