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Tories Call For An Independent Bank Of England

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http://politics.guardian.co.uk/economics/s...2102212,00.html

Tories list tasks for next chancellor

Matthew Tempest, political correspondent
Wednesday June 13, 2007
Guardian Unlimited
The men and women setting Britain's interest rates should be publicly recruited through open advertisements, the Conservatives said today, as they set out the tasks for Gordon Brown's successor as chancellor.
The shadow chancellor, George Osborne, pledged to end the system by where the experts are appointed by the chancellor.

IMO, we may be better off with the US system where the central bank is a power unto-itself and outside the control of the president du jour. Given that Brown's claim to fame has been the miraculous creation of "free money" from HPI-MEW it is obvious that his policy to keep IR accommodative was a necessary factor to pull the boom off. The problem with politicians is that their interest lies in short-term expediency and not long term stability as they can always blame the next politician for the mess on the wall.

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Check out the trends from when the BOE were made "independent".

The rot started almost immediately. There are many other charts that show the same break from a relatively benign and stable position.

We now have a situation where there is nobody ultimately singulalrly accountable for the situation the UK is in. Neither the politicians nor the BOE will put up their hands, they'll just wave their fingers pointing at global issues, unforseen events, blah, blah, blah.

saving7.gif

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Check out the trends from when the BOE were made "independent".

The rot started almost immediately. There are many other charts that show the same break from a relatively benign and stable position.

We now have a situation where there is nobody ultimately singulalrly accountable for the situation the UK is in. Neither the politicians nor the BOE will put up their hands, they'll just wave their fingers pointing at global issues, unforseen events, blah, blah, blah.

saving7.gif

When Gordon is constitutionally obligated to call a GE I suspect he will feel the sharp end of the stick from the voters. I do not think 2 years of Balls will allow him enough time and distance from his miracle to escape blame for the bust.

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IMO, we may be better off with the US system where the central bank is a power unto-itself and outside the control of the president du jour.

IMHO, if we had a central bank like the Federal Reserve, we would be be in an even deeper mess than we are currently in. The central bank of the US has only one plan in mind, and that is to line the pockets of their bank shareholders with as much money as possible with no regard to the public good

Best,

L

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IMHO, if we had a central bank like the Federal Reserve, we would be be in an even deeper mess than we are currently in. The central bank of the US has only one plan in mind, and that is to line the pockets of their bank shareholders with as much money as possible with no regard to the public good

Best,

L

Exactly. Which is what they have been doing in the US for many years. A system that relies on every increasing amounts of debt and interest payments for its money creation is bound to fail eventually.

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