Friday, August 23, 2013

We’re weak and ready to cheat again implies rep

BoE ready to restart asset buys if needed - Bean

Britain's central bank stands ready to restart asset purchases if the need arises, which is not the case at present, Bank of England deputy governor Charlie Bean said on Friday.

Posted by dill @ 08:19 PM (4438 views)
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3 thoughts on “We’re weak and ready to cheat again implies rep

  • stillthinking says:

    Direct threat to those prepared to anticipate rates rising.

    This is in truth, though, starting to become a bluff, because nobody knows whether further asset purchases would lower rates (because seen as easing a liquidity crisis), or increase rates (because monetising government debt). As time goes on, becomes more and more the latter. Personally I do hope that they continue to purchase government debt, because this is to replace a lack of private sector borrowing with state credit expansion. This is a one way road that kills the ability of the private sector to expand credit (already done), which kills asset prices by taking out the credit component of pricing. You can’t go back to the old mortgage market. Same as Japan, property prices are dead in the water, and the population couldn’t raise prices with credit even if they wanted to, because the government has taken over the necessary role of credit expansion.

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