Countdown to Financial Armageddon
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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
Curated by Nick Laight
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UK: High inflation could eat £43bn of savings in just a year

UK: High inflation could eat £43bn of savings in just a year | Countdown to Financial Armageddon | Scoop.it

Beleaguered savers will see £43billion wiped off their nest eggs by November 2012 thanks to record low interest rates and soaring inflation.

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Uganda inflation hits 30.5% on 20% base rates

Uganda's consumer price index rose 1.3 percent in October from September, pushing the headline inflation rate to 30.5 percent, the highest level since January 1993, data showed on Monday.

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Inflation to rise despite Bank assurances as economists downgrade growth forecasts

Inflation to rise despite Bank assurances as economists downgrade growth forecasts | Countdown to Financial Armageddon | Scoop.it

The official rate of inflation is predicted to rise even higher this week, defying assurances price rises will fall back, while two heavyweight economist groups downgraded UK growth forecasts. City economists say inflation could hit 5 per cent when figures are published Tuesday 18 Oct, putting further pressure on the incomes of cash-squeezed families, savers and pensioners.

 

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Italy Sells €14.5Bn of Debt as Borrowing Costs Rise ... and still faces €55 billion of bill maturities before the end of the year.

A €1.9 trillion debt  -- more than Spain, Greece, Ireland and Portugal combined -- leaves Italy vulnerable to any advance in yields as it refinances maturing debt. Today's sale will help cover the redemption of €8 billion of bills on Sept. 30. Italy still faces €55 billion of bill maturities before the end of the year.

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ECB Make Surprise Rate Cut as Risk of Greek Euro Exit Grows

ECB Make Surprise Rate Cut as Risk of Greek Euro Exit Grows | Countdown to Financial Armageddon | Scoop.it

The European Central Bank unexpectedly cut interest rates form 1.5 to 1.25 percent at Mario Draghi’s first meeting in charge as the new ECB head signaled officials have no plans to help bail out cash-strapped nations facing an escalating debt crisis that threatens to splinter the euro region.

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UK inflation rate rises to 5.2%!

UK inflation rate rises to 5.2%! | Countdown to Financial Armageddon | Scoop.it

The rate of Consumer Prices Index inflation rose to 5.2% in September from 4.5% the month before, official figures show.

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Why QE2 will damage pensions by pushing inflation up and interest rates down

Why QE2 will damage pensions by pushing inflation up and interest rates down | Countdown to Financial Armageddon | Scoop.it

The Bank of England's website homepage states "the Bank sets interest rates to keep inflation low to preserve the value of your money". Such sentiments ring hollow as inflation roars ahead. The bank is ignoring the evidence and increasing inflation risks further.

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Interest Rates up as Spain Sells €3.2 Billion Short-Term Debt

MADRID — Spain’s treasury has sold €3.2 billion ($4.3 billion) in two short-term debt auctions but has had to pay higher interest rates as investors continue to worry over the level of the country’s borrowings.

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