Bank of England governor Mervyn King has called on China to import more to help solve global financial problems. "Four years after the financial crisis began, the foreign exchange reserve holdings of China are substantially larger than at the onset of the crisis," he said in Liverpool. It is a theme he is likely to take to next month's G20 summit in Cannes. He also said it was time to accept that the problems in the global economy were about "solvency not liquidity". And he stressed the Bank of England's view that UK inflation had peaked. Official figures on Tuesday morning showed Consumer Price Inflation (CPI) had reached 5.2% in September. "We expect inflation now to start to fall back," he said. There are more of Meryyn King's misunderstandings here in the full report
I am not a fan of Mervyn King. He still believes the UK economic position can be varied by BoE positioning. Pahhh! Why does he always agree with EU lies that everything will be alright in the end. Sometimes I wish there was such a thing as British OFW's Rant over.
Be careful what you wish for Peter, we may well be that poor soon enough, question is where would the rich pickings come from?
