Now here is a man who we should be paying attention to. David Blanchflower, the now former member of the Bank of England’s MPC ,who was probably one of the only global central bankers who warned us of the full economic impact of the sub-prime fallout, in an article in the Telegraph, is laughing off the idea of economic green shoots and warns that we have yet to realise how painful economically the next few years will be.
Cable has eased back from its 1.6460 highs, quickly moving down to 1.6420 as Eur/Usd is also thwarted at 1.3985/90.