Monday, April 23, 2007

Roger Bootle said

MPC Must be given more room to manoeuvre

If I were on the MPC, I would be voting to get rates up to 6pc, or even 6.5pc. But, of course, I am not - something for which many people may be grateful.

Posted by dobber @ 09:18 AM (491 views)
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3 thoughts on “Roger Bootle said

  • In 1996, Roger Bootle wrote a book that was widely read in the City, called “The Death of Inflation”. In it, he argued that the forces that had been driving inflation in the 1970s and 1980s years had been vanquished. It seems that he is now worried that inflation is back.

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  • I’m not completely convinced that the role of the MPC is suspect or their ability to accurately view what is going on is more at fault.
    Looking at inflation predictions from the BoE as recent as last summer shows that their predictions of inflation based on a 4.75% base rate was well off the mark, so much so that rates had to rise a total of .5 to counter the innacuracy of their prediction.

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  • The MPC is not made up of fools. Their role is to manage inflation EXPECTATIONS, not inflation itself. They would like inflation expectations to be very low, while real inflation is fairly high. Viewed from this perspective their actions are pretty predictable. The resulting hidden inflation is what we call ‘growth’. Welcome to the ‘new world order’ and its ‘full spectrum domminance’.

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