I warned that Central Banks pumping cash into markets was a short term fix, not a solution to the problems. Yesterday markets fell again, as people realised they still do not know when Central Banks will start cutting interest rates, and still do not know enough about how much the commercial banks have lost so far in the collapse of dodgy loans.

UK inflation fell to 1.9% on the CPI last month, back below target. It remains too high on the RPI measure, the one

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