August 11th, 2011

UK Now Safer Haven than Germany

Over at the “evidence based” LeftFootFoward blog they have an opinion piece claiming “Osborne’s ‘safe haven’ view is delusional”. Let’s examine the evidence, starting with Sovereign Credit Default Swap rates:

Exhibit A

CDS rates reflect the cost of insuring against the risk of default. UK gilts have got their edge back, German government bunds are now seen by international markets as a higher risk than British gilts. So Osborne is right to claim that Britain is seen as a safe haven, with the resultant benefit of lower cost long term borrowing. Guido’s second piece of evidence is the disparity between German and UK government borrowing rates:

Exhibit B

German 5-year borrowing rate: 1.41%

UK 5-year borrowing rate: 1.29%

UK rates are lower, though not as low as that other traditional European safe haven, Switzerland, where interest rates have turned negative. This means that effectively you have to pay the bank to deposit Swiss francs. Below are last night’s closing money market rates for Swiss LIBOR futures, usually quoted as 100 minus the rate, they are now confusingly trading above 100 meaning that money market rates are now negative. Not something Guido has ever seen before…


Elsewhere in Europe the banking system teeters on the edge of disaster. Anecdotally there are tales of Italians driving their Alfa Romeos across the border to convert their paper euros into hard currency in Switzerland. To paraphrase Sarah Palin: How is that monetary unity thing working out for europhiles?


134 Comments

  1. 1
    Billy Bowden is the greatest umpire ever ! says:

    So we not fully fucked?

    Like

    • 13
      Spot the inconsistency says:

      Gang of 650 loot John Lewis: No punishment.

      1000’s loot shopping centre; Calls for flogging and birching.

      No, I wouldn’t say we were fucked.

      Like

      • 22
        misterned says:

        John Lewis certainly would not have seen it as looting by the MPs. They would have seen them as very good customers. You have some cognitive difficulty if you think that PAYING for goods is looting them.

        If you had claimed that they looted the country, then you would have a point.

        Like

        • 32
          AC1 says:

          Violent Looting Scumbags and their friends on the left always have difficulty with morality.

          Like

          • A Violent Looting Scumbag says:

            We’ve got friends on the Right as well, mate. That Ken “no-one should go to prison” Clarke’s a wonderful geezer and make no mistake innit. All us rioters are getting let off with slapped wrists! The courts are lettin’ us all go. Well wicked.

            I thought Cameron was a bastard innit but instead his government’s well lax and friendly to us. Respect.

            Like

          • Billy Bowden is the greatest umpire ever ! says:

            This is the sort of post that makes me very cros. I stick up for peples rights and then somebody sayees this sort of thing.

            Like

          • Archer Karcher says:

            Ken Clarke right wing?

            You think you have heard it all from dipshits then hey presto, up pops another who is even more stupid than the last.
            Congratulations, you have made stupidity into an art form.

            Like

      • 61
        Old Tory Bigot says:

        Spot the total fucking lack of perspective – more like.

        I assume you are another lefty loon as you exhibit the inate traits of the species.

        Whatever the MPs did (and they did some shameful troughing), they did not set fire to and destroy peoples homes, buinesses and threaten their very lives.

        Typical leftist non-think, knee-jerk wankery.

        Like

        • 99
          socialism has murdered 150 million human beings pride says:

          Economic wrecking is not as quick as looting/burning but it gets there in the long run.

          The long run is here.

          Like

      • 76
        Horny handed son of toil says:

        Which John Lewis wa that? I’ve not heard of hoodie scum looting there.

        Like

    • 35
      Anonymous says:

      Is it because we have printed so much money; Bank of England (BOE) owns 25% of UK government debt. BOE also gave £500 billion to banks. In other words we have a free printing press Germany hasn’t in US congress is stopping how much can be borrowed.

      Like

    • 115
      Anonymous says:

      Phew that’s a relief, I feel so much safer knowing Giddyone is calling the shots. Twat!

      Like

  2. 2
    Swiss Bob says:

    Hah, negative interest rates back in Switzerland.

    I shouldn’t laugh, as I’ve been royally screwed by its appreciation but the Swiss Franc is better than gold, you can get interest on it, if you live in Switzerland, and it’s accepted everywhere. . . .unlike gold.

    Like

    • 14
      Ethel in the Labour Party HQ's Canteen says:

      We don’t accept no gold because it’s like worthless which is like why Gordon sold it off and saved us all a lot of money, so ‘e did and make no mistake innit.

      Like

    • 39
      Anonymous says:

      All the big thiefs keep their money their. Most of our foreign aid end up there as well.

      Like

    • 111
      Bled White Taxpayer says:

      Swissies have always been good value. Also look at the Loonie (Canadian $). And a few golden Sovs buried in the garden.

      The only share I would buy is the Perth Mint, fully backed by the Aussie government (well, I got some Friends’ Provident shares from demutualisation, but last time I looked they were bog paper).

      Land looking good as well. $15,000 for 19 acres of Canadian lakeshore in 2003 is worth about six times that now, but mine’s not for sale now we’ve built the cabin and put in the leccy and water. Good goose shooting as well.

      Like

  3. 3
    NotaSheep says:

    Faced with the choice of saving money in a bank in the UK, Germany or Switzerland, I know which I would choose. The interest rate in Switzerland may be negative but the money is at least safe(r). Maybe savers now have to think in terms of how much am I willing to pay to protect my savings.

    Like

    • 34
      AC1 says:

      The phrase you are looking for is “Return of Capital, not return on Capital”.

      Like

    • 86
      Clarence says:

      “Faced with the choice of saving money in a bank in the UK, Germany or Switzerland, I know which I would choose. The interest rate in Switzerland may be negative but the money is at least safe(r).”

      Tend to agree.

      Be afraid.

      Potentially, we’re only a vote of confidence or one scandal away from having Ed Balls as Chancellor.

      Like

  4. 4
    Iain says:

    You have a typo on exhibit B. I assume the second should read UK 5-year borrowing rate.

    Like

    • 5
      • 16
        Billy Bowden is the greatest umpire ever ! says:

        Just like the caption contest :-)

        Like

        • 21
          Billy Bowden is the greatest umpire ever ! says:

          ps that was a joke :-)

          I know, like my caption entries, not funny :-)

          Oh well at least i am consistant :-)

          Like

          • Infuriated of West Mids says:

            Happy Birthday, Billy :-)

            Hope you’re enjoying the match – I certainly am!

            Like

          • Billy Bowden is the greatest umpire ever ! says:

            Thanks :-)

            Bit disapointed at the Indians tho, I thought the Aussies were bad, but India number one team????

            Like

          • Infuriated of West Mids says:

            Frank Skinner on TMS at lunch was saying that P*kistan were better when they were deliberately trying to lose…!

            Like

          • Billy Bowden is the greatest umpire ever ! says:

            P*kistan had betting bowlers.

            Only indian Bowler i give credit to is Praven Kummar.

            Like

          • Billy Bowden is the greatest umpire ever ! says:

            Great birthday wishers from my freinds – england wining at cricket, great weather and lots of topiccal bloging – coldnt be better

            Like

          • Sarahs Wellhung says:

            extra bummings for birthday boy tonight then billy..have you tried ball bat and stumps all at the same time..if so try wicket keeper’s goves aswell for bulk…gordon giggles at your postings and he expects you write just like he does…you know ink blots spelling mistakes mixed syntax

            Like

          • Billy Bowden is the greatest umpire ever ! says:

            Syntax. Now that is a big word.

            Like

  5. 6
    The voice of unreason says:

    What most people don’t get is that currency union changes currency risk into default risk. The Germans are now on the line for more and more fiscal transfers to the weaker economies, putting a strain on their own finances.

    With the downgrade of the US, there are fewer AAA safe havens around and in aggregate, they are far too small to mop up demand for liquid AAA securities. This trend will continue in the UK, in Switzerland, in Norway and other AAA nations.

    If Germany leaves the Euro, the surge in currency appreciation will really hurt their export industry. Damned if they do, damned if they don’t.

    Like

    • 37
      Peter Carter-Fuck says:

      What a fucking shame. They shouldn’t have invaded Poland then should they?

      Like

      • 42
        The voice of unreason says:

        Exactly. If they hadn’t invaded Poland, they wouldn’t be in the trouble they’re in today!

        Like

    • 43
      A Reader says:

      You may call yourself the voice of unreason, but that this a very interesting comment. Thanks.

      Like

    • 125
      Formerly Frau Merkel says:

      Exactly Voice. That would explain the 50% retrace of the DAX rise from 2009-11. A booming export economy is being blown apart by the inevitable break of the Euro.
      Catch 22…

      Like

  6. 7
    James says:

    Guido,

    Sorry to say this Guido but all this shows is that we’re entering a deflationary depression while the Euro countries carry extra risk because they have lost control of their sovereign currencies.

    This is because, thanks to the last Labour Government, we have a massive overhang of private and public debt and a load of over inflated assets prices (e.g. house price bubble).

    None of this is good news for anyone. By playing this line you are letting the left get away with their disastrous economic policies of last 10 years without intelligent criticism.

    James.

    Like

    • 101
      socialism has murdered 150 million human beings pride says:

      Deflationary depression although unpleasant in the short term, brings about a return to economic health in the longer term.

      There is no other choice in the end.

      Like

  7. 8
    Billy Bowden is the greatest umpire ever ! says:

    Looney left tag (It does cite Left Foot forward)

    And is this soley down to us being out of Euro or having a credible deficit plan?

    Like

    • 12
    • 20
      Credible? says:

      Credible deficit plan? Increase VAT, reduce spending, increase borrowing and then.. add all the tax revenue to the borrowed money and the saved money and throw all the money away as ‘foreign aid’.

      Like

      • 33
        misterned says:

        Not great is it…

        Still a lot better than labour were doing though.

        Like

      • 40
        Peter Carter-Fuck says:

        When you are a foreign aid superpower you don’t need to spend money on the Royal Navy. Dave’s thought of everything! Shame China’s just launched an aircraft carrier, if we’d been a bit quicker we could have sold them the Ark Royal.

        Like

    • 108
      M says:

      Add 1 step & a salute what you got , the goose step
      The libdems don’t know which foot to go in or out with so they’ve gone for “the hoeky cokey”

      Like

  8. 9
    Socialism Ate My Future says:

    Exhibit A Exhibit B either way won’t make a difference in the eyes of a lefty.

    Doublespeak is the name of their game and reality is often an illusion for them. They’ve even lost the argument on the “impoverished poor” rioting as the cross section from teachers to graphic designers being prosecuted, still won’t stop them championing the “closure of a yoof centre”

    Socialism is a cancer on the world since it’s inception and until it’s utterly destroyed we’ll be back to square one in a few decades.

    Like

    • 56
      Bill d'Sarse says:

      Indeed, but it is still going to get up Ed Balls’ nose. It’s so far up that all he has to offer is the ‘too far, too fast’ soundbite, rather than a credible alternative policy. Blank sheet of paper? They haven’t even got that.

      Like

      • 133
        oddly helpful says:

        The ‘Too low – Too slow’ meme is gaining traction among the general public as a result of these riots. The idea of finding opportunity in crisis is not the exclusive property of the political left: no decent parent is comfortable with the thought that their unborn grandchildren will still be paying off Gordon Brown’s debts.

        Like

  9. 10
    Tessa Tickles says:

    I was a bit confused by the two German 5-year thingies, too, so I’m glad you asked.

    Like

  10. 11
    I don't need no doctor says:

    Earlier in parliament we had useless Ed Balls, now we have Yvette Cooper. How on earth have labour ended up with such crap.
    Cooper’s latest hair style is oh so manly. Maybe she is going for the “man look” so she can try for the leadership of the labour party.
    Labour’s front bench are all so useless. Can’t they do any better?
    Ed Miliband sitting on the front bench acting like some infantile kid in a school classroom.
    Dear oh dear, what would John Smith and Robin Cook have made of it all.

    Like

    • 24
      Admiral Leach says:

      Pretty much the end of the Labour party really they have just become a some sort of safe haven for politics graduates who want to follow the youth party/think tank/union wonk/spad/hopeful MP/spinless minister career path. All lead by some rubber faced 6th former with a helium addiction.

      Like

      • 72
        retardEd Miliband says:

        That ith a thlanderouth and nathty thing to thay.

        And anyway, I don’t lead, I follow the inthtructionth given to me by the Communitht union leaderth.

        Like

      • 91
        Alex says:

        “rubber faced 6th former with a helium addiction”

        Best description of him I think I’ve ever heard.

        Like

    • 30
      Poofter says:

      Balls and Cooper have proved extremely adept at paying themsleves huge sums from the public purse, vastly dwarfing anything they could make in the public sector.

      They are no fools in that regard, granted they are a pair of wankstains but the main aim of Labour politicians is and always has been, the trousering of public monies.

      If the Labour Party’s mantra was not ‘free money for anyone who votes for us!’, these wretches would never get near Parliament.

      Like

    • 54
      Sir William Waad says:

      She wore her hair longer in her early years, but then this happened:

      Like

    • 74
      Redditch Raven says:

      Cooper was strangely attractive(???!!!!!!!) sans make-up in a sort of boyish way with her wind swept tousled hair-cut when she visited Birmingham..she’s combed her hair since then and put on make-up to-day….incidentally you shouldn’t discount Yvette she’s the best “man” in the Shadow Cabinet and if Miliband were to be hit by a piece of rubble from a looted shop as he goes around England sympathising she’d be a strong candidate to replace him

      Like

      • 112
        gentlemen ..select your weapons says:

        yvette is a ghastly shrill little tart who doesn’t have the slightest hesitation in distorting…double talking…and double dealing any issue to suit her transparently
        politically expedient agenda. If thats the best labour can muster they have very serious problems and hence they have little boy milliband leading them…to be seen today sniggering behind yvette in the HOC..sickeningly cynical opportunists at work.

        Like

    • 123
      Crazy Diamond says:

      John Smith knew about a huge amount of Labour corruption and kept quiet about it, and would no doubt have had the same approach to this crisis.

      Robin Cook would no doubt have tried to fuck it, like everything else that came his way.

      Like

  11. 15
    Marcus Aurelius says:

    When will Gavin Esler or Robert Peston tell us about this on the BBC?
    better still could we get Eddie izzard to explain it?

    Like

    • 50
      misterned says:

      Economic news which does not fit into the tory cuts = catastrophe paradigm cannot be broadcast on the BBC because that would show us to be biased. This economic news is good, so to provide impartial balance, we have to broadcast bad economic news instead to maintain that balance.

      Like

  12. 18
    the general public says:

    Would Germany’s apparent “worse than Britain” tag be more related to being in the euro than their economy being less weak than ours? As I understand it they can’t build enough “stuff” to meet demand (seems they didn’t destroy their manufacturing base unlike us).

    Like

    • 25
      Tessa Tickles says:

      But isn’t demand for German goods basically being funded by German credit? So when austerity bites and the borrowing stops, demand dries up and – Heaven forbid the debtors default on the credit they got from Germany – Germany ends-up in the shit as well?

      Like

    • 27
      Drop a Daisy cutter on the BBC says:

      Yes, West Germany had to absorb the totally fucked and failed Eastern Europe and now they are bailing out the bone idle c u n t z in the south of Europe.

      Like

  13. 19
    The Right Honourable Gordon Brown, MP says:

    Today I shall mainly be recounting my glory days in No10, to my sons, with my protege Ed Balls providing some interesting anecdotes for them.

    Then I shall be leaving vile, hate filled, and some might decide, disturbing messages on Christine Lagarde’s Binatone telephone answering device.

    Like

  14. 23
    Stephanie Flanders "I've slept with both Ed's" says:

    Rubbish Fawkes

    Both Ed’s told be over breakfast that the Tories are full of crap.

    Like

    • 67
      Poofter says:

      I am afraid I cannot take you seriously

      Not because of the relentlessly smug, leftist bias in your analysis/reporting, or your often ‘dragged through a hedge backwards’ appearance, but because you have sucked on the shrivelled scroti of both balls, and and the plasticine Shlomo

      And I am unanimous in this

      Like

  15. 26
    Jimmy says:

    Unless I misread it, doesn’t your graph show both countries getting riskier? Germany’s excuse is Greece, what’s Gideon’s?

    Like

    • 28
      Drop a Daisy cutter on the BBC says:

      The shit stabbers in Nu Liebore, that’s his excuse.

      Like

    • 29

      Danny Alexander.

      Like

    • 45
      Jimmy Thumbsdown says:

      But some comrades are riskier than others.

      Like

      • 57
        Jimmy says:

        A quick check shows that the UK rate in April 2010 was 70. Whatever could have happened since then? The fact remains it’s a pretty thin argument. There’s no denying that but for the Mediterranean drag factor the krauts would be leaving the UK in a trail of dust.

        Like

    • 78
      The voice of unreason says:

      Britain’s total debt pile is still growing and economic growth has flat-lined, which is reflected in the increasing price.

      When you exclude those sectors of the economy that are not directly, or indirectly dependant on govt spending, you are left with about 30% of the economy. That means that we’re depending on this 30% to drive future growth!

      Just checked Bloomberg and German 5Y USD Senior CDS is 85.32, the UK is 86.5. I expect that the prices will flirt with each other for a while …

      Like

    • 104
      Not so Silent Bob says:

      Ireland and Spain

      Like

  16. 31
    Vince Cable's rucksack says:

    Copy ‘n Paste, eh? What a bummer!

    Like

  17. 36
    Billy Bowden is the greatest umpire ever ! says:

    So even tho spending and taxes have risen (Due to Labours legacey, tho not spending as one parliament cant bind another), Genral indicaters point to us not being out woods yet.

    If we cut spending 20% and halved all income tax rates would that help?

    Like

    • 58
      Jimmy says:

      Well it’s worked a treat this last week or so for the US.

      Like

    • 59
      Ed Balls says:

      Look Mong! You spend all the money..then some more..then some more..then a lot more. And all the tax that you can grab. Spend that. And then spend next year’s taxes too. And the year after that. And the next 50 years too. And then when everyone has their own hospital in the garden the recession will be over.
      Couldn’t be simpler.

      Like

  18. 41

    If a job’s worth doing then its worth importing someone to do it well.

    Like

  19. 44
    Ed Milibandido says:

    I don’t understand all this financial stuff (squeak). Can somebody explain (honk)? I would ask Mr Balls but he shouts and says I’m stupid.

    Like

    • 62
      annette curton says:

      Make your mind up, are you turning into a Mouse or a Canada Goose?, people warned you not to opt for an NHS nose job.

      Like

    • 127
      Alan Johnson says:

      Don’t ask me Ed. I gave up on page 1. My cat Jess has more brains.

      Like

  20. 48

    Never, never go to left foot in mouth for economic reality.
    All they can offer is that pamphlet..
    “Spending your way out of debt… a guide to getting rid of that troublesome S&P, AAA rating,” by James Gordon Brown and Barack Obama.

    Like

    • 60
      gentlemen ..select your weapon says:

      ed balls and yvette are sickening to listen to…they are both politically expedient creeps that show just how hypocritical the labour party is.

      Like

      • 68
        I don't need no doctor says:

        Balls and Cooper are hypocrites sponging off the taxpayer. Surely labour can do better.

        Like

        • 93
          Hugh Janus says:

          Yes, they truly are a most disgusting political couple. Strange that Wiki has no mention of his serial expense/house flipping sponging off the taxpayer, but hers does. Shome mishtake, surely?

          Like

          • Fish says:

            I seem to recall that pressed on which property was her main residence (for CGT purposes), Cooper unconvincingly closed the discussion down by saying that she could not remember.

            Strange that – she is quite certain about everything else under the sun.

            Like

  21. 53
    Jacqui Spliff says:

    “‘ere..way ain’t none of youse asked me about policing? I had it all under control.
    Police used to kiss my ring I was so popular.”

    Like

  22. 65
    Where's Gordon ?? A largely rhetorical question of course says:

    Was/Is Gordon in the Chamber ?? On a day when Parliament is recalled to discuss the national crisis in public disorder and rioting and the state of the Global Economy both subjects of which HE as an ex Prime Minister and ex-Chancellor of the Exchequer surely must be present and speaking in the debate on Public Order ? His expereince and and views are keenly sought by Parliament and the people

    Like

  23. 66
    McChannaman says:

    Keynes said in the long run we are all dead. Of course there comes a point before dead, where we are all fucked.

    Like

  24. 69
    I don't need no doctor says:

    I wish Gerald Kaufman would shut the fuck up.

    Like

  25. 83
    Axe The Telly Tax says:

    http://www.spectator.co.uk/coffeehouse/7159908/should-evictionsfrom-social-housing-be-broadened.thtml

    More suggestions needed on where to send the looting scum.

    National Service with a tour of Helmand Province for the little scumbags would be my choice :-)

    Like

    • 90
      A Violent Looting Scumbag says:

      Yeah yeah yeah. The courts are letting us off, dude! We’re free!

      Slaps on wrists, but that’s all. Well wicked.

      Gawd bless Ken Clarke and Dave Cameron for being soft on us. We knew he would be. What great geezers. So long as DC don’t hug us or nuffin. Well homo innit.

      Like

    • 100
      gentlemen ..select your weapons says:

      perhaps they could be used as practice targets whilst there

      Like

  26. 85
    Billy Bowden is the greatest umpire ever ! says:

    Ok , I have been reading the debate over Mrs Balls, As i am gay may i offer my view?

    I feel this is “Girl next door” Look V “Dream woman” Look.

    I would be grateful for readers views :-)

    Like

  27. 88
    George Stillborn says:

    The only reason the rates are so low is that everybody knows the UK is a stagnant economy that can expect little to no growth. I next suppose you’ll be telling us that Japan is in a wonderful state because they’re borrowing at 1%.

    Like

  28. 95
    Egghead says:

    “The e-petitions site is having problems at the moment. We need to temporarily suspend the creation and signing of e-petitions to allow us to make sure everything is working properly for you.

    The e-petition entitled “Convicted London rioters should loose all benefits” has now passed the threshold of 100,000 signatures and has been passed to the Backbench Business Committee to consider for debate.”

    On a more technical note Mr Webmaster, why not put each e-petition on it’s own subdomain with it’s own server?

    Like

  29. 98
    Chingrinner Herald says:

    Very glad to see Ed and Yvette, two of my most promising proteges, performing so well today in the HOC …they learnt at my knee during their years in the treasury and thereafter when I was PM…what a grasp of obsfucation they both have …that unique ability to spin even the most hopeless of positions to political advantage with a cool mix of sanctimonious cliches half truths and just straight forward misleading statement after statement.

    It fair warms the cockles of my scotch heart to hear them working to make Britain the great place we made it once again.

    Like

  30. 106
    Civil Servant says:

    Gordon Brown must have really screwed things up to leave us with an AAA ratiung and cheap long term debt. Now that Osborne’s policies are starting to kick in, let’s see how growth does.

    Like

    • 120
      A little knowledge is a....... says:

      Its largely because of Osbourne’s policies that we’re not already screwed you numpty.

      Like

  31. 114
    Aunt Hilda says:

    good debate today in the HOC about the rioting well concluded by michael gove who although not one of my favorites encapsulated the need for robust response to this type of wanton destruction understanding that however misguided the dissaffected youth’s motives might be they are not driven by social poverty but by degenerate criminality.

    For far too long we have, as a society in general and by the police in particular, been pussyfooting around dealing with those intent upon inflicting ferral terror on our communities. Robust needs to be considerably beyond ‘move on sonny’ when faced with such a level of venal behaviour.

    One point arises about the use of water cannon….they might have been debateably useful in Ireland but just one little old lady washed off her feet and killed would negate any possible usefulness they might have in the uk context. In addition whilst it might be very sensible to consider military involvement in extreme circumstances it is not desirable that Britain
    become a place where the army has to patrol the streets to keep the peace …… that is the job of the police and should always remain so.

    Like

  32. 129
    james111 says:

    Just a quick comment on the Euro – I’ve heard that Germany is printing Deutschmarks. There are various companies around the world that do this, and they are being printed outside Germany.

    I imagine Germany is preparing themselves for any contigency rather than having already decided to leave…who knows though!

    The information comes from someone at the printing company

    Like

    • 134
      oddly helpful says:

      Would they really relish a race with the Swiss to become Refuge Currency of choice for the wall of money sloshing around looking for somewhere with a AAA rating?

      Is their manufacturing base going to welcome seeing a reborn D-Mark which makes German products uncompetitively expensive?

      You’ve chosen well in posting gossip, tittle-tattle and rumour here.

      Like

  33. 130
    MajorFrustration says:

    Come on Guido this is a tad too techi for the LabourLoons – they are much more basic -“Dont confuse me with the facts now that I have made my mind up”

    Like

  34. 131

    A good post, but it doesn’t answer the question why Germany is/ was seen as a safe haven?

    Few countries in Europe have defaulted on amounts greater than Germany, and furthermore, they are openly calling for Greece to default. Why would one trust a serial defaulter calling for others to default?

    http://www.scoinsandbullion.com/en/blog/307-does-history-provide-any-warnings-for-the-future.html

    Like

  35. 132
    Harold Wilson's ghost says:

    I seem to remember Swiss interest rates went negative when I saved Britain from the gnomes of Zurich and their criminal assault on the pound in your pocket.

    Like


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