tag:blogger.com,1999:blog-11906042.post8088585880827901074..comments2024-03-22T11:55:50.335+13:00Comments on Not PC: Quote of the Day: Predictions of the collapsePeter Cresswellhttp://www.blogger.com/profile/10699845031503699181noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-11906042.post-82115357899969995072009-02-12T14:56:00.000+13:002009-02-12T14:56:00.000+13:00PC, try this for size (from a post of mine back in...PC, try this for size (from a post of mine back in '07).<BR/><BR/>So here’s a story from a few years ago (verbatim from Fred Harrison’s “Boom Bust: House rices, Banking and the Depression of 2010″:<BR/><BR/>In 1794 “the City Council of Liverpool faced a complete collapse in the local banking system. On March 20, the Mayor reported that 58 merchants urged the council to secure a loan from the Bank of England to enable the City to survive “the distress which had engulfed the people”. Parliament issued a special Act which entitled Liverpool to issue negotiable notes for a limited period, to be lent at a rate of interest slightly below 4.5%. The citizens weathered the storm, thanks to what the Webbs described as “the boldest financial step recorded in the annals of English local government.<BR/><BR/>What caused this trauma? Speculation focused on the rent-yielding opportunities presented by canals”.<BR/><BR/>Oddly enough the same thing happened in 1812, 1830, 1848, 1866….and on and on.<BR/><BR/>As Samuel Taylor Coleridge wrote in 1817, in his Lay Sermon booms and bust seemed to occur “at intervals of about 12 or 13 years each {as a result of} certain periodical Revolutions of Credit”.Anonymousnoreply@blogger.com