Wednesday, January 27, 2010

Well, what a surprise!

Bank may find it hard to keep CPI on target - Sentance

The Bank of England may find it difficult to keep inflation on target as long as import and services prices keep rising strongly, Monetary Policy Committee member Andrew Sentance said on Wednesday.

Posted by mr g @ 10:54 AM (1292 views)
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5 thoughts on “Well, what a surprise!

  • A classic obfuscation of cause and effect. The Bank of England’s decision to snooze at the wheel on rising inflation has led to a devaluation of the pound which has led to rising inflation.

    And now a committee member says that inflation will be hard to contain because of devaluation of the pound!?

    I hope the media hangs him out to dry for that piece of circular logic. I know they won’t though.

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  • vacuouspolitician says:

    But I find it hard to see what Penfold has done wrong…

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  • Swervin’ Mervyn is the MC of the whole joint. It’s his job to keep them in order and focused on the remit. He too has been slacking in recent years as well.

    King admitted that the Bank of England didn’t really understand the effect on asset prices the switch to CPI would have
    King admitted that the Bank of England didn’t really understand the effect the cheap credit would have on speculative element in the economy
    King admitted that the Bank of England didn’t really understand the finance industry’s leveraging (based on – you guessed it – cheap credit)
    King admitted that the Bank of England didn’t really understand … what next?

    QE perhaps?

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  • vacuouspolitician says:

    Yes quite. Sorry should have put quote marks around my original comments. Came from a member of HPC a few days ago…!!!

    Don’t get me started on Penfold…f’in useless old duffer… caught sleeping on the job.

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  • vacuouspolitician says:

    As Jon Moulton quoted a few years ago “I had to use the back of a napkin to explain to a senior BoE official what a CDO was” …
    Think this sums up Penfold to perfection…

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