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New BoE Deputy Hogg Gone

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Hogg resignation letter

'I made a mistake'

Posted at 9:52

Last week I offered you my resignation in recognition of the fact that I made a mistake in not declaring my brother’s work on the forms that the Bank requires. It has become clear to me that I should now insist. As I have said, I am very sorry for that mistake. It was an honest mistake: I have made no secret of my brother’s job - indeed it was I who informed the Treasury Select Committee of it, before my hearing. But I fully accept it was a mistake, made worse by the fact that my involvement in drafting the policy made it incumbent on me to get all my own declarations absolutely right.

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Committee's view on her professional competency was affected by her failure to comply with a code of conduct she wrote herself. That does implicate her line manager, who presided over both the implementation of the code and her appointment.

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That's Charlotte! Another Tory millionaire banking scumbag bites the dust. Perhaps she'll dedicate some of her down time to cleaning out her dad's old moat?

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Carney's really got the Midas touch, hasn't he? Well worth nearly a million quid of taxpayer cash a year.

When his appointment was first announced and I saw Osborne, Leadsom and Balls all standing up in Parliament to praise him to the rooftops I knew instantly he would be just another elite bodger incapable of fixing anything.

Edited by Dorkins

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Carney does look a vulnerable on this. I don't believe he wouldn't have know about her brother and if he didn't it just goes to underline his lack of competence. Either way it undermines his authority. His position as governor of the BOE should immediately be reviewed to retain confidence. 

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5 minutes ago, hotairmail said:

Shaun was particularly scathing about her appointment AND her competency. The second link below gives an excellent summary of her exchange at Parliamentary committee and its implications:

https://notayesmanseconomics.wordpress.com/2017/03/01/the-0-0001-take-the-reins-at-the-bank-of-england/

 

 

https://notayesmanseconomics.wordpress.com/2017/03/13/is-this-the-end-of-the-beginning-for-quantitative-easing/

 

 

Pretty damning.

And the only bit that really matters is this - the names and faces are irrelevant when they're hired for the purpose of following the agreed policy:

Quote

This was of course a tacit admittal that the Bank of England has no intention at all of unwinding any of it QE bond holdings

 

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2 minutes ago, hotairmail said:

 

I've always thought that they may try and raise rates if circumstances dictate but that if future probelms ever arise they will also print more. That will be the pattern for future recessions, so there is little point in buying them back to be honest. Raise rates and hold any bought bonds to maturity. Getting rates back up for the sake of capitalist decison making is more important than unwinding asset purchases. 

 

Well, until the currency is trashed.

At the moment, the BoE is p1ssing around with the pound falling.

AS inflcation is imported and the plebs kick off then trashing of the pound becomes and issue.

Ill vote for the first person who removes indexing from BoE and treasury pensions.

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20 minutes ago, hotairmail said:

Shaun was particularly scathing about her appointment AND her competency. The links below gives an excellent summary of her exchange at Parliamentary committee and its implications:

https://notayesmanseconomics.wordpress.com/2017/03/01/the-0-0001-take-the-reins-at-the-bank-of-england/

 

 

https://notayesmanseconomics.wordpress.com/2017/03/13/is-this-the-end-of-the-beginning-for-quantitative-easing/

 

 

Basically, she may have the potential to have a high IQ but because of her privileged and entitled attitude, she is actually rather stupid. Too complacent and not prepared to do the technical and mental work for her position. Just expects the position and going along for a ride like many non exec directors.

 

 

If I'd jsut read further I could have saved myself the trouble of linking to Shaun.

Some of the comments on the Shaun Richards post are insttructive

'James Alexander on March 1, 2017 at 11:46 am said:

Like the cavalry officer stupid enough for even the other cavalry officers to notice, the “stunning intellect” remarked by her “friends” could just be what the tenth percentile IQ makes of someone they know in the ninth. Happens – especially in aristocratic circles.'

 

There is a distinction between intelligent and clever. I know quite a few few people of towering intellect but dear God they’re stupid. I too am often described as intelligent but fall under the heading of a little knowledge is a dangerous thing.

We still live in an alpha male world where admitting ignorance is seen as weakness rather than the strength it is.'

Edited by Sancho Panza

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She should have mentioned her brother - but most everybody already knew she came from a banking and political family/background with her highly titled banking/political family so her brother's own VI would really make little or no difference to her overall VI.

Yet another shortcoming of Carney in apparently not spotting her error and in not pointing it out to her - he might well have known but misjudged the possible outcome yet again.  At lower levels in most organisations there would be a memo circulated or something similar detailing requirements and non compliance might be a sacking offence but maybe that sort of thing is considered too low for a BoE Deputy Governor - and after all she wrote the rules.

The question remains how will this resignation effect economic policy or effect the interchanges and outcomes between the Treasury Select Committee and the BoE - if past performance is any guide it won't make one jot of difference to economic policies - the meetings in general seem to make no difference at the best of times.  

Edited by billybong

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They should all be tarred and feathered...

I wonder how much her personal wealth has increased over recent years as direct consequence of BOE policy...the richer they are the more they benefit.

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Sorry to point out the obvious, but did no one on the Treasury Select Committee know of her family connections. They also chose to sit on their hands and just hope no one noticed. Its as if they are only taking action because of the press highlighting this. The BOE and TSC are both calculable.   

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9 minutes ago, Blod said:

Sorry to point out the obvious, but did no one on the Treasury Select Committee know of her family connections. They also chose to sit on their hands and just hope no one noticed. Its as if they are only taking action because of the press highlighting this. The BOE and TSC are both calculable.   

Morons

Or crooks.

Or both.

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From the notayesmanseconomics link and the last paragraph at the end of the article

Quote

 

The saddest part is that the welcome introduction of more women to the Bank of England has been affected by this as there are plenty of intelligent capable women around. The point of having nine members of the Monetary Policy Committee is to benefit from different views not have them ruled like the nine Nazgul in The Lord of the Rings.

 

 

 

The fact that they do seem to be ruled like the nine Nazgul in The Lord of the Rings and along with this latest resignation episode plus the lack of precision in the answers at the Treasury Select Committee meetings (not only Hogg's answers) and of course the performance of the UK economy etc it does seem to confirm that the BoE is pretty clueless and really doesn't know what it's doing except of course to line its own pockets and those of its cronies.  

It all sounds very much as if it's set its course and it can't countenance deviating from it no matter what happens.  It seems to have gone crazy - but likely it was like that all along.

It's staggering that Hogg only lasted 2 weeks as Deputy Governor.

Edited by billybong

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27 minutes ago, Blod said:

Sorry to point out the obvious, but did no one on the Treasury Select Committee know of her family connections. They also chose to sit on their hands and just hope no one noticed. Its as if they are only taking action because of the press highlighting this. The BOE and TSC are both calculable.   

I'm sure that they all will have known about her brother, Carney will have for sure, the fact is that they didn't care. I would sack the lot of them and charge Carney for gross misconduct for sticking up for her. This affair  could gather momentum and take Carneys scalp as well, with any luck.

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She could have used Brown's excuse when he first started as Prime Minster - at one of the Prime Minister's Question Times and after a particularly poor performance he said something like well I've only just started the job (of course some would have to ask whether it ever got any better).

Likely Carney is still using that excuse.

The incompetence and troughing in those running the economy is strong.  Even the manipulated statistics don't cover it up now.

Edited by billybong

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22 minutes ago, simon49 said:

I'm sure that they all will have known about her brother, Carney will have for sure, the fact is that they didn't care. I would sack the lot of them and charge Carney for gross misconduct for sticking up for her. This affair  could gather momentum and take Carneys scalp as well, with any luck.

The TSC members should be questioned themselves about this and their overseeing of Carney's role. I am no Tory but they only ones who inspire any confidence at all are Steve Baker and JRM who has taken Carnage to task before. Rachel Reeves (PPE graduate I believe) has proven to be inept and as for John Mann why is he on this committee, he is a Prescott style bruiser not a finance expert.

Member Party
Mr Steve Baker Conservative
Helen Goodman Labour
Stephen Hammond Conservative
George Kerevan Scottish National Party
Kit Malthouse Conservative
John Mann Labour
Chris Philp Conservative
Mr Jacob Rees-Mogg Conservative
Rachel Reeves Labour
Wes Streeting Labour
Mr Andrew Tyrie (Chair) Conservative

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2 hours ago, hotairmail said:

 

I've always thought that they may try and raise rates if circumstances dictate but that if future probelms ever arise they will also print more. That will be the pattern for future recessions, so there is little point in buying them back to be honest. Raise rates and hold any bought bonds to maturity. Getting rates back up for the sake of capitalist decison making is more important than unwinding asset purchases. 

 

r* is the result of 'capitalist decision making' (in effect)

Assume you mean 'getting rates back up for the sake of bailing out the rentiers'?

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At the next TSC meeting Carney/the BoE should be asked in detail about the circumstances surrounding the Deputy Governor's resignation, the general shortcomings in not revealing the brother's VI etc and why he and the BoE weren't able to steer her clear of that particular error well before it became an issue.

Maybe a bit off this thread topic but still on the subject of VI and conflicts of interest it would also be interesting to hear him being asked why he goes to the meetings of all those mysterious organisations some of which have titled members as well as political and banking members etc etc from the UK and all around the world and some, if not all, of which he's a member of - and whether and how they might influence his decision making on UK matters and whether some of their interests might constitute a conflict of interest in his own job as BoE governor.  

It would be interesting to hear his answer on that subject as well.  Some hope of a question of course?

Quote

 

https://en.wikipedia.org/wiki/Mark_Carney

International organisation memberships

On November 4, 2011, Carney was named Chairman of the Basel-based Financial Stability Board. In a statement, Carney credited his appointment to "the strong reputation of Canada's financial system and the leading role that Canada has played in helping to develop many of the most important international reforms". The three-year term is a part-time commitment, allowing Carney to complete his term at the Bank of Canada. While there has been no indication of his priorities as chairman, on the day of his appointment the Board published a list of 29 banks that were considered sufficiently large as to pose a risk to the global economy should they fail.  At his first press conference as Chairman of the FSB in January 2012, Carney laid out his key priorities for the board.

Carney served as Chairman of the Bank for International Settlements' Committee on the Global Financial System from July 2010 until January 2012.  Carney is also a member of the Group of Thirty, an international body of leading financiers and academics, and of the Foundation Board of the World Economic Forum.  Carney attended the annual meetings of the Bilderberg Group in 2011 and 2012.

Carney is member of the International Advisory Board at the Blavatnik School of Government (University of Oxford).

 

Apparently although not now Chairman he's still on the board of the BIS.

.

 

Edited by billybong

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2 hours ago, billybong said:

Yet another shortcoming of Carney in apparently not spotting her error and in not pointing it out to her - he might well have known but misjudged the possible outcome yet again.

Tyrie confirmed on The World At One that the wider investigation now underway would include consideration of Carney and culture at the Bank.

There's also the ongoing inquiry into the effects of QE and other stimulus measures at the moment, which doesn't sit well with the comments from Hogg quoted above by hotairmail.

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