This week, we hear that a trillion is the new billion, and once again take a light hearted look into all things gloomy in the economy:
- Come the revolution, the moneyed classes will be among the first against the wall. Your correspondent is tempted to put in a good word for private equity boss Guy Hands for doing the decent thing giving up his bonus.
- Not even the smug bank (HSBC) is immune from the cash shortage, it's asked it's shareholders for a large wadge of cash, Chief Exec Michael Geoghegan has also waived his bonus this year, quite right too given the naughtiness of their consumer finance division.
- Internationally, Australia seem to be doing a reasonable job of riding out the financial storm, the Ukraine looks like it's in trouble. An EU summit at the weekend seems to have accomplished very little. Developing nations also look like they'll need to batten down the hatches. In the US problems abound with insurance giant AIG.
- At Common Endeavour we very much like President Obama, so we're pleased that talks with our own dear leader went well with lots of common ground. Let's hope the rhetoric leads on to some good sensible policy making.
- The Bank of England has cut rates to 0.5%, and announced a £75bn package of quantitative easing. Feel free to me in a collective groan as the ZanuLab pun receives a new lease of life.
- The FTSE continued to slide and remains in the doldrums, the pound despite the interest rate cut and talk of QE .
And finally, spare a thought for your poor correspondent who when trawling the finance blogs stumbled upon this piece that can onlt be described as Ye Liveliest Awfulness.
About the author: Andreas is a Labour activist based in Norwich, he's organiser for his local ward of Town Close. He works as a software developer and being the mercenary soul that he is has found himself working in the insurance, financial services, electronics and marketing industries at various points in time. He blogs at CitizenAndreas. Read more from this author