2
May
A Drama Or A Crisis
As predicted many months ago two specific and significant things
have happened, firstly the British press in their attempt to
increase circulation numbers made 'a drama out of crisis' and the
economists who have a perpensity to get things wrong are quite
consistent and as it unravels they have been getting things wrong
again. Some recent headlines are beginning to give an indication if
not a strong indication that the whole global crisis has been
reported out of context and it is now slowly, if not very slowly
beginning to emerge that as stated in one of our archive reports
here how black it is painted depends on who is holding the brush.
So if any one wants to allow themselves one cheeky optimistic smile
here are a few headlines from http://news.bbc.co.uk. 'BANK SAYS
CREDIT FEARS OVERSTATED' 'Banks have overstated their exposure to
mortgage-linked investments and could delay an end to the credit
crunch as a result, the Bank of England says.' 'US JOBS DATA GIVES
POSITIVE SHOCK' 'US job figures have surprised Wall Street, falling
less than expected and shifting the balance of opinion towards
analysts not predicting a recession.' 'US GROWTH AHEAD OF
EXPECTATIONS' 'The US economy grew at an annual pace of 0.6% in the
first three months of 2008, slightly faster than expected. The US
Commerce Department figures exceeded analyst expectations of an
annualised growth rate of .0.2% and eased fears of a recession.'
'FURTHER CUT IN US INTEREST RATE' 'The fact that todays GDP figures
showed positive growth in the first quarter offers some grounds for
hoping that the US will not see two quarters of negative growth
this year, at least if the fiscal stimulus package works as
intended and boosts spending over the summer,'