So much money has been taken out of the stock markets by the unregulated predators who will never replace what has been lost by ordinary investors, that British industry will be starved of funds with which to expand, for years to come, as bruised investors avoid investing their funds in either the stock market, or in the pension funds that have so casually lent the stocks necessary for this dirty and dishonest game to be played and have lost their value as a result. Another of Mr Brown’s inventions - the inept FSA - has flagged all this through, because Mr B and his socialist team love the filthy rich hedge fund managers, whilst hating the ordinary investor, who can’t be as easily controlled as the simple types with cash in the bank.

Against this backdrop, it doesn’t really matter whether interest rates are 5%, 3%, 1% or 0%. The principles are well established. As long as Merv King (the newly self styled international economist, on instructions from his master at no 10 - independence my rear end) the BBC et al keeps telling everyone the world is heading for catastrophe and the malign practices allowed to continue, so any recovery will prove impossible.

Time for either a detailed investigation by someone who will eventually conclude no-one in government was to blame, or a public enquiry into where this all went wrong (how often have we heard this - let’s get the inspectors in shall we?). Talk about incompetence and dishonesty. This lot has it in spades.

Look again in 2013.

As we have negative interest rates and owe more than we are worth; who does the UK belong to?

The Chinese or the Gulf Co-Operation Council?

Can I theoretically buy English people as slave labour yet?

However, I suspect this may turn out to be another example of The Law of Unintended Consequences. I don’t know if there are any tracker mortgage products left by the end of today, but it seems likely that any which remain will be closed to new customers shortly.

If the response by the banks to this cut means that the MPC has lost a large chunk of what little ability it had to influence retail rates, then it could mean that they have shot themselves in the foot.

There is of course one other possibility- that the BofE know something we do not- i.e. that the economy is in fact due to crash MUCH more than anyone expects. Then they have done the right thing.

History teaches us that bucking recessionary trends is virtually impossible. You just have to ride them out. This drastic cut won’t get us out of the recession and will eventually result in other serious problems.

An end to boom and bust? What a joke.