interestrateripoff

The Bank Of England Clueless Thread

2,569 posts in this topic

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.

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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/

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 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                              

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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?

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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.

 

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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  .      

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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.

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26 minutes ago, onlyme2 said:

Not clueless.

Complicit.

No.

Sadly clueless.

Just a bunch of morons who keep kicking the can down the road.

 

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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.

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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)

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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. 

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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. 

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The Haldane/Fish parallel is very unfair to the Met Office.

Michael Fish made one rogue forecast.

23f6a1b7047495bff2a22ff17b3909a21d1c6c41

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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. 

 

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1 hour ago, zugzwang said:

The Haldane/Fish parallel is very unfair to the Met Office.

Michael Fish made one rogue forecast.

23f6a1b7047495bff2a22ff17b3909a21d1c6c41

True - this would be like Fish getting the weather forecast drastically wrong everyday for about 9 years.

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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."

d2b3341a8091a97966e27ea56f6deec2.jpg

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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 by billybong

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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.

 

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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

 

 

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 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 .

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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 by billybong

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14 minutes ago, billybong said:

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.

Carneys hung the whole country out to dry IMHO

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