THE Bank of England has been accused this weekend of incompetence, mental paralysis and disgraceful sloppiness in an extraordinary critique by a top economic consultancy.Here's the key part:
“This report includes little if any analysis of recent monetary and credit growth. It provides absolutely no analysis of sector financial surpluses and deficits. In sum, it is a disgrace.”This truly is an extraordinary state of affairs. If the Bank of England doesn't know about monetary growth, who does? There again, perhaps the Bank's directors understand full well that if they were "more decisive in fighting inflation" they'd be out of a job. Central banks exist to create inflation and to keep their political masters in power by the use of smoke and mirrors. If one of the directors would admit this in public, he'd go down in history and have his statues erected across the land by a grateful public.