Tuesday, Jun 16, 2009
Bank of England's credibility still falling
Guardian: UK inflation falls less than expected in May
Proving that there never was any real case for cutting interest rates to an unprecedented 0.5% or deploying Zimbabwean 'economic' measures. Has anyone noticed how all of the inflation measurements have now switched back to CPI? Because RPI rose perhaps?
Posted by paul @ 10:28 AM (489 views) Add Comment
2 Comments
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1. jackas said...
Fear the "Flation"
"De"or "In"? Depends. What is it today?
Today we are disappointed it is rising at a pace that is not as low as we expected.
2. Chris said...
The people were sold the deflation line by a concerted media campaign (eg Edmund Conway in the DT). With a collapsing curency and a country that imports 60% of its food there was never really any chance of deflation but when you need to print shed loads of money to prop up inflated asset prices such as houses upon which you've based your entire economy you need to sell the people something. The BoE created the mess with deliberately low interest rates partly so that Brown could engineer his 'boom' and now they will end up printing so much money to keep house prices high that the UK risks a hyperinflationary depression. Then anarchy.