Minutes ago, I was cruising at 35,000 feet in the blogosphere in a plane already overloaded with unemployment at its highest since 1994 (with public cuts to come), record public borrowing and a record budget deficit, when three big jolts had me reaching for the seatbelt - and a fourth, the sick bag.
The first jolt turned out to be this set of charts from a recent presentation to a Financial Services Club meeting by Adrian Coles, Director-General of the Building Societies Association. It shows why UK banks will struggle to lend much until after 2012 - and probably can't tolerate too much more mortgage delinquency. The rest, via FT Alphaville and ZeroHedge, signal the severe turbulence arising from the Eurozone sovereign debt crisis -
"Hey you, sir, in the back. Please return to your seat and fasten your seatbelt. The Fasten Seatbelt sign is now on."
"Hey you, sir, in the back. Please return to your seat and fasten your seatbelt. The Fasten Seatbelt sign is now on."
No comments:
Post a Comment