Saturday, May 17, 2008
The Bank is not blameless
John Redwood: Why has the government and the Bank of England failed us on inflation?
John asks the BoE ten questions. Long article and I suspect some will dissagree with some of what he says.
Posted by who stole my pension? @ 02:27 PM (353 views) Add Comment
6 Comments
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1. montesquieu said...
One or two (fairly self-evident) sensible points, but in the main, tedious and self-serving, a reminder of why the Blair and Broon show got elected in 1997.
Thank god Cameron has had the foresight to keep him off the front bench.
2. uncle tom said...
I had a look at the BOE's fan graphs from their previous inflation reports. The outer limits of these fans are supposed to be the most extreme possible outcome, yet inflation is already out of the range set as recently as last November. This doesn't surprise me in the least, and as the inflationary factors of the last few months mostly had their genesis before the November report was compiled, one has to ask - why have the BOE got it wrong?
Are Merv and his merry men incompetant? - or in perpetual need of pleasing the Dear Leader?
Redwood has a tendency to annoy, but in challenging the notion that the BOE is independant, he is picking up a baton that the Tory leadership has overlooked.
3. Bangybongo said...
here was my response. wonder if it will get past reddo's moderators:
# Al Nightingaleon 17 May 2008 at 8:46 pm
Your comment is awaiting moderation.
What DO you say? Nothing that I can see. What DID you say? Little at the time that I read. Broadly reasonable comments, about 10 years too late. This kind of retrospective sniping is exactly why people have given up with politicians. No here-and-now radical direction just (justifiable, late) criticism. The country is in trouble, the tories can win the next election honestly saying that things will have to get a lot worse (whoever’s in charge) before they get better. But there’s no honesty. The tories still want to stoke the housing market as an “economic idea.’' They’re just as bereft as Gordo.
4. alan said...
Good points, but as bangybongo says...why complain now? John Redwood is at least 3 years late!
Much has been made of the Bank's independance but the BoE have lost a number of their main levers for controlling the country's economy. At the rate the banks are announcing sub-prime losses, we are going to get another "run" sometime soon.
What happens then?
5. Cheeke Charlie said...
One posting too many from this site!
6. Rental John said...
Sorry can't give Redwood the time of day