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The Bank Of England Clueless Thread

2,789 posts in this topic

1 hour ago, spyguy said:

You might think that but try getting that message through to a political body that thinks paying someone 1k/month to work 16h in a nail bar is productive.

 

Fair point. Depressing.

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50 minutes ago, spyguy said:

You might think that but try getting that message through to a political body that thinks paying someone 1k/month to work 16h in a nail bar is productive.

 

They're fixated with the idea that full employment is the route to recovery. Nope, it's the quality of employment that's paramount. Without that you're condemned to a Third World standard of living.

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21 minutes ago, zugzwang said:

They're fixated with the idea that full employment is the route to recovery. Nope, it's the quality of employment that's paramount. Without that you're condemned to a Third World standard of living.

Or til we run out of money, paying people to dig a hole and fill it in.

Bear in mind the Chancellor position has been held for the last ~20 years by a lunatic Scots , followed by a towel folder.

 

 

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On 1/10/2017 at 10:16 PM, Noallegiance said:

You mean........ Surely not....... Less than 3 months after headlines proclaiming Carnage as the saviour of Britain he's going to get butt-fooked on live tellybox as scapegoat numero uno?!

Quote

This is also very embarrassing for the Financial Times which has of course lauded what it calls the UK's rock star central banker. Actually the Financial Times has had a dreadful run hasn't it?

 

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14 minutes ago, Noallegiance said:

Less than 24 hours after the BoE claiming to MPs that a surge in private debt isn't much of an issue:

http://www.bbc.co.uk/news/business-38611148

Strange that.

Carnage goes on record earlier this week saying that Brexit is minor and the biggest problem is the level of debt in the UK.

Few days later and a report comes out.

Youd think he was getting first dibs on the reports ....

 

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23 minutes ago, spyguy said:

Strange that.

Carnage goes on record earlier this week saying that Brexit is minor and the biggest problem is the level of debt in the UK.

Few days later and a report comes out.

Youd think he was getting first dibs on the reports ....

 

So minor that Carnage needed to cut interest rates and price tens of billions of pounds in a fit of pique or panic ..... I expect that now he sees this as a mistake and will raise interest rates and unwind the latest round of QE .................................. What's that sooty?? ...... Not a snowflake's chance in hell

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4 minutes ago, satch said:

So minor that Carnage needed to cut interest rates and price tens of billions of pounds in a fit of pique or panic ..... I expect that now he sees this as a mistake and will raise interest rates and unwind the latest round of QE .................................. What's that sooty?? ...... Not a snowflake's chance in hell

Well he wont. He'll be drinking Maple cocktails.

The markets will

Gilt yields are up quite a bit on the year.

 

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1 hour ago, Noallegiance said:

Less than 24 hours after the BoE claiming to MPs that a surge in private debt isn't much of an issue:

Worth looking again at the idiotic non-response to that claim. If ever proof were needed of incompetence at the highest levels, it's right here:

http://parliamentlive.tv/event/index/5727df3b-082b-4b56-9cfe-3edc6f352198?in=16:35:08

"Well... that's true." No, it isn't.

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14 minutes ago, darkmarket said:

Worth looking again at the idiotic non-response to that claim. If ever proof were needed of incompetence at the highest levels, it's right here:

http://parliamentlive.tv/event/index/5727df3b-082b-4b56-9cfe-3edc6f352198?in=16:35:08

"Well... that's true." No, it isn't.

I don't need to watch the link to know exactly the moment you mean.

I think I yelled at my phone at that precise moment.

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26 minutes ago, Noallegiance said:

I don't need to watch the link to know exactly the moment you mean.

I think I yelled at my phone at that precise moment.

I don't know if it's worse to be there but so clearly not up to the job or, like the vast majority of the Committee, just not to be there at all. 

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1 hour ago, darkmarket said:

I don't know if it's worse to be there but so clearly not up to the job or, like the vast majority of the Committee, just not to be there at all. 

It can be realised from their occasional pally gufaws that they're not serious over what's being discussed.

From my point of view, is extremely serious and this committee and attendees don't understand/don't give a turd about the gravity of the situation for the commoners.

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32 minutes ago, Noallegiance said:

From my point of view, is extremely serious and this committee and attendees don't understand/don't give a turd about the gravity of the situation for the commoners.

+1, well said.

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From Corbyn's speech today:

https://www.theguardian.com/politics/blog/live/2017/jan/14/jeremy-corbyn-speech-fabian-society-promises-complete-break-with-this-rigged-system-in-speech-to-fabians-politics-live?CMP=twt_gu

Q: What are your views on the Bank of England’s impact on house prices.

Corbyn says people have a view that property is there for investment. But homes are for living in. We should invest in building homes, he says. And stop councils being forced to sell off good quality homes.

He says he was asked at a primary school what he wanted to do on day one if be become prime minister. Deal with the housing crisis, he says. And the primary kids got it, he says. They want homes when they grow up.

This gets a big round of applause.

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23 minutes ago, j666 said:

From Corbyn's speech today:

https://www.theguardian.com/politics/blog/live/2017/jan/14/jeremy-corbyn-speech-fabian-society-promises-complete-break-with-this-rigged-system-in-speech-to-fabians-politics-live?CMP=twt_gu

Q: What are your views on the Bank of England’s impact on house prices.

Corbyn says people have a view that property is there for investment. But homes are for living in. We should invest in building homes, he says. And stop councils being forced to sell off good quality homes.

He says he was asked at a primary school what he wanted to do on day one if be become prime minister. Deal with the housing crisis, he says. And the primary kids got it, he says. They want homes when they grow up.

This gets a big round of applause.

Give it a day. Hell end up suggesting council own all homes and the rents are set to pay for a bloated public sector.

The biggest improvement is to make people pay for their housing with their oepwn money. Gid rid of HB.

Ban all non uK nationsals from all uk benefits. Its bad enough that half of london are  on benefits. Its even worse when you realise half are foriegn.

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19 hours ago, Noallegiance said:

It can be realised from their occasional pally gufaws that they're not serious over what's being discussed.

From my point of view, is extremely serious and this committee and attendees don't understand/don't give a turd about the gravity of the situation for the commoners.

+1

 

Birds of a feather.

Edited by billybong

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1 hour ago, j666 said:

Q: What are your views on the Bank of England’s impact on house prices.

Corbyn says people have a view that property is there for investment. But homes are for living in. We should invest in building homes, he says. And stop councils being forced to sell off good quality homes.

He says he was asked at a primary school what he wanted to do on day one if be become prime minister. Deal with the housing crisis, he says. And the primary kids got it, he says. They want homes when they grow up.

This gets a big round of applause.

The problem with this is not relevant to the BoE at all. If anything, it's exactly what they've called for in terms of a fiscal response to match their monetary policy. What's missing is any suggestion of opposition to QE and the related props placed under the entire market, and monetary policy more generally.

This notion that the UK can simply build more houses and gently raise the sales volume without disturbing prices is pure fantasy. Corbyn "gets a big round of applause" for completely avoiding the question, suggesting either he doesn't understand the nature of the problem, or he intends to follow the cross-party consensus that's responsible for the current disaster.

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34 minutes ago, darkmarket said:

First speech of current year from Carney takes place this evening, broadcast here: http://www.bankofengland.co.uk/publications/Pages/speeches/2017/954.aspx

.... head winds  ..... choppy seas .... storms ahead.... vigilant ... interest rates may go up or down or remain the same or go down or remain the same or go up .... vigilant .... navigate to clear waters .... vigilant

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1 minute ago, satch said:

.... head winds  ..... choppy seas .... storms ahead.... vigilant ... interest rates may go up or down or remain the same or go down or remain the same or go up .... vigilant .... navigate to clear waters .... vigilant

Oh you've seen the transcript then?

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I'm seeing some consensus around vigilance.

I'm also expecting:

  • recommendations for leaving the EU with minimum change to the status quo;
  • a defence of the post-referendum stimulus package;
  • a reference to Davos and inequality, explaining how BoE actions favour all sectors of society;
  • passing mention of how he's not going anywhere;
  • claims that any risks come from overseas but the economy is in good shape and can withstand any shocks.

Not expecting:

  • any mention of grotesque market distortions and asset bubbles created by a centrally-planned economy serving financial sector interests;
  • an admission that private credit is a systemic risk but the Term Funding Scheme is designed to exacerbate exactly that risk;
  • criticism of corporate buybacks at the expense of investment in future productivity;
  • any suggestions as to how future generations are supposed to pay off the hundreds of billions in debt for which the Bank is responsible.

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21 minutes ago, satch said:

.... head winds  ..... choppy seas .... storms ahead.... vigilant ... interest rates may go up or down or remain the same or go down or remain the same or go up .... vigilant .... navigate to clear waters .... vigilant

China..... Trump.....Brexit....America..... soft landing.....

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