The Bank of England – Ten Years On

On Thursday, June 14th, 2007, I heard Gordon Brown give evidence before the Treasury Select Committee. What a sad performance. It left me unusually depressed for a few days.

The Monetary Policy Committee of the Bank of England – Ten Years On is the topic of the current enquiry of the Committee – but he initiated the move as soon as Labour was in power.

And now he wallows in its ‘success’ which he measures by inflation and unemployment.

Why is inflation blindly accepted at face value?

Why do none of the Committee members question this short term measure? Instead they visit other Central Banks in the US and Canada. And Mr Brown also brags with being in line with the Fed and the European Central Banks.

As a professor of economics said to me: it’s a cartel of central banks that we’re up against

And Gordon Brown will get away with it in his self-gratifying and arrogant style.

In order NOT to get depressed, it is worth watching this video which says brilliantly in poetry what I’ve found in other ways: the author Paradox calls it The Matrix – which was most gratefully received from Russian / Cypriot friend and Multi Media Wizard David Edmond.

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2 responses to “The Bank of England – Ten Years On

  1. Dear Colleagues

    The post is dated June 2007 … and I am reading it in December 2007 … with another 6 months of pathetic performance by the world’s financial and political leadership. Courtesy of great arrogance and great incompetence our leadership has now moved sub-prime from the housing finance sub-sector to the center of the financial industry where sub-prime now applies to everything financial.

    We have had economic progress over the past two decades not because of competence in the financial sector but because of great science and technology (S&T) … which the financial community has consumed for their hedonistic pleasure leaving rather little of the great potential of S&T for societal improvement and development.

    One has to wonder why the elite and the powerful have been able to get away with this for so long?

    Peter Burgess

  2. Brilliant, dear Peter!

    Yes, why and HOW has it been possible? Let me count the ways:
    1. people’s minds become more and more fragmented unable to see whole pictures

    2. ‘unwholey’ or ‘unholy’ money is used so that people ‘just to their jobs’ and never ever see whole pictures

    3. this is the life of ‘institutions’ which, for some strange reason, are considered to be ‘authoritaties’

    4. ‘money’ is so emotionally charged that it can not be analysed in un-emotional ways, it seems…

    5. ‘national’ is equally emotionally charged… and so it goes on and on and on.

    However, with the net and with software and with the spirit of solidarity, accountancy and transparency we can CERTAINLY make a difference!

    With ‘globally warm regards’,

    Sabine

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