Thursday, Aug 06, 2009
An extraordinary divergence of opinion!
The Times: Times panel says MPC should pause money printing programme
The Bank of England should call a halt today to its radical drive to jump-start the economy with huge injections of newly printed money, The Times Monetary Policy Committee recommends today.
Burgeoning signs that the recession is coming to an end, with recovery taking hold, should lead the Bank to put on hold its campaign to combat the slump by “printing” money, at least temporarily, eight of the nine economic experts on the Times panel say.
Posted by devo @ 12:19 PM (717 views) Add Comment
6 Comments
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1. paul said...
It should be remembered that the Bank of England has been chasing house price inflation for some time at the expense of the wider economy and fiscal prudence.
2. taffee said...
wonder if they have a vested interest....perhaps they would like to divulge their property interests and dealings
3. icarus said...
We've pumped a lot of air into the leaky inner tube and it seems firm enough to take us a few more miles. Some parts of it have done even better than others.
That's because it's bubbled up in a few places, it could puncture some more.
Never mind, let's cycle along and see what happens, we certainly don't want to pump more air in just yet. We've got the pump if the tyre starts getting soft again.
But the inner tube will just get more distorted and weaker at the bubbly bits. Why don't we just change the inner tube?
Too complicated. Too big a job. Too much investment in this inner tube.
4. paul said...
taffee,
If you were a fly on the wall in the darker corridors of the Bank of England around 2003 when the current policy of chasing high house price inflation was agreed upon you could have made an awful lot of money by 'investing wisely' in the coming property bubble.
I've always advocated that MPC members should be required to publish interests like MPs, but the media never seems bothered with the issue. Indeed, it seems almost to be an unwritten rule that the media should never question the credibility of the Bank of England and MPC and that they necessarily always have the wider economy's interests at heart.
The very recent history of the MPC and Bank of England have indicated otherwise - something has gone very wrong with the way the Bank of England does its job to require QE and 0.5% interest rate for the first time in the Bank's 350 year history.
5. vacuouspolitician said...
Penfold and his cronies lost control years back. Given the runaround by city spivs. Penfold is always one or two steps behind the game.
Perhaps he has got a vested interest...after all his generation have lived through (and milked) a number of housing booms...
6. debtfree said...
The Times was once regarded,
but now its just retarded,
the infamous david smith,
sold the housing myth,
to all those stuck up pr4ts,
now, we've nothing left but flats !