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The there lies of finance and a shameless central banker

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It looks like Mark has joined the the house price crash party...


The lies:

1 - This time is different.

2 - Markets always clear.

3 - Markets are moral.


I loved this bit:
In recent years we have subjected major UK banks to severe but plausible stress tests. In our 2017 stress test, UK GDP fell by 4.5%, commercial real estate prices by 40%. UK house prices dropped by a third, Bank Rate increased by 4 percentage points and unemployment rose to 91⁄2%.”


Google’s definition for plausible:

  1. (of an argument or statement) seeming reasonable or probable.
    "a plausible explanation"
    synonyms: crediblereasonablebelievablelikelyfeasibleprobabletenablepossibleconceivableimaginable, within the bounds of possibility, convincingpersuasivecogentsoundrationallogicalacceptablethinkableMore
    • (of a person) skilled at producing persuasive arguments, especially ones intended to deceive.
      "a plausible liar"


In my opinion, he could use the following sentence too:

In recent years we have subjected major UK banks to severe but logical stress tests“. At the end of the day... this time isn’t different at all.

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  • 259 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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