all bears you must read this, page-28

There is $27 billion of mortages to be reset every month for the next two years in the good old USA and this is going to give alot more pain as the average increase in mortage repayments will be in the order of $400 per month for the average home owner.
CREDIT CARD interest rates in America have doubled last week from 8% to 16 % by the largest supplier of credit card in the USA.
The squeeze is well and truely on for the average person.
Interest rates here will raise as the USA for now have cut interest rates by 0.5 % as panic has set in and this is the wrong signal to send to the market.
The market will think that there is alot worse to come and drop even further so at some point in time the FED will have to raise rates by 0.5% each time until the dollar and the market stop falling this will possible be once rates ahve reach 15% or there abouts.
The last time the FED did this it took 6 months for the rates to raise from 6% to 16% that was in 1988 and you all know what happened to rates in this country 21% .
Regards Dennis