http://bit.ly/oVWpR1 Melvins & Big Business

Melvins and Big Business together @ DC's Black Cat. Joe Lally, Big Business, Porn opened. 10/19/06.

DCist Promo Write-Up

Pacific Northwest sludge-rock legends the Melvins, who have been around for over 20 years now (raise your hand if that makes you feel really old) team up with local veteran Joe Lally (we're not ready to say ex-Fugazi yet) this Thursday at the Black Cat along with Big Business, which features Coady Willis of the Murder City Devils. Bring your earplugs. 8:30 p.m., in advance, day of.

The Washington Post said:

It was long ago, but one of the loudest shows I ever heard was the Melvins at a smallish club. Things haven't changed. They're still heavy and loud. Hear them within a few blocks' radius of the Black Cat (202-667-7960). The group is at Ottobar (410-662-0069) on Oct. 20.
(By Curt Fields
Friday, October 13, 2006; Page WE06)
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Pressure is mounting on the Bank of England to print more money after its own report showed the stimulus measure had a ‘significant’ impact. The BoE pumped £200billion into the economy through quantitative easing between March 2009 and January 2010 to bolster growth.
The measure added as much as 2 per cent to gross domestic product and 1.5 per cent to inflation, the BoE claims in its latest quarterly bulletin published today. The report said: ‘While there is considerable uncertainty about the magnitudes, the evidence suggests that QE asset purchases have had significant effects.’


'Significant' impact: The Bank says printing money pushed up asset prices and boosted spending by lowering borrowing costs and increasing wealth

The BoE cut rates from 5 per cent to a
record low of 0.5 per cent in the six months after the collapse of
Lehman Brothers in 2008, before embarking on QE.
It reckons the money printing programme was the equivalent of cutting
interest rates by between another 1.5 and 3 percentage points.

The Bank says printing money pushed
up asset prices and boosted spending by lowering borrowing costs and
increasing wealth, raising willingness among households to spend.
 



Europe 'could be the next Lehman Brothers', says deputy governor of the Bank of England
Interest rates predictions: When will the UK bank rate rise again?



The report will give ammunition to those pressing for a further round of
QE to kick-start the flagging recovery.
Adam Posen, the most dove-ish member of the monetary policy committee,
last week called for another £100billion of freshly-printed cash to be
injected into the economy.

The minutes of this month’s MPC
meeting will on Wednesday show if he was joined by anyone else, which
will give clues to whether the Bank will launch a fresh round of
quantitative easing before the end of the year.

Howard Archer, chief European and UK
economist at IHS Global Insight, said: ‘An interest rate hike is clearly
off the agenda for a long time to come. The only question now on
policymakers’ minds is should they try and stimulate the economy through
more QE.

The Old Lady is one of five major
central banks that last week offered three-month dollar loans to boost
liquidity in the banking system.
But the Bank of International Settlements warns today that the liquidity
measure will only provide a sticking plaster.

‘The problem is sovereign debt and
credit risk it creates, it is not liquidity per se,’ said BIS economic
adviser Stephen Cecchetti.

The quarterly BIS review also laid
bare investors’ concerns about France.
Foreign claims on France, effectively loans to French institutions, fell
£21billion or 2.7 per cent in the quarter, the largest drop of any
European country.
BIS figures show French banks had £36billion tied up in Greece at the
end of March, compared to British lenders’ £9.25billion.