2009-01-08bloomberg.com

The Bank of England cut the benchmark interest rate to the lowest since the central bank was founded in 1694 as policy makers tried to prevent the credit squeeze from deepening Britain’s recession.

Is this crisis worse than all the wars, panics, depressions, regime changes, and other cataclysms that have occurred in the intervening 315 years? The answer is "of course not" -- the compulsive rate-lowering by central banks is simply a political fashion, as much a ridiculous fad and as big a lie as any other (such as human carbon-induced global warming -- the foundational papers on which have now been thoroughly discredited).



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