Sunday, Apr 19, 2009
'Steady' Eddie George dies at the age of 70
Times: The governor unafraid to speak his mind
During his initial five-year term, Eddie George saw the economy grow consistently every quarter. At a speech in 1999, he was able to boast that it had expanded every quarter for seven years. By the time he stepped down in 2003, after a decade in the post, he had presided over 40 consecutive quarters of GDP growth.
However, he later admitted that the Bank had deliberately stoked the consumer boom that led to spiralling house prices and personal debt in order to stave off the onset of recession.
“We knew that we were having to stimulate consumer spending,” he said. “We knew we had pushed it up to levels that couldn’t possibly be sustained into the medium and long term.”
In the late 1990s George remarked that job losses in the north of England were helping to bring inflation under control
10 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. little professor said...
After stepping down as BoE governor, Eddie George took on positions as a non-executive director at the merchant bank NM Rothschild and a non-executive director at the Duke of Westminster's property firm, Grosvenor Group Holdings.
Mervyn King, who succeeded George as governor, announced the death of the man nicknamed Steady Eddie. "I am deeply saddened to learn of Eddie's death. He served the bank for more than 40 years and was an outstanding governor, colleague and friend," he said.
"Eddie will be remembered as the governor who led the bank to independence."
2. This comment has been removed as it was found to be in breach of our Blog Policies.
3. taffee said...
“We knew that we were having to stimulate consumer spending,” he said. “We knew we had pushed it up to levels that couldn’t possibly be sustained into the medium and long term.”
and now we are doing the same?
4. japanese uncle said...
'In order to stave off the onset of recession' What a rubbish!
'In order to stave off the onset of recession, and eventually to unleash the mother of all economic depressions during which time trillions of wealth change hands, generally to the mega riches'
5. george monsoon said...
Power.. its always been about power, and always will be...
The only effective resolution to meglomania is global insurgency.
We may be heading for civil war. I hope not, but unless one of these power elite sees the error of their ways, they will be taken to task by us.
6. debtfree said...
@5. george monsoon
I think your dead right about heading towards a civil war.
Has anyone watched John Harris 'Its an Illusion' on YouTube or visited and thoroughly read the points laid out @ www.tpuc.org ?
It took a few reads and a few days for the information to digest, but when it clicked into place, the world as I know it has been turned upside down.
Once you understand common law and your rights, you'll see how the world that you have been led to believe is nothing more than a lie. When the people of this country wake up and are aware they have no obligation to pay taxes, tv license, penalty notices all hell is going to break loose.
There was a recent court victory for Irene-Maus: Gravenhorst in Canada who doesn't have a driving license, car registration document and insurance documents to a traffic officer. What must be understood, is that what you think is the law, is not. In the UK, The Ministry of Justice is a company listed since 1600. Common Law is the only law that applies to a human being, a real living person. For them to extract money from you, they have to get you to sign into contract with them. Everyone has been duped for years.
Extract from case:
From: Irene-Maus: Gravenhorst(TM)
I confirm our tremendous success in the courts of Richmond on March 10, 2009 for a traffic ticket!
Never been to Provincial traffic court where they get the slaves to pay for their union dues ... with traffic violations/contracts. Here is my memory of the events.
I noticed that Paul Gibson, the charging constable was not in court.
La Judge called out my name and I approached the microphone and said "I claim Common law jurisdiction"
Whereupon, pursuant to 8 witnesses, she fumbled with her papers and said, "Well.... we won't go there, you have been charged with failure to drive with a license and insurance".
Two other police officers in court started to snicker and whisper towards each other and when she said, "how do you plead, guilty or innocent?"
I looked at her and said in a calm voice, "I do not consent and I waive the benefits."
She then yelled "Case dismissed!" She did not look up to and continued to fumble with the papers in front of her.
No reasons for this dismissal was submitted for the record.
Then as we were discussing this procedure in the lobby of the court house, Constable Paul Gibson walked in. I went up to him to say 'hello'
He looked at me and said, "... and who might you be?"
After I told him and informed him that the case was dismissed, he said, "That's too bad".
Ladies and gentlemen, I was set up. They purposely kept Paul from the Courtroom to make it appear that its business as usual, it was packed that day.
There was a man just before my name was called that pleaded "not guilty" to charges that were trumped to over $1K but I did not fall for the trap.
When you do not enter a plea and state that; You do not consent = you do not consent to contract, you do not consent to their jurisdiction, you do not consent to them making legal determinations against you, you do not consent to perjurize yourself
When You waive the benefits = you waive the benefits of the contracts to all parties concerned, the contract value is balanced to zero, zip, nada, its over!
I had placed a huge lien for unpaid contracts against him and the Delta police force. He was visibly shaking as he held his traffic contracts to shake my hand which was an agreement to contract for the $3B that I placed on a lien naming him as the Debtor to a large secured contract. Its not about a fight, its about waking them up ... that's all and yes, its a jurisdiction and breach of contract issue.
watch the video of the issuing of ticket here, notice how she refuses to enter into contract.
http://video.google.ca/videoplay?docid=4172563690300381284
We live in exciting times indeed and could even see the collapse of government....
If your reading s2r1, then this is right down your street, after all, it is the 19th April !
7. last_days_of_disco said...
@george monsoon
You have democracy, you don't need a global insurgency. Use it or lose it. Get involved in the democratic process. I promise you democracy is a lot less expensive in terms of men and materiel than war will ever be. Really really. You can influence the outcome and with the birth of the Internet we are more able to disseminate our ideas than ever before. Try persuade people, any amount of money and effort is worth it when compared to the amount you will spend fighting a war.
This is why hate speech laws are ridiculous. We have centuries of law covering inciting violence, so we didn't need those new laws. They create an environment where it impossible for the pressure to vent peacefully (tolerance implies disapproval) but even with such laws you still have plenty of latitude to get your message across.
Force is only justifiable in the face of an implacable enemy that is going to destroy you or to defend your right to have a significant say in your future and your family's future.
The window is still open on British Democracy, help keep it that way. Get involved and be involved and make a difference if you feel so strongly about it to think of taking up arms.
8. icarus said...
"stoked up the consumer boom.....in order to stave off the onset of recession". Put this in the context of the following, simplified narrative.
Since the 1950s the year-on-year (or cycle-on-cycle) growth of the major economies (US, W Europe, Japan) has steadily declined. This applies to the main macro indicators - GDP, productivity, real wages, investment in plant and equipment and profitability. These economies have therefore required greater and greater keynesian boosts to keep them going. In the 70s and 80s there were big government deficits. In the early 90s governments tried to balance budgets and recession followed. Since the mid-90s the patient needed stronger boosts. Private indebtedness, household and corporate, was added to government indebtedness and major asset price inflation ensued. This borrowing boosted consumption and investment but profitability didn't pick up - if anything this added to overcapacity. The combination of a debt-led explosion in equity prices and falling profitability led to the bursting of the equity bubble.
Governments countered the resulting downturn with more asset price inflation. This led to an explosion of household borrowing that fed, and fed upon, an explosion in property prices. Economies were now based less on productive investment and more on consumer spending and property investment and this drove a global economic expansion. But corporations boosted profits by reducing employment and/or getting more production per £$€ of wages. (Real wages for the majority of workers have failed to rise much for three decades.) This held back demand (other than from borrowing). Companies borrowed not to invest in productive capacity but to cover unfunded liabilities, to buy back shares they printed to reward management, to drive up share prices, to pay dividends and mergers and acquisitions. The real economy meanwhile grew ever more slowly.
Long-term slow growth in the real economy and the resulting mushrooming of the paper economy has broughjt the world to the current mess.
Of course this narrative leaves out the independent actions of Wall Street and its Washington buddies. It tends to see them as merely taking advantage of the need to boost flagging economies by massive amounts of borrowing and the resulting opportunities to play games with other people's money.
If this narrative is correct it justifies both Eddie George's statement and JU's post above. It would also mean that this is not just another cycle, with, for example, house prices following a familiar swing pattern.
For a fuller explanation of this narrative see http://solidarity-us.org/node/2071
9. george monsoon said...
Last days of disco @ 7 "Force is only justifiable in the face of an implacable enemy that is going to destroy you or to defend your right to have a significant say in your future and your family's future."
Noted...!
10. This comment has been removed as it was found to be in breach of our Blog Policies.