Tuesday, May 1, 2012

End of term report

King a 'disaster' as Bank Governor, says Standard Life

"David Cumming, head of equities at Standard Life and one of the most influential figures in the City, said the Treasury must improve on Sir Mervyn when his second term expires in June 2013". "Sir Mervyn has not ingratiated himself with the City since the financial crisis – at one point even expressing surprise that the public was not more angry with bankers". (Is this fair?).

Posted by alan @ 08:19 AM (1049 views)
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3 thoughts on “End of term report

  • “He was happy to let (the banks) run at 150 miles an hour”.

    And they were happy to run at 150 miles an hour.

    “We were running too fast and he didn’t stop us. So it’s his fault. So there.”

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  • Over-optimistic fool was asleep at the wheel, just like his daft predecessor.

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  • general congreve says:

    Merv is doing the job that he has to do as the head of a central bank in a debt-based fractional reserve fiat currency system.

    The money supply has to grow exponentially to cover existing debts, else the economy falls over and nasty things happen. That’s why we’ve had the housing bubble, ZIRP, QE etc. He has to let the banks run at 150 miles an hour, and he’ll have to let them run even faster, because if he doesn’t then the system will stumble and trip over itself. Of course, the flip side of running exponentially faster means the economy ultimately dropping dead from a hyperinflationary heart attack.

    So, f4cked from every direction. That’s what always happens with a fiat currency system, as history has proven, and this time will be no different.

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