Thursday, July 03, 2008

Silver And Gold

Here's the link to RTE Radio 1 discussing today's interest rate rise. Note the name of 'economist' Austin Hughes. Mr Hughes was also on TodayFM. He's now talking about interest rates being cut 'early next year'? Why? What on earth is going to change in the next 6-months to turn things around as quickly as that, if interest rate rises are deemed necessary now?

Do a search of the Irish Times website for 'Austin Hughes' (just the Finance section) and you will see 350 hits for articles going back over ten years that quote him.

A similar search of the Business section of the Irish Independent also gives you hundreds of hits.

I dunno what that says about piss-arse, lazy-ass jouralists...

Anyway this is the same Austin Hughes I noticed last month. The same Austin Hughes who claimed repeatedly from last summer til around March of this year that the ECB was going to cut rates at least twice in the middle part of this year.

My particular favourite snippet is from the Irish Independent at the end of January:

'"The ECB will have to recognise global events. It is my gut feeling that there will be a cut in the spring." Mr Hughes said eurozone rates could fall by as much as 1pc by the end of the year.'

Although there is another article from 2002 where he warns that the euro could weaken against the dollar... when €1 was only worth $0.85
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