Sir Mervyn King

[superfrank]

Bank of England governor Mervyn King, a key figure steering the UK through its economic woes, has been knighted in the Queen's birthday honours list.

http://www.bbc.co.uk/news/business-13732883

A man as complicit as any for the financial crisis is rewarded for his efforts to protect himself and his mates in the City.

Unbelievable.

[payuppal]

I don't suppose we'll get any apology posts from the people who took all those loans that they couldn't repay.

Can't possibly be any of their fault...

[superfrank]

My problem with Mervyn King is simple - HE GOT EVERYTHING WRONG!

He hid behind the inflation target in the 'boom' years, which was being artificially kept low by the one-off effects of importing Chinese deflation, claiming that controlling the house price bubble was outside his remit.

He kept interest rates too low for too long and then comically started to hike just as the credit crunch was starting.

He now ignores the inflation target, doing everything in his power to support asset prices.

He can't have it both ways.

Henry Cecil has also been knighted - 'trained 25 classic winners, has overcome stomach cancer, and is a true gentleman.

Honouring self-serving idiots like King devalues the recognition of those who have truely achieved great things.

[Iron]

Tell me this is a wind up!

The Bank of England has failed to meet its targets every month for over a year, and its governor gets awarded with a knighthood!

And they say the City rewards failure!

Jeff

Bank of England governor Mervyn King, a key figure steering the UK through its economic woes, has been knighted in the Queen's birthday honours list.

[petemalta1]

At least now he will be able to fall on his sword.
If not- I'll gladly nudge him.

I have been writing to this incompetent during the past few months in a vain attempt to get him to do his job and use monetery policy to curb inflation.

[payuppal]

My problem with Mervyn King is simple - HE GOT EVERYTHING WRONG!

He hid behind the inflation target in the 'boom' years, which was being artificially kept low by the one-off effects of importing Chinese deflation, claiming that controlling the house price bubble was outside his remit.

He kept interest rates too low for too long and then comically started to hike just as the credit crunch was starting.

He now ignores the inflation target, doing everything in his power to support asset prices.

You can of course direct me to your analysis of this at the time?

Given that house prices are not included in the inflation measure, and that his remit was to control that inflation measure, he may have a point.

I assume you made a vast fortune shorting house price derivatives?

[superfrank]

You can of course direct me to your analysis of this at the time?

Given that house prices are not included in the inflation measure, and that his remit was to control that inflation measure, he may have a point.

I assume you made a vast fortune shorting house price derivatives?

Of course I don't have hard evidence, but I was consistent in saying that the house price boom would lead to a financial crisis and argued that rates should have risen much earlier.

I put my money where my mouth is by buying physical gold and silver because I predicted the policy response would be to try to solve a debt problem with more debt (and money printing).

But it's not about me, I'm just a nobody with an opinion. Mervyn King is paid a small fortune to make the right calls and has failed miserably by any measure. BoE inflation forecasts being a case in point.

[Iron]

Did get you a reply?

Jeff

I have been writing to this incompetent during the past few months in a vain attempt to get him to do his job and use monetery policy to curb inflation.

[Iron]

Someone once famously observed that there are four types of bets: good bets, bad bets, bets that win and bets that lose.

You and I need to consistently make good bets, or long term the law of averages will catch up with us, and we're toast. But Mervyn King can make bad bets, and claim the credit when they turn into bets that win, and waffle when the bets lose (yet keep his job). Good work if you can get it...

Jeff

But it's not about me, I'm just a nobody with an opinion. Mervyn King is paid a small fortune to make the right calls and has failed miserably by any measure. BoE inflation forecasts being a case in point.

[superfrank]

At least now he will be able to fall on his sword.
If not- I'll gladly nudge him.

I have been writing to this incompetent during the past few months in a vain attempt to get him to do his job and use monetery policy to curb inflation.

I tried the same thing - I got a BoE acknowledgment but no reply. I did ask him to resign, so maybe that's why!