We will see if we get closer to ZIRP this afternoon, but the suggestion that "Quantitative easing" may be on the cards i.e. giving us cash in the form of notes shows just how dire things really are.Mugabe is the latest genius to try this, and, although there have been several other imitators over the years, the great German inflation in the '20s remains so seared into the Volk that it's unlikely they will ever stray from financial orthodoxy again.Of course the " Geschaftswunder " of the '60s and '70s was predicated on a 2% growth in monetary aggregates and SAVINGS. Arguably, this was such a successful period that it's benefits are still being felt today, rather as the Thatcher & Major periods gave Brown his lucky streak, according to Tony Blair.
Our feckless leaders, of course, are working in exactly the opposite direction, which means in the end there won't be an early resolution.
There's a straw in the wind though. Property surveyors would appear to have started the year off well, with more instructions and some dead deals being revived. I'm not sure if this is an "early adopter" sign ( commentators have suggested this spring/summer will represent the start of the bottoming out) or just the post Christmas rush. No one ever does anything in December.
A friend confided in me that his girlfriend had texted him as follows:
" xercising on crosstrainer to get fit for hoi sex"
Intrigued, he enquiried if this had anything to do with hoi sin sauce - which he thought might be a) messy and b) interesting.
He was disappointed to learn it was a misspelling, and was meant to be HOL as in holiday sex.
As he said, he sincerely hoped he wouldn't have to wait that long....