interestrateripoff

The Bank Of England Clueless Thread

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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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B63   

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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spyguy   
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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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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Monkey   
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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Bank saved 250,000 jobs by cutting rates after Brexit vote says Carney

The Governor said that if the Bank’s Monetary Policy Committee had not reduced the cost of borrowing by 0.25 per cent last August a quarter of a million UK jobs would have been lost due to lower growth

 

Amazing this clown gets away with such comedy.  Clearly taking the p155.

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Carney hedges bets on interest rate rise

 

 
 

The next move in UK interest rates could be up or down, says Bank of England governor Mark Carney.

 

Utter genius comment from our economic experts.   Just P155 taking.

 

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Bank of England's Carney says UK economy reliant on buoyant consumers

Bank of England Governor Mark Carney said on Monday that he would keep a close eye on British consumers this year to see if their buoyant mood since June's Brexit vote persists in the face of higher inflation.

 

Are these buoyant over indebted consumers being given a false sense of security by the Bank of Clowns continually lowering interest rates to support the debt pile?

Edited by interestrateripoff

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If I may:

I am no mathematician, but consider myself to be of above average intelligence in terms of understanding ideas, if explained well.

The maths on display, to me, was difficult to understand in it's entirety, however I understood enough to come to a conclusion thus; it's irrelevant.

Between the lines and deciphering what is being said into simple terms, the BoE uses a model that, like any model, can only use historic data and then attempt to adjust current policy accordingly for the present. It is of little use when attempting to pilot the economy through an unknown future. As such, the consistent use of the phraseology (paraphrased) 'society has decided what the BoE policy is' attempts to lay responsibility for occurrences at the feet of the essentially uncontrollable masses. Yet it doesn't stop them trying.

Additionally, when attempting to steer a monetary course, 'society' causes another 'problem' for the BoE; that of freedom of choice.

Sound familiar?

The Matrix has you.

In summary, no decisions made at the BoE are made with any awareness of society as a whole. If they were, they would immediately realise that there is no such thing as 'society as a whole', and that it is not possible to control such things centrally due to the vagaries of choice and reality from person to person. 

Add in the multitude of contradictions and fact ignorance put across in this allegedly '.....quite brilliant presentation...' and all that remains to say is that if (when) even the simplest of data is 'looked through' by the BoE (indebtedness or inflation, for example) then those very things will cause major problems about which the BoE, like the Fed, will be too far behind the curve to do anything meaningful about.

At least, that's my take on what I just heard.

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onlyme2   
28 minutes ago, interestrateripoff said:

Bank of England's Carney says UK economy reliant on buoyant consumers

Bank of England Governor Mark Carney said on Monday that he would keep a close eye on British consumers this year to see if their buoyant mood since June's Brexit vote persists in the face of higher inflation.

 

Are these buoyant over indebted consumers being given a false sense of security by the Bank of Clowns continually lowering interest rates to support the debt pile?

What's he going to do if they are not buoyant, print some more money, drop rates, trash the pound more to push some more inflation underneath their noses?

Maybe then they will start to smell the stink.

 

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First two big newspapers to  pick up on it .  Both mention Carneys  claim that the Boe saved 250,000 jobs by their actions . I can only hope this  outrageous bollock statement will bring about some kind of backlash by the media / Joe public . Am I the only person that watches this type of crap and fantasises about  standing up in the audience  and hitting Carney with a killer question that  reveals the  emperors got no clothes on. http://www.telegraph.co.uk/business/2017/01/16/interest-rates-could-go-either-direction-keep-economy-even-keel/                     http://www.independent.co.uk/news/business/news/bank-saved-250000-jobs-by-cutting-rates-after-brexit-vote-says-carney-a7530496.html  

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10 minutes ago, Gemma Rose said:

 . Am I the only person that watches this type of crap and fantasises about  standing up in the audience  and hitting Carney with a killer question that  reveals the  emperors got no clothes on. 

Nope.

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