British Building Society Downgrade - IMF Slump warning

The Times reports on the downgrade of the credit rating of several British Building Societies and under regulation in that area provided by a whistle blower to Dr Vince Cable, linked here.

Ambrose Evans-Pritchard in the Daily Telegraph reports on the IMF warnings linked here, from which I quote:

This recession is likely to be "unusually long and severe, and the recovery sluggish," said the Fund, releasing two advance chapters from its World Economic Outlook. However, it warned there is a risk that it could spiral down into a full-blown slump unless further action is taken to stop "feedback effects" gathering force.

In considering the British situation note particularly when considering next week's Budget the following warning:

Mr Strauss-Kahn called for a urgent action to "cleanse banks" of toxic assets and for further fiscal stimulus beyond the 2pc of global GDP already agreed. The snag is that high-debt countries may have hit the limits already.

"The impact becomes negative for debt levels that exceed 60pc of GDP," said the Fund.

The new freedom for whistle blowers to now expose the disgraceful chicanery of the Government in almost every area of their operations granted by the demolition of the police case in the Damian Green affair ( it was last night revealed that the police threatened him with potential life imprisonment) will soon make clear that not only has Brown totally trashed the British currency but that the consequences of the Quantitative Easing being carried to its present extremes will result in Government underwriting of Building Society deposits after further collapses becoming potentially meaningless from a bankrupt Treasury - consider the recent lack of warning in the Dunfermline Building Society collapse!

Public spending must be drastically slashed in EVERY area of the Government's expenditure and the danger level of 60 per cent of GDP debt levels be firmly held in mind, a level almost certainly already exceeded in Britain due to Brown and Darling's smoke and mirror PFI and other fiddles over many years!