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I’m not quite sure if I can take any more. First that nasty and very unexpected fall in GDP this morning. Now I see the Governor of the Bank of England, Mervyn King, predicting inflation up at 4 top 5 per cent next year – and on the usually lower CPI measure, not the RPI, as I initially assumed. Actually that implies maybe 6 per cent on the older RPI measure,http://mochizuki.la.coocan.jp/mochiz....html#comments,cheap pandora jewelry, and the highest inflation on that count since 1991.
Hmmmnn. High inflation and stagnant output…reminds me of “stagflation” in the 1970s, though in those days it was admittedly much more severe. It does remind everyone, though, that imported inflation and VAT hikes can drive prices higher even as the economy slumps again.  The good news,pandora jewelry,http://darongshu.net.cn/home/space.p...blog&id=349980, at least for some, is that it all makes it even less likely that interest rates and mortgage bills will go up much before the end of the year. That is, provided wage inflation stays tame; Mervyn was perfectly explicit  in saying that the moment any high jinks kick-off in pay settlements he’ll be ramping up interest rates. So as long as we behave then…