Bank of England hikes interest rates again as inflation heads towards 11%

Bank of England hikes interest rates again as inflation heads towards 11%

https://www.cnn.com/2022/06/16/economy/bank-of-england-interest-rate/index.html

Well, well, looks like the US is not the only country grappling with inflation. So, how can the US RW hold Biden accountable for this?

In addition, they had a 0.3% contraction of GDP in April. Doesn't look good for Boris Johnson. And here we thought populist politicians would be able to bring economic prosperity to all. Newsflash: No politician can get around economic fundamentals that are currently hurting the whole world. If they could, we wouldn't have had the 2008 great recession.

 

I really don't see why Biden ruined the English economy.

 

Can you guys please stop economics-denial that domestic spending has nothing to do with inflation?

or

please give us all checks to deal with inflation and see how that turns out. Funny we can get checks for covid but not inflation. Why? Because that will fuel inflation, and apparently everyone knows it except you. Nobody, not even this admin, is stupid enough to suggest free money for everyone as a way to combat the effects of inflation.

time to catch up to the classroom my cone headed corner dwellers

 

Well then.. I guess since the UK is also struggling with inflation, our President should just go on vacation and just let the economy figure itself out.

 

It's Joe's fault.

Amen! QED

 

Hey, isn't the invisible hand magically going to fix everything? So, why need a president to fix it?

BTW: What do you think Biden should do to fix it? Give a tax cut, like the GOP MO? Or, lobby the Fed for lower interest rates, like Trump?

Seems like Biden is taking the bitter medicine of rising interest rates like a man, without complaint, unlike the previous toddler in the WH, who whined that his own Fed chair was trying to destroy the magical Trump economy.

 

So because the US inflation isn't as high as the UK, it's a good thing? Why is the UK's inflation that high?

Printing more money will fix it, I'm sure. Forgiving more self-induced debt will fix it, I'm sure. Telling the fossil fuel industry that they will no longer exist in 15 years will fix fuel prices, I'm sure.

 

YES!!! Elect the Trump GOP in 2022 to Congress and they will solve every American consumer problem including inflation and the war in Ukraine. I got to be honest, that will be the end of the representative vote and the continuance of Trump GOP corruption on steriods.

 

Obama's fault.... I mean BIDEN. Yes, US was not the only country who went overboard in 2020 with all the 'stimulus', and the supply crunch affects the whole world, not just the US.

Turkey inflation is over 70%.

 

Clearly this is Hillary's fault. And I'm sure there was a master plan in Hunter's laptop confirming this was Brandon's fault as well.

 

I never said that it is a good thing, inflation sucks, when it is over 2-3%. I also never said printing more money will fix it. That's why I am glad that the big Dem spending bill is now history. Sometimes, economic realities collide with political agendas. The GOP will realize the same thing, should they get a president in the WH at a time of economic crisis. They were just lucky it was a Dem president who inherited the economic mess the last two times.

 

You do know what causes inflation, right? Both Trump and Biden flooded the market with unfunded liabilities and then Biden tried to poor another 4.3 trillion of additional spending with his BBB where he clearly stated, spending MORE money would ease inflation. He's still printing dollars and sending them to Ukraine... Stop spending and start reining in excess stimulus spending!!

Now to the gist of the issue here.... Inflation is a tax on the poor and middle class. The quickest way to give some relief to the people of this country would be at least a moratorium on federal gas tax... Specifically on diesel since that is impacting distribution and farming exponentially. Put a moratorium on the newly imposed environmental regulations, at least until the economic crisis is under control.

Right now, Biden has done jack and Yellen is months late on increasing interest rates.

Without complaint?? Are you serious? He has blamed EVERYONE but himself on the economic situation we are in. He has taken no ownership for the mess we are in which at this point, he accounts for at least 75% of the reason inflation has peaked and we are in a recession.

 

He should be accountable for what's his fault. Stop making excuses for what the biden admin has done. Other countries made stupid decisions as well with regards to spending in recent years, specifically 2020 and 2021. That other countries are experiencing inflation in no way excuses Biden yet damn near every lefty here uses it as their excuse for the biden admin.

https://americansforprosperity.org/biden-policies-raising-gas-prices/

Let's stop pretending that nothing on that list has had any impact whatsoever. Biden and the left were so quick to undo anything and everything trump related they didn't even consider the consequences. Hatred for trump has absolutely blinded many on the left. The lefts reaction to trump is what could lead to historic midterm results and if so, they'll have nobody to blame but themselves (although they'll try to blame racism....because why not).

 

Without a doubt, it's George Soros' fault. Hil is just his instrument of global destruction.

 

Haha, Yellen hasn't been Fed Chair since years. Powell is the current Fed Chair, APPOINTED BY TRUMP. Shows how much you know about the issue. I rest my case.

 

As well as Brexit and the devalue of the Pound. England also imports nearly all of their energy which the US could absolutely mitigate our issues if handled correctly.

On another note... Japan, which did not lock down and did not go crazy with stimulus is hovering around 1.2% inflation.

 

Japan has been battling deflation for decades, due to a shrinking and aging population. Plus, Japan didn't NEED to lockdown, because, unlike many Americans, the Japanese actually follow government orders and put on masks. Heck, they put on masks without government orders even before covid. But, make your excuses with the ONE country that defies the worldwide trend, so you can continue to bash Biden. Figures.

 

I will be needing to replace my keyboard after reading that. Was that humor? Please tell me that was humor.....

As to the 'Dem Big Spending Bill", they are now just doing it in smaller pieces. Student loan forgiveness and refunds are tallying up quickly.

 

' ~ You have to ask ... ? ! AMERICA is holding the Biden administration responsible — because they are .

 

I conflated the treasury secretary role with the fed chair unintentionally as I was literally talking about a moratorium on the federal gas tax. And yet you chose not to address any of my other points. Noted!

 

Japan economy is weird given the fact that their Debt to GDP ratio is 260%, and they have fought a long fight against Deflation, not Inflation. Not a very good comparison point.

 

The whole world is not hurting.

The current inflation rate in China is 2.10%.

I am no expert, but I bet Trump's policy of onshoring jobs and industries could have helped.

 

Well, here we are so obviously it didn't help.

 

When being incompetent and ruining an economy is being a man, luls. Quantum, we know you're one of the more intelligent posters on the forum. Even you can see the writing on the wall that Biden's been one of our all time worst presidents. As I said, along bipartisan lines. Harding inherited a crisis, but this is Biden's mess no matter how much he and others want to avoid that.

The reason there's a global economic meltdown is that the entire world 'reacted' to Covid in the same inappropriate manner: Shutting things down for months, inflating the economy during the shutdown period and the restart causing a massive hyperinflation.

The solution out of this? The markets need to earn at a level of capacity equal to the percentage of monies that had been created as a result of the emergency packages. If our production capacity equals costs, that will create an equilibrium that will slow down the inflation/recession.

My policy proposals to do so:

-Immediately repeal Biden-era policies and a return to the shale fracking that occurred under the Obama-Trump administrations.(Obama started it, Trump continued it) The old saying 'if it ain't broke, don't fix it' applies. All we have to do is reject the Greenpeace Lobby, and living in a state of a fixture of Depression isn't worth it to save the cow farts.

-Continue to expand use of electric, nuclear and some workable form of Green energies in a collective effort, not phasing out any one single energy source as the US becomes energy independent by way of a Mixed Energy model.

-Work with shipping/supply chain to see if we can get the shipping across docks efficiently and on time. There's simply no reason for the government not to be more proactive and more cooperative in this manner. By getting the supply chains unstuck, we can get our shelves stored.

-I have long proposed Training Programs to create Future entrepreneurs and a heavy investment that goes way beyond the current SBA(Small Business Administration). The goal is that we currently have a 90/10 worker to employer ratio, and we need to turn it into a 60/40 worker to employer ratio. Should we succeed, real median earnings will increase tenfold, as will an explosion of job opportunities.

 

So you still support globalization?