BlackSwan Posted December 22, 2016 Share Posted December 22, 2016 (edited) We can make written submissions. This is a good opportunity to get our points across as the listed questions cover the essential pillars of our argument. Get writing or we can do it as a coordinated set if submissions. Edited December 22, 2016 by BlackSwan Typo Quote Link to comment Share on other sites More sharing options...
darkmarket Posted January 5, 2017 Share Posted January 5, 2017 And post-crisis? And the underlying economic theory's complete denial of irrational behaviour? And the persistent failure to limit their own influence, and that of the financial services sector, until they have models that even vaguely resemble reality? The only thing that makes sense from Haldane these days is his blatant desire for Carney's job. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted January 5, 2017 Author Share Posted January 5, 2017 Bank of England has not changed view on negative impact of Brexit Bank of England chief economist says pain has been delayed rather than avoided Well they do have a track record of being right.... Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted January 5, 2017 Author Share Posted January 5, 2017 BoE keeping an eye on consumer lending, but no need for alarm - Haldane LONDON Bank of England Chief Economist Andy Haldane said on Thursday that the central bank was right to keep an eye on a strong increase in consumer lending but that there were reasons to believe that the pickup was not a major problem. Paging Mr Vague, Paging Mr Vague... http://debt-economics.org/ Quote Link to comment Share on other sites More sharing options...
Gemma Rose Posted January 6, 2017 Share Posted January 6, 2017 Is this is nearest we've seen to the Boe admitting they haven't got a Scooby. I particularly like the last link ( video ) with Andy on the ropes looking awkward as he tries to smooth talk his way through it. http://www.bbc.co.uk/news/uk-politics-38525924 https://www.theguardian.com/business/2017/jan/05/chief-economist-of-bank-of-england-admits-errors https://uk.finance.yahoo.com/video/andy-haldane-banks-michael-fish-023024922.html Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 6, 2017 Share Posted January 6, 2017 34 minutes ago, Gemma Rose said: Is this is nearest we've seen to the Boe admitting they haven't got a Scooby. I particularly like the last link ( video ) with Andy on the ropes looking awkward as he tries to smooth talk his way through it. http://www.bbc.co.uk/news/uk-politics-38525924 https://www.theguardian.com/business/2017/jan/05/chief-economist-of-bank-of-england-admits-errors https://uk.finance.yahoo.com/video/andy-haldane-banks-michael-fish-023024922.html Not got a Scooby? Their plan has worked at every turn. The bankers are still in charge and the establishment richer than before. Has the boe guvenor popped round to your rented house to tell u what their plan is? Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 6, 2017 Share Posted January 6, 2017 http://www.bbc.co.uk/news/uk-politics-38525924 The Met Office spotted the hurricane but were wrong about its strength. The BoE were fcking clueless to everything in the economy. You had borrowing at ~10% of GDP for 10 years, giving a 3% GDP grwoth. It was a massive credit bubble. And you had Brown spending huge ammounts of government money. BoE clueless. Quote Link to comment Share on other sites More sharing options...
onlyme2 Posted January 6, 2017 Share Posted January 6, 2017 Not clueless. Complicit. Quote Link to comment Share on other sites More sharing options...
Gemma Rose Posted January 6, 2017 Share Posted January 6, 2017 In total agreement that the plan has worked perfectly inasmuch as they have ( and still are ) screwing us but I ( and you can call me naive) think the public are beginning to wake up to what f@ck has been going on . Where I feel the boe don't have a clue is in knowing what to do now that Joe public is getting wise and asking questions and they (boe) have no exit strategy without everything going tits up . Quote Link to comment Share on other sites More sharing options...
SpectrumFX Posted January 6, 2017 Share Posted January 6, 2017 2 hours ago, Gemma Rose said: Is this is nearest we've seen to the Boe admitting they haven't got a Scooby. I particularly like the last link ( video ) with Andy on the ropes looking awkward as he tries to smooth talk his way through it. http://www.bbc.co.uk/news/uk-politics-38525924 https://www.theguardian.com/business/2017/jan/05/chief-economist-of-bank-of-england-admits-errors https://uk.finance.yahoo.com/video/andy-haldane-banks-michael-fish-023024922.html He talks about the irrational behaviour of consumers apparently oblivious to the moral hazard he's played a part in creating that drives that behaviour. They'll just keep spouting platitudes until the whole system is destroyed. Quote Link to comment Share on other sites More sharing options...
spyguy Posted January 6, 2017 Share Posted January 6, 2017 26 minutes ago, onlyme2 said: Not clueless. Complicit. No. Sadly clueless. Just a bunch of morons who keep kicking the can down the road. Quote Link to comment Share on other sites More sharing options...
Fully Detached Posted January 6, 2017 Share Posted January 6, 2017 Still implying that nobody could have foreseen the crisis coming. I did a simple search for an old thread on this site titled "Signs of Credit Tightening - Let's Keep Track" or something like that, started I think by Dr. Bubb. Couldn't find it, but if you search for "Credit Tightening" in thread titles, there are masses that were started in 2006-2007. And yet the BoE models were fooled by the world being unexpectedly "tipped upside down". Michael Fish my **** - Lord Nelson with the telescope to the blind eye, more like. Quote Link to comment Share on other sites More sharing options...
Little Frank Posted January 6, 2017 Share Posted January 6, 2017 Shame Haldane's father never taught him that a bad workman blames his tools. (or that nobody has believed in 'rational econs' for 30 years) Quote Link to comment Share on other sites More sharing options...
SpectrumFX Posted January 6, 2017 Share Posted January 6, 2017 1 hour ago, Fully Detached said: Still implying that nobody could have foreseen the crisis coming. I did a simple search for an old thread on this site titled "Signs of Credit Tightening - Let's Keep Track" or something like that, started I think by Dr. Bubb. Couldn't find it, but if you search for "Credit Tightening" in thread titles, there are masses that were started in 2006-2007. And yet the BoE models were fooled by the world being unexpectedly "tipped upside down". Michael Fish my **** - Lord Nelson with the telescope to the blind eye, more like. When Bubb left he got all the threads he started, and all the posts that he'd made deleted, but you're right. The crisis was easily predictable. I remember posters on here (can't remember who, i was only lurking then) who were sending warning letters to the Bank of England etc. They're making up a placatory narrative as they go along. They'll basically say anything that that will keep the plates spinning. Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted January 6, 2017 Share Posted January 6, 2017 1 hour ago, Fully Detached said: Still implying that nobody could have foreseen the crisis coming. I did a simple search for an old thread on this site titled "Signs of Credit Tightening - Let's Keep Track" or something like that, started I think by Dr. Bubb. Couldn't find it, but if you search for "Credit Tightening" in thread titles, there are masses that were started in 2006-2007. And yet the BoE models were fooled by the world being unexpectedly "tipped upside down". Michael Fish my **** - Lord Nelson with the telescope to the blind eye, more like. I can't believe people fall for this - the faux innocence regarding consequences of their actions. Imagining they are merely bungling idiots is letting them off the hook. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted January 6, 2017 Share Posted January 6, 2017 The Haldane/Fish parallel is very unfair to the Met Office. Michael Fish made one rogue forecast. Quote Link to comment Share on other sites More sharing options...
Fully Detached Posted January 6, 2017 Share Posted January 6, 2017 15 minutes ago, SpectrumFX said: When Bubb left he got all the threads he started, and all the posts that he'd made deleted, but you're right. The crisis was easily predictable. I remember posters on here (can't remember who, i was only lurking then) who were sending warning letters to the Bank of England etc. They're making up a placatory narrative as they go along. They'll basically say anything that that will keep the plates spinning. Ah, that's why I couldn't find it - thanks. I'm pretty sure Bubb must have started that post in early 2006 or so, because it was a lengthy thread and the first time I had seen the phrase "credit tightening" mentioned here or anywhere else. As for placatory narrative, it'll work for as long as you don't look behind the curtain and see the wizard in action. Once you've looked and seen, it's hard to take anything they say seriously. Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted January 6, 2017 Share Posted January 6, 2017 1 hour ago, zugzwang said: The Haldane/Fish parallel is very unfair to the Met Office. Michael Fish made one rogue forecast. True - this would be like Fish getting the weather forecast drastically wrong everyday for about 9 years. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted January 6, 2017 Share Posted January 6, 2017 48 minutes ago, canbuywontbuy said: True - this would be like Fish getting the weather forecast drastically wrong everyday for about 9 years. "And here's Andy Haldane with today's weather." Quote Link to comment Share on other sites More sharing options...
Conquistador Posted January 6, 2017 Share Posted January 6, 2017 Meteorology vs. economics. Salaries far higher for practitioners of the dismal 'science'. Quote Link to comment Share on other sites More sharing options...
billybong Posted January 6, 2017 Share Posted January 6, 2017 (edited) 19 hours ago, interestrateripoff said: Bank of England has not changed view on negative impact of Brexit Bank of England chief economist says pain has been delayed rather than avoided Well they do have a track record of being right.... It's a sort of inverse of "jam tomorrow". They're never wrong but you just have a long and most likely a never ending wait. Good things - they did it. Bad things - they'll soon find a scapegoat. Edited January 6, 2017 by billybong Quote Link to comment Share on other sites More sharing options...
onlyme2 Posted January 6, 2017 Share Posted January 6, 2017 3 hours ago, canbuywontbuy said: True - this would be like Fish getting the weather forecast drastically wrong everyday for about 9 years. It would be more like Fish having a hurricane machine and then being bemused that it created wet and windy conditions. The Bankrupt of England have been gambling with a twisted low rate policy ever since 911. Quote Link to comment Share on other sites More sharing options...
B63 Posted January 10, 2017 Share Posted January 10, 2017 Carney faces the Treasury Committee on Wednesday “The BOE is increasingly being drawn into the political sphere,” said Peter Dixon, an economist at Commerzbank AG in London. “To some extent Carney’s being hung out to dry, and I rather suspect that the failings of the so-called expert world, or the establishment, may need a victim at some point.” https://www.bloomberg.com/news/articles/2017-01-10/carney-faces-lawmakers-as-brexit-battles-sweep-into-new-year Quote Link to comment Share on other sites More sharing options...
Gemma Rose Posted January 10, 2017 Share Posted January 10, 2017 Looking forward to this one tomorrow . Rees Mogg will obviously go for the jugular but I've got high hopes that my latest poster boy Steve Baker will do the necessary . Quote Link to comment Share on other sites More sharing options...
billybong Posted January 10, 2017 Share Posted January 10, 2017 (edited) 3 hours ago, j666 said: Carney faces the Treasury Committee on Wednesday “The BOE is increasingly being drawn into the political sphere,” said Peter Dixon, an economist at Commerzbank AG in London. “To some extent Carney’s being hung out to dry, and I rather suspect that the failings of the so-called expert world, or the establishment, may need a victim at some point.” https://www.bloomberg.com/news/articles/2017-01-10/carney-faces-lawmakers-as-brexit-battles-sweep-into-new-year Carney/the BoE are responsible for his/their own part in it all and if he's "hung out to dry" for that (some hope) then that's the right thing to do. Maybe in time something similar will happen to bankers for their own part in all the fraud etc along with the politicians for their part - some hope. Of course if hung out to dry means that he/the BoE just carry on as before then it means nothing. Edited January 10, 2017 by billybong Quote Link to comment Share on other sites More sharing options...
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