Monday, August 11, 2008

Captain Bank of England abandons the wheel, taking all the liferafts and a bottle of ships rum with them

Inflation set to hit 5 per cent as goods prices surge

If most people truly understood what inflation really is, they would take to the streets and raze Threadneedle Street to the ground. Inflation is a knife in the back of the prudent, and a generous bounty for the reckless. Inflation is not an act of god, it is an economic effect arising from a set of deliberate policy decisions. Inflation is moving money from those that have managed their finances to those who have ignored advice and bought whatever they wanted. Inflation will create more inflation as the pound sinks in value (which is what created this round of inflation too!). Inflation is what happens when the Bank of England fails in its duty. Inflation is the sound of policymakers' indifference. Inflation is the sound of the UK economy writhing.

Posted by paul @ 11:07 PM (1345 views)
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4 thoughts on “Captain Bank of England abandons the wheel, taking all the liferafts and a bottle of ships rum with them

  • tyrellcorporation says:

    As I expected, they got in those IR cuts early in the year because they knew they had to reach a lower plateau and then stay there for the foreseeable future. They have no intention of raising rates to combat this.

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  • All measures of inflation are rising:

    The Bank of England has actively pursued high house price growth in favour of its real remit of combatting inflation:


    the Bank of England’s sole purpose in life is to target inflation. And annual inflation in United Kingdom real estate prices is now slowing far beneath the apparently magic 9% mark… (source: http://www.marketoracle.co.uk/Article3615.html)

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  • It’s ok paul because the bank of England raised the base rate a full 1% last week to combat inflation…

    Doh ! ! !

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  • The joke is on everyone else though, because the bank of england had the inflation stats when they made that decision. now I know you’re a recent purchaser nooneo, but if you have something saved for a rainy day, it is being eroded by their refusal to do their jobs.

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