• David Boaz of the libertarian Cato Institute has discovered that the personalized Starbucks Card will permit "socialist" slogans such as "Si Se Puede" (Yes, we can!) and "People Not Profits!" but will not permit the catchphrase of free-market capitalism "Laissez Faire." I suppose that's what comes from drinking shade-grown coffee.
• The Bank of England has cut its interest rate to 5.0% from 5.25% paralleling the desperation moves of the U.S. Federal Reserve to "prevent disruption in financial markets," which is to say, to keep the banking system from collapse. The worries have been exacerbated by an assessment from the International Monetary Fund (IMF)—

  The risks of a more painful correction have been highlighted by the IMF’s bearish forecast that UK growth will slow to 1.6 per cent this year and in 2009 – much more gloomy than forecasts by the government and most independent analysts.

  And when you consider that the IMF isn't exactly trying to depress us, what does that tell you?

• If you don't get it, maybe this will help—

  Money markets in the US and Europe are signalling renewed fears about the financial strength of banks, with key confidence barometers almost returning to the levels that preceded the collapse of Bear Stearns.
  ....

  Tensions are rising in the money markets in spite of the injection of huge amounts of liquidity into the banking system by central banks. Traders say market conditions suggest the Bear rescue has not completely alleviated worries about counterparty risks.

  Not completely. No.

• Britain's rail system is bursting with passengers and freight—

  The only previous years known to have seen higher passenger traffic than 2007 are the war years of 1943, 1944 and 1945, when passenger traffic was boosted by a substantial number of troop trains, with a high point of 34.5 [billion] miles in 1945.

  And on the home front Ted Jackovics reports that "Amtrak's ridership in fiscal 2007 posted its fifth consecutive record year." (See my post "Good news about the economy.")

Tags: news and politics financial markets banking system central banks "Credit crunch" rail transportation ridership rail travel railways trains