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Negligent, Incompetent Moron Mervyn King wrong yet again
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Clifford_Pope wrote: »Not so long ago, when the BOE thought everything was nicely under control, the Governor would "write a letter" to the chancellor, and the ship would be nudged back on course again.
We don't seem to hear very much about him writing letters any more - has he run out of ink, or did he realise nobody was reading them?
He just pulls one out of archive, changes the date, and sends it off.
George doesn't read them anyway."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »I wonder if his pay is performance linked?
Wonder if the target would have been more accurately set, giving leeway to achieve?
No, he does not receive performance related pay, his salary is something like £300k and he doesn't get a bonus.
Someone will be along in a moment to rant about his index linked final salary pension and suggest that he actually benefits by failing to meet the inflation targets. No one who goes on about this ever stops to think that someone with an index linked reward is in exactly the same position whatever the rate of inflation is...0 -
Ah I see what you're getting at. What I'm saying is that there were often times during the house price boom when King & the MPC kept IRs artificially low claiming that they had to because of how much "inflation was going to fall over the next xx months". (Exactly as they still do in fact). Then as now they were repeatedly wrong, meaning they failed on both counts, fuelling the house price boom AND allowing inflation to overshoot it's target.
I knew I was making my point badly.So we had a situation whereby timely rate rises
At what time do you think interest rates should have risen?0 -
suck it up. whining on a forum int going to change anything. neither is hoarding cash, gold or silver. we are being fed a sh@t sandwich and we all have to take a bite i am afraid.
dont like it? emmigrate, or get a better paid job.
This is a debating forum moron, the whole point of it is to debate.0 -
I don't know about anyone else but I found that quite funny.Clifford_Pope wrote: »We don't seem to hear very much about him writing letters any more - has he run out of ink, or did he realise nobody was reading them?0 -
Nobody needs to rant about him benefitting from failing to meet inflation targets. Surely failing for 2 or 3 years in a row is enough to get him the boot? If he wasn't up to it then he should have resigned ages ago or not even taken up the post. That is the problem with this country - there are far too many of his ilk in the financial industry scrounging off the rest of us.chewmylegoff wrote: »No, he does not receive performance related pay, his salary is something like £300k and he doesn't get a bonus.
Someone will be along in a moment to rant about his index linked final salary pension and suggest that he actually benefits by failing to meet the inflation targets. No one who goes on about this ever stops to think that someone with an index linked reward is in exactly the same position whatever the rate of inflation is...0 -
chewmylegoff wrote: »No, he does not receive performance related pay, his salary is something like £300k and he doesn't get a bonus.
Someone will be along in a moment to rant about his index linked final salary pension and suggest that he actually benefits by failing to meet the inflation targets. No one who goes on about this ever stops to think that someone with an index linked reward is in exactly the same position whatever the rate of inflation is...
one does wonder that if he had a pension 'pot' rather than index linked pension he might be more concerned about inflation and low annunity rates0 -
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!
I don't know if its really a good anaology, isn't it more like you're trying to pin the tail anywhere but the donkey, while keeping up the pretense that the donkey is your aim?0 -
Nobody needs to rant about him benefitting from failing to meet inflation targets. Surely failing for 2 or 3 years in a row is enough to get him the boot? If he wasn't up to it then he should have resigned ages ago or not even taken up the post. That is the problem with this country - there are far too many of his ilk in the financial industry scrounging off the rest of us.
What has he failed at? he seems to be more effective at reducing the REAL value of that Trillion £ debt than anything Ozzie has accomplished
At the same time paying the bond holders a miniscule rate of interest, almost magical
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
What has he failed at? he seems to be more effective at reducing the REAL value of that Trillion £ debt than anything Ozzie has accomplished
At the same time paying the bond holders a miniscule rate of interest, almost magical
Unfortunately in doing so he is wrecking the futures of many who have been personally prudent.
No doubt someone will say "at least they kept their paper value of their savings"."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0
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