Mervyn King should step down


J

John E

This governor of the Bank of England has been rather inadequate over his
term of office, in my opinion.

His ill-timed comments have caused financial problems on more than one
occasion, and the committee he leads was seriously slow in lowering interest
rates - possibly leading to greater cuts than might have been required if
they had acted sooner.

His recent remarks about the curtailment of government expenditure was
clearly a political move, designed to embarrass the Government and it has
ill served our nation's recovery.

http://news.bbc.co.uk/1/hi/sci/tech/7986315.stm
 
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F

Fredxx

John E said:
This governor of the Bank of England has been rather inadequate over his
term of office, in my opinion.

His ill-timed comments have caused financial problems on more than one
occasion, and the committee he leads was seriously slow in lowering
interest rates - possibly leading to greater cuts than might have been
required if they had acted sooner.

His recent remarks about the curtailment of government expenditure was
clearly a political move, designed to embarrass the Government and it has
ill served our nation's recovery.

http://news.bbc.co.uk/1/hi/sci/tech/7986315.stm
His one and only instruction from Gordon Brown was to ensure inflation
stayed below 2% in spite of Labour's policies. I would say he's done a
sterling job. Why do you criticise him?

Interesting that a critical time when interest rates were historically
lowered, he was the one dissenting voice to maintain the rate. That
lowering of rate probably gave the housing market a further boost which has
caused much of the economic downfall.

Have you ever thought his comments may be true? Why do you think a
remarkably low base rate of 1/2% is appropriate?
 
J

John E

Fredxx said:
His one and only instruction from Gordon Brown was to ensure inflation
stayed below 2% in spite of Labour's policies. I would say he's done a
sterling job. Why do you criticise him?

Interesting that a critical time when interest rates were historically
lowered, he was the one dissenting voice to maintain the rate. That
lowering of rate probably gave the housing market a further boost which
has caused much of the economic downfall.

Have you ever thought his comments may be true? Why do you think a
remarkably low base rate of 1/2% is appropriate?
You seem to be adding quite a few things I didn't say to my post.

I criticise him because he seems to lack the understanding of the cycle
which engulfs us. He seems to lack any imagination about how to think
outside the box.

If you read that link which I posted, you might understand that his comments
have been counter-productive, and that we need to be looking for a way out
of this recession. He doesn't seem to be capable of that.
 
F

Fredxx

John E said:
You seem to be adding quite a few things I didn't say to my post.

I criticise him because he seems to lack the understanding of the cycle
which engulfs us. He seems to lack any imagination about how to think
outside the box.

If you read that link which I posted, you might understand that his
comments have been counter-productive, and that we need to be looking for
a way out of this recession. He doesn't seem to be capable of that.
I discounted the article because only interested parties, namely scientists,
are critical of Mr Kings opinions. I don't see any economists being
critical?
 
J

John E

Fredxx said:
I discounted the article because only interested parties, namely
scientists, are critical of Mr Kings opinions. I don't see any economists
being critical?
I am an interested party. I live in the UK (my sig can be discounted because
I am now retired). However, you will see economists waking up in due course.
 
T

Toom Tabard

This governor of the Bank of England has been rather inadequate over his
term of office, in my opinion.

His ill-timed comments have caused financial problems on more than one
occasion, and the committee he leads was seriously slow in lowering interest
rates - possibly leading to greater cuts than might have been required if
they had acted sooner.
If sanity had prevailed, interest rates would have been gradually
increased several years ago to deflate the massive expansion of
personal and mortgage borrowing.
His recent remarks about the curtailment of government expenditure was
clearly a political move, designed to embarrass the Government and it has
ill served our nation's recovery.

http://news.bbc.co.uk/1/hi/sci/tech/7986315.stm
The Government's answer to 'our nation's recovery' is to re-inflate
the bubble. King is merely and correctly pointing out we can't afford
the Government strategy.


Toom
 
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J

John E

Toom Tabard said:
If sanity had prevailed, interest rates would have been gradually
increased several years ago to deflate the massive expansion of
personal and mortgage borrowing.


The Government's answer to 'our nation's recovery' is to re-inflate
the bubble. King is merely and correctly pointing out we can't afford
the Government strategy.


Toom
Yeah, depression is so much better.

John
 
G

Gordon H

In message
The Government's answer to 'our nation's recovery' is to re-inflate
the bubble. King is merely and correctly pointing out we can't afford
the Government strategy.
Toom
He may be right, judging by the murmuring about building societies
having taken risks with commercial loans.
If they start to tumble, and one or two have been swallowed up, what
next?
 
F

Fredxx

John E said:
I am an interested party. I live in the UK (my sig can be discounted
because I am now retired). However, you will see economists waking up in
due course.
I am also interested in the economy. I was talking of people with vested
interests regarding science.

Science takes a long time to covert to technology, and again a long time for
technology to mature into a real product. The sentiment may be great but in
reality the pay back time will have little immediate effect on the economy.
Far better bet is to improve the current road system. Infrastructure
investment would have a quicker effect.
 
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T

Toom Tabard

Yeah, depression is so much better.
The issue of choice was fully avoidable - it just needs the ability to
recognise the difference between 'an unprecedented period of sustained
economc growth', and an unprecendented period of ever-increasing
consumer debt with all the sustainability of a pyramid selling scheme.
Brown is/was incapable of telling the difference.

Going back to the latter will be even less sustainable.

Toom
 

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