Retail woe – news round-up


Posted on: 16 June 2011 by Alexander Hay

The economy continues to stagger

The gloom just doesn't want to pass. With retail figures down, and Bank of England governor Mervyn King predicting we're only midway through a seven year recession, it's time to face facts...

...Which are, according to the BBC, a 1.4% drop in retail sales during May, which wiped out any gains made during the Royal Wedding.

Who's to blame? The Daily Mail can't resist blaming Ed Balls, and by extension New Labour, for the mayhem while reporting his call for VAT to be slashed to get the punters spending again.

But at Sky News, it's Balls' turn to point fingers, as he blames the government for cutting spending too much. So it's everyone's fault and no one's. Good to know.

The Guardian highlights a key cause for the fall in spending - the rate of real pay is falling, and taking spending down with it.

The most likely result is that interest rates will be kept at 0.5%, The Telegraph predicts, noting that the much-heralded economic recovery has run 'out of steam'. And a few other things too.

Still, it's business as usual in the business sector? Not at all, according to The Independent, with finance types growing ever more depressed despite being paid huge amounts of money. Poor things.

And finally, Ed Balls' sworn blogosphere enemy Guido Fawkes is choking on his beard as he admits that, actually, 'Blinky' might actually be right this time.

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Alexander Hay

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Trevor Bacon posted 20 June 2011

No none of them are right, still we seem mesmerised by the by this crazy and impossible notion that we can either retract our way out of this or grow our way out of this. It's like living in  the era of Starlin in which everybody knows that it's not working and that it cant work (as a stable system) but nobody will talk about an alternative because of the obvious consequences.  It's a form of madness, to think that in a world such as ours that intentionally increasing consumption is going to do anything to solve our problems.  The point is not one or the other, the point is that for the best part of thirty years we have used debt based finance to perform our economic miracle. It was all that shifting the microwave ovens, we didn't make them, some poor bastard in far flung Neo Conservative Golag  Land  made them, shipped them and then we borrowed the money to by them. That's the sum total of the economy, the real economy was destroyed by the Chicago boys. What industry  remains doesn't employ squat and we are left to eat our fast food while we que up at the   whole in the wall. It's frightening to understand just how stupid the British public are.  That not only are they stupid enough to buy all this Crappola and think that its 'Real Eatin', but that they will continue to l believe it to the bitter end and suck up all this  MSM bullshit.  Crazy F**K's.

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