During the past week, we’ve seen the FTSE drop 5.5 percent in a day, the US Federal Reserve cut rates to an extent not seen since the mid-80’s (three quarters of a per cent if you’ve just come out from under your rock), and Asia get the wobbles.
In the UK, the powers-that-be remain concerned about inflation. It’s been revealed the Monetary Policy Committee voted 8 to 1 in favour of leaving interest rates unchanged last month.
I wonder whether we’ll look back at January 2008 at some point in time and say to ourselves: ‘This was when we really knew we were in trouble.’
Perhaps the sharp minds congregating in Davos at the moment will come up with some answers to the world’s economic troubles.
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