Farewell Mervyn King – Total Failure

The British honours system doesn’t always get it right.  Fred Goodwin and Jimmy Saville were two that
I re-salutated from Sir to Scumbag long before their titles were removed.
Mervyn King is another one who needs to be dethroned.
There are many who seem to in praise of Mr King, mostly due to
his record on taming inflation. 
Inflation was indeed a major economic problem for the UK for several decades,
however for the first two thirds of Mr King’s reign, it was targeted at 2% and mostly
achieved.  Inflation it seemed, had been
tamed.
But why was this?  Was
it the setting of interest rates newly under the command of the Governor of the
Bank of England, and his monetary policy committee?  Or was it Thatcher’s defeat of the
unions?  Or was it the influx of cheap
goods from China?  Arguably it was a
combination of all three factors, plus a variety of other lesser factors.  Certainly not just Gordon’s stooge.
However the targeted rate of inflation was not the rate that
included house prices.
The house price boom, encouraged by the Bank of England and
the Labour government, made possible by extremely clever bankers and allowed by
wholly inept regulators was under Mervyn King’s watch.  This boom was totally unsustainable and
should have been stopped long before the crash.
Further to this, Mervyn King also presided over the worst
crash and economic downturn in living memory.
This is a total failure and I wholeheartedly wish to say
Fuck Off Mervyn King.  Stooge of the
socialist gold-seller.
I offer a cautiously optimistic welcome to his replacement,
all the way from sensible Canada – Mark Carney.
Whilst I believe that revolution is the ultimate goal for
The Bank of England, evolution must be the order of the day given the
sensitivity of the economy.
For me, the sooner that interest rates rise and stop
rewarding the reckless borrowers, and punishing the sensible savers, the better.  Sadly, given the precarious nature of the recovery, now
is probably not the moment.

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