Negligent, Incompetent Moron Mervyn King wrong yet again

Generali

grizzly1911 wrote: »

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.

Try Googling 'inflation fan chart' to see what 'or so' means.

Just a quick point really to everyone that thinks Merv is incompetent or worse: what exactly do you think his job is? I'll give you a clue: it isn't to push interest rates up and down to try to keep the CPI measure of inflation at 2% or even within the range 1-3%.

If any of the haters can list even a third of his remit a Guv'nor of the BoE I'd be impressed.

Fella

The_J wrote: »

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.

Lol, what concept do you have what I or anyone else knows. The fact you proudly claim to be a financial advisor in your signature says plenty about you. Is there much mileage in a job anyone can do with a basic understanding of maths & access to a search engine? I'm very happy with how I'm invested btw

Generali

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.

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.

What do you think Merv's job is?

grizzly1911

Generali wrote: »

What do you think Merv's job is?

Scapegoat for the Chancellor and Treasury?

grizzly1911

Generali wrote: »

Try Googling 'inflation fan chart' to see what 'or so' means.

A bit like pinning a tail on a donkey;)

Generali

grizzly1911 wrote: »

A bit like pinning a tail on a donkey;)

That's a great analogy. You kinda know the direction and you most certainly know what you're trying to do but hitting mark is very hard.

Another would be like trying to do the Chinese football pools!

Fella

Generali wrote: »

What do you think Merv's job is?

To keep IRs as low as possible using any and every excuse in order (originally) to sustain Gordon Brown's housing boom & latterly to do everything possible to prevent it's bust.

I doubt that's the official description though.

Fella

Good article on King here BTW:

http://www.cityam.com/latest-news/allister-heath/mervyn-king-should-have-hiked-rates-deflate-the-bubble

Generali

Fella wrote: »

To keep IRs as low as possible using any and every excuse in order (originally) to sustain Gordon Brown's housing boom & latterly to do everything possible to prevent it's bust.

I doubt that's the official description though.

I thought not.

ILW

grizzly1911 wrote: »

A bit like pinning a tail on a donkey;)

But getting the inflation projections wrong by around 50 to 100% on something like 40 occassions (months) and always in the same direction, does not inspire confidence.

That is separate from just failing to hit set targets.

If he had been in the betting industry, he would have been out on his ear for failure.