This is the age where politicians get their chance to run up huge debts.  “Politics is about what works,” said Hillary Clinton. At least, we think it was Hillary Clinton. Someone said it. Someone who is an imbecile.

Another Treasury auction today…  Spending habits come back to haunt reps…  Some healing in the currencies…  10 Banks to repay TARP today… And Now… Today’s Pfennig!

A Mid-Year Correction. Whatever Happened to Decoupling? The UK Starts to Slow. A Recession by Any Other Name. What’s a Central Banker to Do?

I sent a rather aggressive email this morning: Oi! Stop taking all our money!” It was to a former colleague at Northern Rock (NHRKF). I signed it as ‘The Taxpayer’ — a stroke of satirical genius I’m sure you’ll agree… Or maybe not.

In the wake of the sub-prime crisis, there’s been a lot of nonsense talked about how the financial markets have proved unable to regulate themselves. Apparently intelligent people have been arguing that what we really need is greater government intervention in the markets.

My mother didn’t go to work today. She’s one of hundreds of thousands of local authority workers up and down the country who have stayed away today. The funny thing is, she’s not even in the union. But when a strike happens, everyone stays out.

What’s going on today? Well, there’s the Bank of England rate decision. The phrase ‘between a rock and a hard place’ has had a nice airing in newspapers up and down the land. What can the Bank do? Battle inflation by raising rates? Or help a weakening economy by lowering them?

What goes up, must come down. It’s just a shame that, having stacked up a debt mountain of more than £1.4 trillion, we’ve got so far to fall.

Best put the kettle on. Because after today’s edition, you’ll probably want a nice cup of tea…

It certainly comes as no surprise to The Fleet Street Letter that Labour are placed third in the local elections. Less than 25% of the vote for Labour, with Cameron’s mob pushing up in the 40’s and the Lib Dem’s pipping them at the post for second place.