March 5, 2009
Posted: 1524 GMT
Hello readers and viewers,
Well... Interest rates at 0.5% for the Bank of England. It's a new all-time low for the venerable 400 year-old institution. The BoE is also increasing money supply, a fancy way of saying it's printing money.
On the same day, the European Central Bank is cutting interest rates as well: it slashed 50 basis points off its main lending rate to 1.5%. Sounds good, except that it also slashed growth rates for the Eurozone.
When will this all end? The Bank of England has cut rates six times since October. Still, banks aren't lending. Still, consumers aren't borrowing. Governments are in a hysterical bailout frenzy, using every economic tool in their arsenal.
Still, we're frozen in credit paralysis.
We'll talk about this and the prospect of American carmaking giant General Motors facing bankruptcy. Jim Boulden is in London and Stephanie Elam is in New York with the latest on GM and today's stock market declines.
Also at the I-Desk: we take you to Brussels where Nato foreign ministers are meeting and resuming formal ties with Russia. We'll be live in Brussels and in Moscow with Russian reaction.
A lot more, including Michael Jackson's comeback annoucement and amazing video of a man, hit by both a train and a truck , who lived to tell the tale. You don't want to miss it.
See you in a few hours at the International Desk.
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