Apologies folks for the lack of posting this week, your correspondent has been suffering from something of a lack of inspiration in recent days. Here's this weeks economic roundup:
- Although we at Common Endeavour Towers take a pretty dim view of the country's banking classes, we don't condone violent means. Such behavior could lead to the accidental lynching of innocent management consultants, lawyers and Tory MP's..then again...
- Tim Geithner, Obama's treasury secretary has unveiled his PPIP plan to help mop up toxic assets, the markets liked it. Willem Buiter is skepitcal, points out that under one of the scheme the taxpayer risks $84 for every $6 put forward by the private bidder. Nouriel Roubini (also known as Dr Doom) is quite surprisingly positive.
- China has started talking about the need for a global reserve currency. Maybe it's all just an innocent contribution to debate on global financial structures. Your correspondent suspects that it's more a sign that China is no longer confident in the value of the dollar.
- Mild mannered Mervyn King became HULK MERVE! (©Sadie Smith) and proceeded to smash Gordon's plans for fiscal stimulus. Your correspondent hopes he'd calmed down by the time he spoke with Her Majesty.
- Lots of right wingers got really rather exited about the "failure" of a treasury gilt auctionon Wednesday, "Is this the beginning of the end for Gord?" they asked. Ermm, no, would be the short answer. Chris Dillow provided are far more plausible explanation for what happened.
- The latest inflation figures were released, RPI was 0% for the first time in ages on the back of falling house prices, CPI was a higher 3.2% mainly due to the falling pound. Both figures were higher than expected, many economists were expecting a negative RPI.
- The FTSE continued a slow climb back to the 4000 mark, pound was unchanged against the Euro and up against the dollar.
As a final note, your correspondent would like to wish our comrades all the best for next week's G20 summit, here's hoping we come out of it with a plan to get us out of the our current predicament.
That's all folks.
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