Monday, May 23, 2011

A well scripted broadside..

The Bank of England is failing this country

"we are stuck in the never never land of wishful thinking as a proxy for monetary policy..."

Posted by uncle tom @ 04:42 PM (1409 views)
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4 thoughts on “A well scripted broadside..

  • general congreve says:

    Personally they have my full backing. The BoE that is, not the Telegraph.

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  • Ralph Musgrave says:

    A very poor article by Jeff Randall (who advocates an interest rate rise). He clearly does not get the point that a sizeable proportion of so called inflation is attributable to the rise in world commodity prices – caused by increased demand from developing countries, China in particular. If we do raise rates, it will have no effect on this element in so called inflation. It will simply cause extra unemployment.

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  • Randall at his best!

    Time to kick the BoE…… and hard.

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  • bellwether says:

    Commodity prices are driving inflation and that’s got next to nothing to do with domestic monetary policy in the UK and a lot to do with market speculation, the chinese efforts to keep growing and chinese monetary policy where inflation really does have a grip. Note the commodity bubble appears to be abating now with everything from Sugar to Copper to Cotton to Silver 30 – 50 % off QE recent peaks.

    The ECB look as if they will be the first to raise interest rates. Let’s see how it benefits them – a 2008 reduction I suspect when they failed to cut rates quickly enough.

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