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Elliott Wave International
Traders & Investors Club Meeting - 15th February 2011
Last month, 'surprising' reports revealed that the British economy had once again contracted in the 4th quarter of last year.
Mervyn King, Britain's chief central banker and member of the Monetary Policy Committee, delivered a sobering message to The People, urging us forward into the 1920s.
In his speech, he said:
"In 2011, real wages are likely to be no higher than they were in 2005. One has to go back to the 1920s to find a time when real wages fell over a period of six years".
"The squeeze on living standards is the inevitable price to pay for the financial crisis and subsequent rebalancing of the world and UK economies".
He went on to say:
"Furthermore, inflation may rise to somewhere between four per cent and five per cent over the next few months".
"Unpleasant though it is, the Monetary Policy Committee neither can, nor should try to, prevent the squeeze in living standards, half of which is coming in the form of higher prices and half in earnings rising at a rate lower than normal".
"I sympathise completely with savers and those who behaved prudently now find themselves among the biggest losers from this crisis".
In other words, "It's not us Guv and there's nothing that we can do about it even if it was but, hey, I've got feelings too".
The backdrop that we need for the continued recovery? Mmmmm......watch this space.
Here is a summary of the agenda:
Market Roundup And Open Forum
Using Technicals To Trade Indices, Futures And FX
Further Trading Adventures Of The COSTCO Kid
The next Traders & Investors Club meeting will take place on 15th March 2011.
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