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..There's a little Samuel Pepys in all of us..

Thursday, March 10, 2011

So it's civil war in Libya, with international diplomats scrambling to find some unassailable position to support the rebel cause..
Britain, the US, and France have advocated a no-fly zone over the country, but before such a move can be made, they want not only the support of the international community, but a resolution from the UN itself. There are real fears of any 'unilateral' moves towards putting foreign feet on the ground to aid those in revolution, but with all this diplomatic wrangling going on, it could be too late by the time they reach consensus..
At the moment, the rebels are retreating from the key oil port of Ras Lanuf, and while Libya has cut off all oil exports to the west, they continue to supply Russia and China, and it's to be remembered we in the west depend on that country for 12.5% of our total oil supply.. That's no small potato's..

Pensions and those living on retirement savings were hit again today by the Bank of England.. the Interest rate has once again been held at 0.5%, keeping it it's two year level.. There had been some expectation that the rate would rise today, to ease the increases 'quantative easing' has imposed, but no such luck there..
With inflation over 2%, it's not going to be long now before elected officials will find themselves fighting growing popular unpopularity, and at this rate, the Labour Party may well find itself back in power at the next election sinply for no other reason than a backlash against those who're trying to level this country's massive debt load.
It must be said, that unless Labour adopts some form of Keynsian economics solution, putting us further in debt, they'll have no option to continue the policies now in effect. between a rock and a hard place here.. and the sqeeze is getting tighter..

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