April 21, 2008 General 0

U.K. unveils a $100 billion credit crunch plan – World business- msnbc.com
The Bank of England, aiming to deal with the crippling impact of the U.S. subprime mortgage crisis, on Monday announced a $100 billion plan to allow banks to swap mortgage-backed securities for British Treasury bills.

So the UK’s central bank is going to do the same thing our Fed is doing. Inflation is going to get out of control as the central banks will have to print money out of thin air to cover these bad debts they are taking on.