Friday, October 24, 2008

'Worst financial crisis in human history'

'Worst financial crisis in human history': Bank boss's warning as pound suffers biggest fall for 37 years

Economy outstrips forecasts to shrink by 0.5%
Pound suffers worst fall against dollar for 37 years
FTSE plunges 9% before rallying to close down 5%
Asian markets tumble for a third day amid global fears

Consumers face higher shop prices, dearer fuel and more expensive holidays after the pound slumped yesterday.

Sterling took a hammering as economic figures showed the UK approaching full-blown recession.

Bank of England deputy governor Charlie Bean warned that the pain is just beginning, calling the situation the 'largest financial crisis of its kind in human history'.

On the 79th anniversary of the Great Crash of 1929:

• Britain's economic output slid 0.5 per cent - more than twice the decline expected by the City;

• Markets tumbled around the world, with leading UK shares losing almost £50billion;

• Sterling had its worst-ever week against the dollar since 1971 and hit a record low against the euro;

• The oil cartel Opec cut production, a move likely to increase petrol prices up to 5p a litre;

• Experts warned that hedge funds are facing disaster, with billions likely to be wiped off savings and pension funds;

• Hundreds of jobs were axed in the insurance, cosmetics, haulage and textile industries.

The plunge was prompted by the worst set of UK growth figures for 18 years, recording the first time that the economy has officially contracted since 1992.

The Office for National Statistics reported UK output dropping 0.5 per cent between July and September.

Another fall in the final three months of the year would propel Britain into the first official recession since the days of John Major.

Tory leader David Cameron declared: 'This is the day the recession became real.

'We have had ten years of a Government saying no more boom and bust. We have had ten years of a Government not putting aside money for a rainy day. Well, that rainy day has now come.'

At one stage, the pound was worth as little as $1.52, prompting speculation that the UK was on the brink of a currency crisis.

Although it later rallied, it has lost a quarter of its value against the dollar over the past year.

Foreign investors are less willing to finance the UK because of its record debt burden and slumping economic output. The rush to sell sterling means prices of imports like clothing and electronic goods will rise, holidays will cost more and overall living standards will suffer.

The Tories said sterling's decline proves Mr Brown has left Britain ill-equipped to face the banking crisis.

Shadow Chancellor George Osborne said: 'Once again, under Labour, the pound in your pocket is worth less. Indeed Gordon Brown has set a new record for Labour Governments, but it's not one he's likely to boast about.



Anonymous said...

My advice is dig up your back garden and start growing your own fruit and veg. Buy candles and expect power cuts.

Anonymous said...

I already grow my own, and the Tories have got a cheek after what Thatcher did to the country. They're all as bad as each other, and the only way is to opt out all together. Self sufficiency, is the way forward, depend on no one.

Anonymous said...

The newspaper headlines are full of it. Have to admit it makes me suspicious all this media spreading doom and gloom, like they are doing it on purpose to make our economy even worser than it already is.

How do you get out of a recession? You go to war

baz said...

When the pound drops to the value of the Euro ....

That is the moment they are waiting for - to introduce the Euro! ...... as an......

"emergency measure, to bring about fiscal stability"

when it comes to harming ordinary British people - These arseholes - (Mandelson, Brown and co) make the jihadists look like amateurs.

The current fiasco guaranteeing a nasty nasty tax burden until 2050

This place will be like Germany in the 30's - and the same people will have engineered the situation.

Anonymous said...

I'm keeping my money under the bed.

Anonymous said...

This is great, it's just a load of jews doing what they do best, and that is to manipulate the markets! Shares always go up as well as down, all they are doing is causing them to go down via their media-instigated scare stories (who control the media?!) then they can make a killing by buying them off the thick goyim! As for house prices tumbling who gives a fuck, normal people buy a house to LIVE in not to profit from.

Who are the bankers behind the IMF, and how comes they can buy countries???? jew trick.

Greed is a sin, and so is usury, if anyone thinks they can play the jew games, well... don't expect any sympathy when they turn on you and you get badly burnt. Learn your lesson.

Death to Capitalism!!!

Anonymous said...

A word of advice, stock up with tinned foods NOW, and don't tell anyone what you are doing!

Nick Griffin the jew lover said...

Oi, Griffin on the same platform as Roberto Fiore ?

This happened in Hungary apparently.


Anonymous said...

Death to Capitalism!!!

25 October 2008 02:46

Hear hear, and smash all government control

Anonymous said...

A word of advice, stock up with tinned foods NOW, and don't tell anyone what you are doing!

25 October 2008 02:47

Don't forget multi vits and deffo get the candles. I was talking to an electrician yesterday who said there will deffo be power cuts

I thought NWN was getting a forum, where is it?

Anonymous said...

baz said...
When the pound drops to the value of the Euro ....

That is the moment they are waiting for - to introduce the Euro! ...... as an......

"emergency measure, to bring about fiscal stability"

Rings true, Baz


OI!osborne it is the pound in OUR pockets that is dropping,have a pleasant cruize with the jews.

Anonymous said...

Good shot Baz.

The economy is not disintegrating, rather it is a PLANNED DECONSTRUCTION.

Which one of the Protocols are we up to now?

Anonymous said...

Which one of the Protocols are we up to now?

25 October 2008 14:52

We are at protocols 21 and 22.

Only 3 left to go...

Anonymous said...

I can't believe that people think the protocols are a hoax. Read them, written more than a hundred years ago.


Kevin Hughes said...

Am i sticking my neck out by saying"it's time for the start of the one world currency-The Amero",
me-middle east
0 -the orient
Just a thought

Anonymous said...

two countries to be living in at the moment where you will be ok ISRAEL and NORTH KOREA ?

Chris said...

Nice article.
Thanks for sharing it.

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