Saturday, September 12, 2009
Blanchflower’s account of how he helped us
Blanchflower gives his side of the story regarding the MPC's decision making during the crash; he actually admits trying to apply pressure to get his way after the MPC didn't set policy as he desired: (referring to the mid October 2008) "I then started a campaign to get rates down further by talking to various British business leaders, journalists and pressure groups. By the end of October, there was growing pressure from the media that rates needed to be cut again." then persuaded the rest of the MPC to go for a rate cut on 6 November shortly afterwards. Finally, here is a prediction: "the MPC will approve further quantitative easing by November at the very latest. He [King] may even manage to get rates down below 0.5 per cent."