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Danny Blanchflower: The Mpc Is Broken And Blinkered

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http://www.telegraph.co.uk/finance/economics/8182581/Danny-Blanchflower-The-MPC-is-broken-and-blinkered.html

King stands accused of endorsing the Tories' deficit plans and, as such, overstepping the line between economic comment and political endorsement. To the layman it sounds petty – in the world of central banking it's a whole lot more serious.

Blanchflower, who served on the Bank's Monetary Policy Committee (MPC) from 2006 to 2009, last week led calls for King to resign and he's in no mood to soften his stance.

"What really pushed me to say something was that I thought that if you're Ed Miliband or Alan Johnson, Mervyn King is supposed to be your Governor too," Blanchflower says. "I think he's stepped over the line. The first thing that King ever said to us was that we don't comment on fiscal policy. The rule is that you have to be neutral, but it looks to me like he essentially co-authored the Coalition's deficit reduction plan."

Blanchflower, rarely without a strong opinion, doesn't stop there. The Ivy League university professor is scathing of King's stewardship. The Bank's MPC is broken and its independence in doubt, he argues.

Like many of the world's best-known economists Blanchflower divides opinion. Some see the Dartmouth College economics professor as the one MPC member to emerge from the recession with his reputation intact after the 58-year old repeatedly -and unsuccessfully - called for interest rates to be cut in the run up to the downturn.

Others see him as a self-publicist and rabble-rouser – a lone, truculent voice from across the Atlantic. The truth is probably a combination of the two – Blanchflower, a Leicester University graduate who was the only MPC member not to have attended Oxbridge, admits he has always been an "outsider looking in" and with a column in New Statesman he is paid to push the envelope. But he is also thoughtful and clearly feels piqued at the criticism aimed his way as King's supporters have hit back.

"I want you to have a sense from this conversation that I'm a serious, thoughtful person who is trying to think about what is the right thing to do and worries about making mistakes. I don't have an axe to grind," he says.

Blanchflower regards the time he spent on the MPC as "absolutely terrible" and claims he was briefed against continuously. "I couldn't hire staff because it was quite clear that I was an outsider. From the very moment I arrived, King made it clear to everybody that I was not his choice. The fights with King were intellectual but they were framed as 'How dare you disagree with the Governor.' "

HPC's favourite once more laying into King.

If only he'd attended Oxbridge...

Nice to see that the MPC has a good mix of people, so the general rule is either you've been to Oxbridge or been to Oxbridge.

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http://www.telegraph...-blinkered.html

HPC's favourite once more laying into King.

If only he'd attended Oxbridge...

Nice to see that the MPC has a good mix of people, so the general rule is either you've been to Oxbridge or been to Oxbridge.

the BoE advising useless self serving politicians about money?

outrageous.

they should have called John Bull.

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http://www.telegraph.co.uk/finance/economics/8182581/Danny-Blanchflower-The-MPC-is-broken-and-blinkered.html

HPC's favourite once more laying into King.

If only he'd attended Oxbridge...

Nice to see that the MPC has a good mix of people, so the general rule is either you've been to Oxbridge or been to Oxbridge.

A translation of that article is "people who are better at serious macroeconomics than me disagree with me politically so they must be silenced - we all know that the solution to a debt problem is more debt, but the fools wouldn't listen to me"

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http://www.telegraph...-blinkered.html

Some see the Dartmouth College economics professor as the one MPC member to emerge from the recession with his reputation intact after the 58-year old repeatedly -and unsuccessfully - called for interest rates to be cut in the run up to the downturn.

A complete idiot, who does not realise that this global problem is caused by too low interstate rates from 2000 to 2007 ....

And the Telegraph is blessing him ....

OMFG !!!!!

Edited by Damik

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The OP actually cut and pasted the Telegraph headline.

As you do with every thread you start. Followed by three lines of inane nonsense that you come up with yourself.

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but the OP is factually correct

blanchflower himself likes to be known as "danny"

he is that much of a twit :)

No he is actually the 1950s footballer; economist is his retirement job.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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