interestrateripoff

The Bank Of England Clueless Thread

2,684 posts in this topic

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.

 

Share this post


Link to post
Share on other sites

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  .      

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites
26 minutes ago, onlyme2 said:

Not clueless.

Complicit.

No.

Sadly clueless.

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

 

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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)

Share this post


Link to post
Share on other sites
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. 

Share this post


Link to post
Share on other sites
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. 

Share this post


Link to post
Share on other sites

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

Michael Fish made one rogue forecast.

23f6a1b7047495bff2a22ff17b3909a21d1c6c41

Share this post


Link to post
Share on other sites
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. 

 

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites
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

Share this post


Link to post
Share on other sites
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

Share this post


Link to post
Share on other sites
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.

 

Share this post


Link to post
Share on other sites

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

 

 

Share this post


Link to post
Share on other sites

 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 .

Share this post


Link to post
Share on other sites
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

Share this post


Link to post
Share on other sites
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

Share this post


Link to post
Share on other sites
17 minutes ago, TheCountOfNowhere said:

Carneys hung the whole country out to dry IMHO

Indeed - he's played a massive and likely an overwhelming role in that although it's also fair to say that the bankers and politicians and some would also say the corporate sector have played a role in that as well.  They each should take due blame.

Edited by billybong

Share this post


Link to post
Share on other sites

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?!

Share this post


Link to post
Share on other sites

Should be news of the Treasury Committee inquiry announced a few weeks ago:

MPs to hold inquiry over Bank of England’s use of QE

Andrew Tyrie, the Conservative MP who heads the committee, announced on Thursday that MPs would hold an inquiry next year into the the effectiveness and impact of the BoE’s monetary policy — including the quantitative easing programme — and the issue of political interference.

“Interest rates are stuck near zero, the Bank of England has used increasingly unconventional forms of quantitative easing, and inflation has been below the two per cent target for three years,” Mr Tyrie said. “The efficacy of monetary policy or otherwise, its unintended consequences, and its prospects, need careful examination.”

https://www.ft.com/content/cd9fd330-c838-11e6-9043-7e34c07b46ef

Share this post


Link to post
Share on other sites

^

Quote

 

...and inflation has been below the two per cent target for three years,”  ...

 

Perhaps they should also consider how inflation is measured - for example which items are included,  which are excluded and how they're weighted etc.

Also the remit - they continually brag about the strength of their employment figures so whether or not that should be a significant issue now is something else they might consider. 

Edited by billybong

Share this post


Link to post
Share on other sites
12 hours ago, billybong said:

Perhaps they should also consider how inflation is measured - for example which items are included,  which are excluded and how they're weighted etc.

Also the remit - they continually brag about the strength of their employment figures so whether or not that should be a significant issue now is something else they might consider. 

I'd like it if this inquiry was fairly narrowly focussed to be honest, and issues like inflation measurement were dealt with in parallel. I'd like to see a conclusion that the BoE has been acting in direct contradiction of its remit, but that'll remain a nice dream. Nevertheless, it's all a move in the right direction.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.