Negligent, Incompetent Moron Mervyn King wrong yet again

Fella

http://www.telegraph.co.uk/finance/financialcrisis/9269255/Sir-Mervyn-King-warns-eurozone-is-tearing-itself-apart-and-cuts-UK-growth-forecasts.html

"Inflation is expected to remain above the 2pc target "for the next year or so", signalling an ongoing squeeze on household incomes.
The inflation forecast was in contrast to the Bank's expectation in February that the annual rate was more likely to below target than above it by the end of the year. Annual inflation is currently 3.5pc. "

Forecast wrong yet again. Inflation prediction too low yet again. No apology yet again. Refusal to raise rates despite rampant inflation yet again.

It's hard to see how King could possibly have done his job worse over the years. A chimp could wipe it's buttcrack on the MPC minutes & come up with something more accurate. Let's all apply for his job when it comes up, it'd be literally impossible to get it wrong more often than King has.

Thrugelmir

Fella wrote: »

A chimp could wipe it's buttcrack on the MPC minutes & come up with something more accurate.

I doubt you could, and calling somebody like Merv a moron.

Makes me wonder what you are?

Fella

Actually I called him an incompetent negligent moron. Since he is failing miserably in his remit that's an entirely accurate assessment.

The fact that you're happy for him to do so & happy for the BOE to "let inflation run free" doesn't change the facts. He is a miserable failure and has been since way back during the boom which he helped create by - surprise surprise - keeping IRs too low for too long.

If King is actively targetting a policy of higher inflation he should have the integrity to say so publically. Rather than hide behind a series of false projections that inflation will be on target {whenever} then simply keep revising those projections outward.

The_J

The fact that you think that it's a simple case of raising rates just illustrates how little you know.

If we don't inflate our way out of trouble, then we're screwed. Got cash savings? Well you're financially inept then.

ILW

Fella wrote: »

Actually I called him an incompetent negligent moron. Since he is failing miserably in his remit that's an entirely accurate assessment.

The fact that you're happy for him to do so & happy for the BOE to "let inflation run free" doesn't change the facts. He is a miserable failure and has been since way back during the boom which he helped create by - surprise surprise - keeping IRs too low for too long.

Does have a point.

Thrugelmir

Fella wrote: »

Actually I called him an incompetent negligent moron. Since he is failing miserably in his remit that's an entirely accurate assessment.

Financial stability? Isn't that the bank's remit.

The_J

You also have no idea about politics or markets. If he came out and said that there would be carnage. You have to read between the lines.

Get back to your day job and let the professionals get on with it. You're nothing but a keyboard warrior.

chucky

There are much bigger fish to fry than trying to manage an inflation rate of 3.5%.

ILW

Thrugelmir wrote: »

Financial stability? Isn't that the bank's remit.

Are you saying they are not bright enough to deal with more than one thing at a a time?

Thrugelmir

ILW wrote: »

Are you saying they are not bright enough to deal with more than one thing at a a time?

Perhaps its not possible to implement the policy that's required. Adjustment and correction is a slow step by step process.

grizzly1911

The bit I like is the "or so" they haven't got a clue what is going to happen, but pretend they do.

Many of the things causing inflation are outside their control.

Their policies are causing a lot of collateral damage at the end of the bottom of the chain.