Tuesday, Jan 20, 2009
Merve the Swerve Goes Large
SKY: Bank Chief Admits Policy Failure
Britain's economic policy failed to stop the recession, the governor of the Bank of England has admitted!
Posted by alan @ 10:39 PM (538 views) Add Comment
8 Comments
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1. Crunchy said...
But he warned the bank would have to choose which assets to buy with "extreme care" to avoid artificially propping up markets.
crunchy - Here we go again. More bricks to be taken out of the derelict wall. It will not be the top edge row.
2. vindicated said...
Away?!?!?! Really???? Well I'll be.......
3. japanese uncle said...
Just another incompetence defense, ladies and gentlemen. Was the reduction of IR in 2005 which was totally unreasonable/unjustifiable given the then raging property bubble, 'for the good purpose of easing the suffering of UK exporters' not a deliberate action? It was not a failure but a well-organized/coordinated act of inflating and pricking the greatest housing bubble in history, amounting to nothing short of demolition of the British economy and GBP.
4. enuii said...
Head ---- Traitors Gate ---- Spike.
5. paul said...
Mervyn King said that from the early 1990s until the start of the credit crunch in 2007, monetary policy was successful in controlling inflation and maintaining economic stability.
I think the current problems have underlined that this patently wasn't the case. Monetary policy ignored the single biggest credit boom in history precisely at a time when it was the only instrument on the table to do anything about it. Everything else is just a footnote, a denial, as JU says.
6. paul said...
Mervyn King said that from the early 1990s until the start of the credit crunch in 2007, monetary policy was successful in controlling inflation and maintaining economic stability.
I think the current problems have underlined that this patently wasn't the case. Monetary policy ignored the single biggest credit boom in history precisely at a time when it was the only instrument on the table to do anything about it. Everything else is just a footnote, a denial, as JU says.
In addition the statement from him:
He defended the Bank of England's policies, saying: "The Bank did not stand idly by during this period"
Is an utter falsehood. Kate Barker even had the gall to propose that the MPC meet less frequently than once a month!!!
The MPC spent nearly a whole year between 2004-2005 of no interest rate movements at all
7. Cheekie Charlie said...
Lets not forget the real traiter! 1. Mervin was outvoted in 2005. 2. Mervin warned the "economic cycle hasn't gone away". But Mr Brown had already effectively gagged him by giving him 1 vote on the MPC.
8. a saver said...
Britain's economic policy failed to stop the recession, the governor of the Bank of England has admitted!
No, no, no! Britains economic policy was the main cause of the recession!