Tuesday, March 20, 2007

They set us up, insider trading, the works!!!

BoE Takes Property Blame

The group that decides the interest rate deliberately fuelled a consumer boom to boost house prices and personal debt so that "UK Plc" could avoid recession. And guess who all bought property: Blair, Brown, MPC...........

Posted by millard @ 05:15 PM (550 views)
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22 thoughts on “They set us up, insider trading, the works!!!

  • Interesting and strange comment. Has it been verified?

    Did anyone even remember Eddie George at this point?

    Strange to bring yourself back to center stage without prompting from somewhere …..

    Does this article start to hint that being given the mandate to focus on a narrowly defined inflation target only, whilst ignoring obvious bubbles that would later fuel inflation could have been an error?

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  • Very interesting politically. Why is he saying this now?

    He might be retired but he is still very much part of the establishment.

    Preparing the ground for Gordon tomorrow? ………or the next MPC decision?

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  • japanese uncle says:

    Is he aware of what he is speaking? It has a serious implication.

    Keeping the economy afloat was none of Eddie’s business, but solely Crash Gordon’s, since that was beyond the scope of the BoE remit, i.e. keeping the inflation at bay. And at that point in time the BoE was supposed to be compeletely independent of the tresury and was not obliged to do anything to save the economy from recession. Eddie is virtually confessing that there was a consipiracy to create bubble ( it was ‘about time’, as the memeory of the previous generation who suffered crash in late 80’s/ early 90’s was quickly fading, and their ill-educated children were out there on the street totally prepared to be fleeced.)

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  • There should be blood on the streets.

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  • Japanese Uncle has an excellent point. I can’t wait to see this story pan out.

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  • On reflection, he is clearly signalling a switch from CPI to RPI.

    Even if he wanted to, Gordon will not have been able to take lightly the recent shot across his bows from Martin Weale (- he suggested that interest rates need to go to 8%). Weale is a highly respected economist and an establishment heavyweight. The mandarins are not happy.

    “Something is rotten in the state of Denmark”, correction, Britain!

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  • Lets hope this is taken up by a little more mainstream media.

    It is an open confession that the MPC was corrupted. Did I say that out loud? Yes, correcpted. Their independence was compromised. Funny how this is only called corruption when it happens abroad.

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  • Strangely enough there is not a sniff of this story anywhere on the Blair Broadcasting Commissions website, thought it might be hidden somewhere the masses wouldn’t find it so they could always proclaim impartiality.

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  • Only what some of us already knew. boom boom boom and then biggest bust in History !!

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  • I had to do a double take on this. I even double checked the website to see if it is a clever spoof but it appears genuine.
    This is completely staggering and and is confirmation from the horses mouth of what seasoned bloggers have been saying on here for years. The whole thing is little more than confirmation that the Brown’s miracle economy is a fix and orchestrated for little more than his own selfish tax-grabbing benefit.

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  • Yes. This seems to be a pre-emptive positioning to excuse the MPC for merely following mandate and placing the blame firmly at somebody elses door.

    Mr Brown anybody?

    Everybody is running for cover at some level. Look at all the private equity running for infrastructure bets over the past year or so.

    Definately Mr. George is still very much part of the The Old Lady of Threadneedle Streets establishment in any case ……… hearing a comment from such a person is no different to what we see in the US regularly these days which generally aggressive comment from for example:

    XYZ General , USAF retired.

    When the current holder of office is restricted from saying anything out of recongition of duty ……. out come the old guard.

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  • So what is this committee of MP’s set up to enquire into? I cannot accept that Eddie sort of slipped in his comments out of context. Is the mpc open to investigation for meddling in the political aspirations of HMG?

    Like most if not all on this site I have suspected that this debacle was deliberate but I never expected to see someone hold their hands up.

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  • What really gets me is the current comments from the MPC “targeting HPI is not our remit”, it was them that bloody caused it!!!!

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  • bidin'matime says:

    Blimey. The ducks do all seem to be lining up.

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  • Hi folks

    See Treasury Committee press notice 35.

    There is a Treasury Committee sitting entitled ‘Monetary Policy Committee of the Bank of England Ten Years On’.

    Fast Eddies comments were given at 09.45 this morning, I have not been able to find a transcript but will look, and post it when found. The committee sits again on 24 April

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  • It makes me physically sick to watch… jog along to 30 minutes for the lead up to the “big reveal”

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  • FYI – the statement Eddy makes about encouraging debt is approx 32 mins into the film.

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  • Quite surprised by how laissez faire they are about inflation – the pensioner who records their personal inflation at near 10% is dismissed as being ‘too dangerous’ to acknowledge – NO SH*T SHERLOCK!!

    And that HPI should not be included as it has ‘little relevence’ – is laughable – love the comeback from the panel about – experience on the doorstep and that – mmmm – maybe it is important if it has impacts on wages and affordability – in the wider sense.

    Prof Peter – “The decline in the volatilty of inflation over the last 10 years has been quite extraordinary” – and I wonder why???

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  • Thanks iguana for the link.

    What a mealy mouthed prevarication….especially the responses to Sally Keeble’s questions. Disgusting, absolutely disgusting!

    People should all watch the 2nd 15 minutes of this interview.

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  • I think the “how” is clear to almost everyone and it’s good that the cat is almost out of the bag. Perhaps it is time to pose the question as to why so many people are so easily duped.

    I am not an advocate of a completely fair society, even Putin after reading “The Communist Manifesto” by Karl Marx commented that the book reads like a nice fairy tale but real life it isn’t.

    Because we do live in a society where in reality there are huge differences in wealth, most people given the chance at getting their hands on borrowed money, whether it be easy credit or MEW, will take it. There has to be a reason for common sense going out of the window in the last 10 years. Old problems are come back to haunt us, there isn’t much real wealth creation left in the UK, you have to manufacture and produce to make money as a nation. In the UK we lost that a good few years back. The general public are not ready to accept that they are not as wealthy as they think they are, it’s not so much consumerism that is to blame as a shift in culture that is required. Most people still view money and status symbols as a measure of success and social stature, filling out an application for a credit has been the fast and easy way to quell this basic human need.

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  • Well, well, well. These people have nothing to ‘fear’ about revealing the truth now, as even if we did protest, that’s no longer effective anyway thanks to the global ‘farce on terrorism’. I’m truly shocked by this article and the fact that we aren’t out in the streets now, let alone an SEC or Police investigation into market manipulation, but as I said they don’t care, and they don’t have to because there’s f**k all we can do about it. Period.

    That aside and the fact that I am begining to feel vindicated regarding the illogical market for housing over the past 6 years, but now we know why and we know who. What we don’t know is ‘who benefits’ (qui bono). And that’s the interesting bit which I don’t have a full answer for, but we should all ask these questions as someone once said (and it may have been Benjamin Dissreli); ‘nothing happens in politics by chance, and if it does, it was probably meant to happen’. Separation of Govt and BoE, yeah right.

    So the wheels are really beginning to come off the wagon, wonder how long this will play out….. Each day gets more and more interesting ….

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