Reply to: DOOMED: External investors have no confidence in Britain

[sasguru]

You really think that "old-school" establishment types are essentially decent?

By which I meant they would put the country above their own selfish motives. I'm sure their selfish motives would come a close second.

[Cyberman]

Since Brown took responsibility for monitoring and supervising banks away from the BoE, the BoE have done the politically correct thing and let him get on with it.

But Mervyn King has quite reasonably decided he can no longer stand idly by and watch that loser at number 10 perpetuate one f**k-up after another, making King's job harder and harder by the week.

Perhaps the Bank of England met with the monarchy because they share something in common - ultimately the nation comes before the sensitivities of a disastrous political party.

... and there was me thinking that the BofE was independent !!

[expat]

King strikes me as one of the old-school, essentially decent, blokes. No wonder he doesn't like this bunch of numpties.

You really think that "old-school" establishment types are essentially decent?

[Doggy Styles]

Since Brown took responsibility for monitoring and supervising banks away from the BoE, the BoE have done the politically correct thing and let him get on with it.

But Mervyn King has quite reasonably decided he can no longer stand idly by and watch that loser at number 10 perpetuate one f**k-up after another, making King's job harder and harder by the week.

Perhaps the Bank of England met with the monarchy because they share something in common - ultimately the nation comes before the sensitivities of a disastrous political party.

[bobhope]

Merv was the clever guy who refused to help Northern Rock with a loan due to 'moral hazard' and thus drove it towards the first bank run in living memory. Now he lends to all and sundry regardless of debt levels. He may be a decent chappy but does not have more of a clue than clown Brown.

I was inadvertently reminded of you yesterday when I was thinking about some of the stupid .com shares I owned (still own maybe?) - lastminute, petstore.com, etc.

I was thinking "I DESERVE A BAILOUT TOO" for buying shares in businesses that didn't make any money and / or are bankrupt.

[Cyberman]

Maybe Mervyn is basically a decent chappy with some integrity who wants to prevent the UK overstretching itself and going bust. Maybe he's a little late with his warnings, but perhaps he's trying to take some responsibility where he sees that the government are planning something reckless.

Merv was the clever guy who refused to help Northern Rock with a loan due to 'moral hazard' and thus drove it towards the first bank run in living memory. Now he lends to all and sundry regardless of debt levels. He may be a decent chappy but does not have more of a clue than clown Brown.

[ThomasSoerensen]

.. but as you reduce disposable income and thus consumer spending power you drive the country further into recession.

making people depend on state handouts of bread and soup

the plan is coming together nicely

[Cyberman]

It's OK they can always increase taxation some more - we're only at 40% so there's plenty more capacity before it hits 100%

.. but as you reduce disposable income and thus consumer spending power you drive the country further into recession.

[ace00]

Didn't take long did it

“The notion that Brown is leading us to the promised land is laughable,” said Ruth Lea, economic adviser to the Arbuthnot Banking Group Plc in Solihull, England. “He cannot get to grips with how other people see this country now, as the sick man of Europe.”

I wonder what effect it will have on Sterling, as it indicates a need to raise interest rates?

[sasguru]

Agreed - but think about it. He could have easily issued this statement when Brown announced the intention for a second "stimulus", but he waited until now, when it would cause the most political damage, and when Brown was out of the country and therefore putting out the flames would be more difficult (especially with that numpty Harman holding the fort).

Don't get me wrong...I am not criticising King. I think it was an exceptionally well played and highly damaging move.

King strikes me as one of the old-school, essentially decent, blokes. No wonder he doesn't like this bunch of numpties.

[PM-Junkie]

Maybe Mervyn is basically a decent chappy with some integrity who wants to prevent the UK overstretching itself and going bust. Maybe he's a little late with his warnings, but perhaps he's trying to take some responsibility where he sees that the government are planning something reckless.

Agreed - but think about it. He could have easily issued this statement when Brown announced the intention for a second "stimulus", but he waited until now, when it would cause the most political damage, and when Brown was out of the country and therefore putting out the flames would be more difficult (especially with that numpty Harman holding the fort).

Don't get me wrong...I am not criticising King. I think it was an exceptionally well played and highly damaging move.

[suityou01]

Maybe Mervyn is basically a decent chappy with some integrity who wants to prevent the UK overstretching itself and going bust. Maybe he's a little late with his warnings, but perhaps he's trying to take some responsibility where he sees that the government are planning something reckless.

Merv was called to Buckingham Palace yesterday. I'm guessing it was to tell him to get back in his box.

[Mich the Tester]

The really interesting debate is why King would issue such a highly political statement just when Brown is off trying to get support for his ideas. If this doesn't show that King and Brown hate each other, I don't know what does. And whatever way you cut it, that is not good.

Maybe Mervyn is basically a decent chappy with some integrity who wants to prevent the UK overstretching itself and going bust. Maybe he's a little late with his warnings, but perhaps he's trying to take some responsibility where he sees that the government are planning something reckless.

[ChimpMaster]

It's OK they can always increase taxation some more - we're only at 40% so there's plenty more capacity before it hits 100%

[PM-Junkie]

So now Gordon will blame Mervyn for telling people the truth.

No, the point is that when the governor of the BOE issues a statement that basically says the head of the UK government is about to screw up, of course investors are going to run for the hills.

The really interesting debate is why King would issue such a highly political statement just when Brown is off trying to get support for his ideas. If this doesn't show that King and Brown hate each other, I don't know what does. And whatever way you cut it, that is not good.