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economic situation is dire


ianrobo1
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The speech was picked up in the US, where it has featured on the Drudge Report, Fox News and the Rush Limbaugh Show among other places, and it has clearly struck a chord with the American right. "Republicans in Washington could take a lesson from the bravery of this man," Limbaugh said on his show.

The same right wing republicans who were main players in this world crisis and that teh US population basically told to f-off

Got to love the way some will hold on to anything

Daniel Hannan is very right wing in many of his views - something that he seems to forget conveniently when trying to point score. An odious man with odious views

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is it just where I live or have others noticed a sudden increase in the amount of "sold" boards going up on houses .....
Same up here Tony also - this is the "season" for house sales I suppose - maybe just maybe the banks have decided than lending is a possibility now?

yes, same here - i've noticed that as well.

the underlying issue of too much demand, not enough supply still exists, so people still want to buy houses.

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Daniel Hannan is very right wing in many of his views

in what way .. as in he is a Tory or as in a implied more sinister way ?

I've not heard of him before but I have to say i think we could do with more MP's prepared to speak their mind ...

The best speech in the European Parlaiment since Paisley's "The pope is the anti christ " :-)

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is it just where I live or have others noticed a sudden increase in the amount of "sold" boards going up on houses .....
Same up here Tony also - this is the "season" for house sales I suppose - maybe just maybe the banks have decided than lending is a possibility now?

yes, same here - i've noticed that as well.

the underlying issue of too much demand, not enough supply still exists, so people still want to buy houses.

Though how many of those sold notices are as a result of repossessions and/or sales at auction?

What kind of price are they fetching in comparison to their asking price and to their 'value' last year?

Who is buying them?

How many 'for sale' boards have people noticed being taken down (i.e. just removed from the market)?

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As an example of snowychaps thoughts, my next door neighbour put her house on the market last April at £240k asking price. Over the months people looked but didnt buy and the asking price went down. She sold last month for £182k as she just wanted out - but now there is a sold sign outside. An extreme case of bad selling but an example of what is happening none the less.

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US backing for world currency stuns markets

US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

By Ambrose Evans-Pritchard

Last Updated: 8:14AM GMT 27 Mar 2009

Comments 4 | Comment on this article

The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said.

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Mr Geithner later qualified his remarks, insisting that the dollar would remain the "world's dominant reserve currency ... for a long period of time" but the seeds of doubt have been sown.

The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.

"I don't believe that there is a need for a global currency. The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world," he said.

The Chinese proposal, outlined this week by central bank governor Zhou Xiaochuan, calls for a "super-sovereign reserve currency" under IMF management, turning the Fund into a sort of world central bank.

The idea is that the IMF should activate its dormant powers to issue Special Drawing Rights. These SDRs would expand their role over time, becoming a "widely-accepted means of payments".

Mr Bloom said that any switch towards use of SDRs has direct implications for the currency markets. At the moment, 65pc of the world's $6.8 trillion stash of foreign reserves is held in dollars. But the dollar makes up just 42pc of the basket weighting of SDRs. So any SDR purchase under current rules must favour the euro, yen and sterling.

Beijing has the backing of Russia and a clutch of emerging powers in Asia and Latin America. Economists have toyed with such schemes before but the issue has vaulted to the top of the political agenda as creditor states around the world takes fright at the extreme measures now being adopted by the Federal Reserve, especially the decision to buy US government debt directly with printed money.

Mr Bloom said the US is discovering that the sensitivities of creditors cannot be ignored. "China holds almost 30pc of the world's entire reserves. What they say matters," he said.

Mr Geithner's friendly comments about the SDR plan seem intended to soothe Chinese feelings after a spat in January over alleged currency manipulation by Beijing, but he will now have to explain his own categorical assurance to Congress on Tuesday that he would not countenance any moves towards a world currency.

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Not everyone thinks it's just the blue eyed boys to blame

Daniel Hannan slagging off Gordon Brown? I'm afraid that when I first saw that there was some YouTube video around of Hannan's anti-Brown rant at the European parliament on Tuesday, I couldn't be bothered to watch it. I used to work with Hannan at the Daily Telegraph and I like him. He's not exactly a Guardian-reading progressive, but he's very intelligent, he's up for an argument and he's got strong beliefs (which is less common than you'd think in politics). Hannan making a speech in praise of Brown might have aroused my interest. But this one? It sounded utterly predictable.

It turned out that I missed a sensation. When I last looked, Hannan's speech was still at the top of YouTube's "most viewed" section, with 712,860 "hits". It's been described as "the most viewed political speech in the fastest time in internet history". The speech was picked up in the US, where it has featured on the Drudge Report, Fox News and the Rush Limbaugh Show among other places, and it has clearly struck a chord with the American right. "Republicans in Washington could take a lesson from the bravery of this man," Limbaugh said on his show.

The really revealling bits are the comments left after this article, which at the ratio of about 10/1 absolutely slaughter Brown. This is this Guardian website!

Soros now saying in the Times today that the UK may need to bailed out by the IMF, which of course hasn't happened since the last Labour government was in power and led directly to it's downfall.

The other thing which seemed very interesting was the private meeting held this week between Mervyn King and the Queen, apparently unprecedented and at her request. Follwing that meeting King publically announced that we could not afford another big stimulus package and cut the legs off Brown's only key policy to fix the mess - borrow for ever more. He is in total denial and appears incapable of looking at the situation objectively. In the Hannan speech linked on Gringo's article you can see Brown grinning inanaely like a masturbating monkey,clearly unable to process the reality of what was said. He's going to fall flat on his face at the G20 and Labour have to make the decision whether to accept electoral oblivion by not acting or get rid and restrict the damage merely to a period of opposition. Either way they are going down, and they're taking us with them.

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Even Chile are getting in on the act

Gordon Brown has suffered another embarrassment after a political ally inadvertently echoed the Tory attack on his stewardship of the economy.

Chile President Michelle Bachelet said her government had been able to introduce a significant fiscal stimulus because it had "saved in the good times".

Although the comments came as she praised the Prime Minister's leadership, it sounded uncomfortably like David Cameron's charge that he did not "fix the roof while the sun was shining".

"I would say that because of our decision during the good times, we decided to save same of the money for the bad times," Ms Bachelet said at a joint press conference in Santiago.

"And I would say that policy today is producing results. So when we develop our fiscal stimulus plan we could make one that is 2.8% of GDP."

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In the Hannan speech linked on Gringo's article you can see Brown grinning inanaely like a masturbating monkey,clearly unable to process the reality of what was said.

Pathetic comment (again)

Read Hannan's blog to see what an odious right wing creature he is- racist overtones through it

Maybe that is why he is now seen as some sort of champion to some

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In the Hannan speech linked on Gringo's article you can see Brown grinning inanaely like a masturbating monkey,clearly unable to process the reality of what was said.

Pathetic comment (again)

Whereas this contribution is the height of literary genius Ian? I am clearly being a little unfair to monkey's and I apologise for that.

I think Hannan is spot on, if that also makes me an odious right wing creature in your eyes I'm not too worried.

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The really revealling bits are the comments left after this article, which at the ratio of about 10/1 absolutely slaughter Brown. This is this Guardian website!

and the prosecution rests in the case of pop-idol politics
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Read Hannan's blog to see what an odious right wing creature he is- racist overtones through it

had a quick flick through but perhaps you'd like to point to these racist overtones .. what does he say ? "British jobs for British workers " and stuff like that ??

No link again Tony - against the site rules

so is impersonating a mod :-)

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Either way they are going down, and they're taking us with them.

I love this comment - straight from the right wing rags.

It is merely an observation of reality, that you are too bind to see the truth of it is not the shock of the century. Even the bloody Guardian readers are wading into him en masse for being utterly useless and deluded but you didn't respond to that..

Edit: My apologies I see you did respond and I missed it. A sound bite about pop idol politics to avoid the substance of the issue that Labour voters/supporters are turning on Brown.. A little ironic maybe?

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I think Hannan is spot on, if that also makes me an odious right wing creature in your eyes I'm not too worried.

Neither am I Jon - says a lot when Hannan is seen as your champion

Indeed, it seems I am in the majority. No coincidence that this is the fastest and most widely ever watched political speech on youtube. If people didn't agree it wouldn't be topping youtube's international most watched list would it?

The interesting bit is that the institutional left wing bias of the BBC meant they ignored it for so long, I'm sure you'll agree...

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It is merely an observation of reality, that you are too bind to see the truth of it is not the shock of the century. Even the bloody Guardian readers are wading into him en masse for being utterly useless and deluded but you didn't respond to that..

No because unlike you and your obsession with physical appearance, I'd rather look at what the alternatives would and could do.

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