Wednesday, October 1, 2008

Go Merv, give them a good kicking from me

Financial crisis: Can the Bank of England's Mervyn King survive?

All the same, the Bank has another tool it has so far been reluctant to brandish: interest rates. Unless the Monetary Policy Committee cuts borrowing costs in the coming months, it is likely to face further ire from the City - though it is hard to blame King specifically for something a nine-person committee decides. The overarching question, however, is whether the Governor ought to be endearing himself to the world of finance in the first place. The last central banker to do so was Alan Greenspan, and look what happened since.

Posted by last_days_of_disco @ 09:12 AM (1021 views)
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16 thoughts on “Go Merv, give them a good kicking from me

  • planning4acrash says:

    Merve could’ve voted for a rise more often. BOE membership tho is a false decision. They caused the boom with liquidity that suppresses market LIBOR interest rates, then undercut suppressed market rates with their own, suppressed by false inflation stats.

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  • planning4acrash says:

    Retail or consumer price inflation are all fraud, because inflation IS the increase in money supply, for real inflation look at M3 money growth, because ANY growth in money supply reduces the buying power of your money. Price inflation is a symptom of

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  • planning4acrash says:

    Growth in money supply, and not the problem in itself. It can only be solved by stopping money money supply growth, with safeguards for the productive economy during the transition via cancelling of bad, fraudulent debt, and law suits against fraudsters.

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  • And how exactly does he propose that the Bank of England reduce the cost of borrowing?

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  • planning4acrash says:

    Jon, I’ll explain this by elaborating what I said above. The main cost now is LIBOR, they reduce it with liquidity. LIBOR is cost of overnight borrowing by banks who are below their required deposit ratio, from those with surpless. Very few have deposit

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  • planning4acrash says:

    To lend, so market rates rise. Raise liquidity to reduce market demand or reduce deposit ratios from 2% to 0%, making an economy based on nothing.

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  • Greenspan did to Bernanke what Blaire has done to Gordon Brown – rode the “silly wave” of misplaced confidence and fraud to the top, let his “compadre” fall off the mountainous cliff that was created on the other side — into shame and oblivion. Brown didn’t behave as Chancellor all alone. And it was his behavior as Chancellor that has brought on the crisis. Ditto for Mr. Greenspan.

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  • george monsoon says:

    This is a link to the M3 money charts… I have no idea how to interpret this graph, other than the spike seems to grow exponentially for the last 5 years.. http://www.nowandfutures.com/key_stats.html

    does this mean that inflation is at 18% acording to the graph???

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  • Robert Owen ~ THE BANK OF ENGLAND
    [House of Lords 5th October 2000]

    I allege that The Bank of England was sometime after 1977 effectively ‘Privatised’, it’s shares being held in BOEN, thereby making a ‘closed loop’ , i.e. although BOEN is a wholly owned subsidiary of BOE, BOEN has effective control of BOE through the said shares owned by the secret share holders. I am advised that only 50% of the shares were sold, but they have ALL the voting rights ! Share holders appoint directors, look who makes up the ‘Court’ of Directors of The Bank of England, bringing one to the only conclusion that the Bank of England is owned covertly, if not by the banks, then by a higher banking entity which has the interests of the banks at heart, which justifies the rampant and systemic fraud perpetrated upon their customers with arrogance and impunity.

    It is said to be the Duty of every Chief Constable to enforce the Law but there is no record of Regina v High St Bank, except, The Queen -v- Barclays Bank Plc, ex-party OWEN ~ which I brought. Police funding stops them from being effective against organised, national, international crime, perpetrated by banks.

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  • planning4acrash says:

    George, you got it. Inflation is 18% and rising. How else could sterling fall so hard against gold, other currencies and oil? None of those things are real supply and demand, its all money supply growth, which manifests as price inflation & £ devaluation.

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  • planning4acrash says:

    Each symptom of £growth is a symptom, they all, collectively redistribute YOUR wealth to those who inflate, and their cronies. They spend the £ b4 prices rise. We get some £ after prices have already risen. So payrises & interest on deposits r fake tokens

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  • On 27th July 1694 a private joint-stock association called ‘The Bank Of England’ was formed with a capital of £1.2 million, this capital was ‘loaned’ to the government in consideration of a monitory and banking monopoly over the Kingdom of William III, ergo The United Kingdom. The government of Clement Attlee nationalised The Bank of England in 1946, issuing Treasury Notes in the sum of £11,015,100. All the stock was owned by the British Government, although The Bank of England continued as a ‘Royal Charter Company’ with the absolute protection of confidentiality and security afforded by a Royal Charter and The Official Secrets Acts.

    Obviously the nationalisation was not welcomed by it’s share holders or bankers of the day. Wilson’s’ abrupt resignation as Prime Minister in April 1976 and the new government of James Callaghan had virtually no majority, ‘UK Ltd’ was vulnerable and effectively bankrupt, with double digit annual inflation, 70% over 3 years, incessant strikes, the £ Sterling frequently suspended on international exchange markets, virtual parity with the US$, the ideal time for the share holders to strike back and re-take the Bank of England.

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  • SO is this WHY, on the 6th April 1977 the Bank of England formed the BANK OF ENGLAND NOMINEES LIMITED, (BOEN), a wholly owned subsidiary private limited company, no: 1307478, with 2 of its 100 £1 shares issued and its Memorandum & Articles of Association’s Objectives are;-

    “To act as Nominee or agent or attorney either solely or jointly with others, for any person or persons, partnership, company, corporation, government, state, organisation, sovereign, province, authority, or public body, or any group or association of them….”

    MELANIE JOHNSON MP, Minister for the Treasury, informed me that “BOEN is a wholly owned subsidiary of BOE, which was granted an exemption by the Minister of State for Trade from the disclosure requirements under Section 27(9) of the Companies Act 1976 , because;

    “it was considered undesirable that the disclosure requirements should apply to certain categories of shareholders”.

    As we have seen above The Bank of England with its Royal Charter Status and Official Secrets Act, has more confidentiality and security than the MoD and is even immune from questions being asked in the House of Commons. So why form a wholly owned ‘NOMINEE’ COMPANY which in 23 years HAS NEVER TRADED and only lodges ‘Short Form’ un-audited accounts ?

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  • indiablue – completely agree with you re Blairs timing – you’ve got to take your hat off to him, he played an absolute blinder! But it really does make me worry about GB’s level of competence. He could have retired from politics at the same time as Blair, got a nice couple of NED roles earning boat loads of cash and spent some quality time with that lovely wife of his. He must have known that it would all come crashing down and as the current PM and CoE for the last 10 years there was nobody else to blame. And if he didn’t realise it would all come crashing down, then why is he doing the job at all?

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  • The wife of former prime minister Tony Blair has compared her husband to British WWII leader Winston Churchill.

    (Advertisement)
    Cherie Blair told Vanity Fair magazine that her partner would be judged “very well” by history and be “up there with Churchill”.

    “Do I agree with Tony on everything? No… But if you ask me I do trust Tony to make the big decisions wisely – yes.”

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