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they raised rates twice, which caused a horrible problem. so what we are now seeing is that markets are going into screeching u turn is, there is expectation that the fed may well not do anything in the next meeting next week, and actually markets are pricing in break cuts, the same sort of thing that the bank of england. so this is really central banks are making big errors, essentially raising rates too fast, having an effect on banks, and obviously think of the uk, think about what is happen there. you raise rates, that has impacted people who have tried to take out new mortgages, that has impacted people s ability to pay student loans. the chancellor has put in an austerity budget which hurts people and it hurts small firms, so small firms default on their loans, student loans, people default on those. danny blanchflower. so people default on those. danny blanchflower. .. so this is ust danny blanchflower. .. so this is just spreading. danny blanchflower. .. so this isjust sprea

Screeching u turnTrust banksBank of englandBreak cutsStudent loansAusterity budgetDanny blanchflower