'Run on UK' sees foreign investors pull $1 trillion out of the City
Banking crisis undermines Britain's reputation as a safe place to hold funds
By Sean O'Grady, Economics correspondent
Saturday, 7 March 2009A silent $1 trillion "Run on Britain" by foreign investors was revealed yesterday in the latest statistical releases from the Bank of England. The external liabilities of banks operating in the UK
You must be ecstatic!
No, just honest...I wrote in 2007 that the fellow with the most lucid economic plan would win the election. McCain never presented an economic case. TAO promised goodies and war on the evil rich. I wrote in 2008 that an Obama election would see DOW 7000 if Obama did not try to do what he promised and DOW 5000 if he did...I wrote that the entire world economy was way, way out of kilter and real estate was way overpriced everywhere. I was right. In fact, the only thing that I did not predict was $3 trillion in pork filled stimulus and bailout programs and trillion dollar deficits. that I did not predict as I did not believe anyone, even the socialist left, was that stupid. Well, that is where we are. I prepared as best I could but cannot get by for long if things get far worse.
We NEED a recovery and, so far, TAO is screwing up massively. He is doing to the economy what the left tried to do to the war. Neither victory nor economic recovery are as important to the left in office as is keeping that political power.
Power over Country is the motto and the rest of us be damned.
DOW on a rally as I type...hope it sticks...