The official "most stupid Sir Merv photo" thread

[wim121]

Once again, I suspect your attitude would be different if you had retired.

Being retired shouldn't make you retarded. I guess you are trying to refer to savers, cue the mini violin for those fools.

Many people, myself included, saw the problems ahead back in 2001. I'm surprised it didn't happen in 2004/2005 like predicted. I was also surprised my bank manager was less versed on his job than i.

Anyway long point short, in booms, make use of credit, sell off assets. During busts, loan funds out or invest in property.

Very simple and those of an older age should have acquired more resources and knowledge thus able to adapt better. I have no sympathy for them at all.

[wim121]

I thought he's done quite a good job preventing a depression through quantitative easing, something his counterparts in the ECB are refusing to do.

I actually agree with you. Inflation may be a little high, but under control and no runaway intrest rates like the 80's when it shot up around 15% and even responsible borrowers lost their homes.

Boom and bust will always happen, but this bust is slightly more under control than others.

[BrilloPad]

I don't think he has underestimated inflation.
Both he and his political masters have calculated that inflation is a small price to pay to avoid a bigger conflagration. And they are probably right.
Of course he has to play the official game in public while doing simething else in reality.

Once again, I suspect your attitude would be different if you had retired.

And once the plebs work out that the best policy is to saddle up with loads of debt as it will be inflated away......

[sasguru]

Strictly speaking his job is to manage the committee that keeps inflation at between 1% and 3%. He has continually underestimated inflation.

No reason why the remit could not be changed to have a target growth rate or something like that.

But if you had retired would you be happy at seeing your savings continually eroded? And its not nice either for poor families who have an effective inflation rate of closer to 10%(food and energy).

But I do agree that inflation is the only way out for Eurozone - it will buy a few more years before Eurogedden.

I don't think he has underestimated inflation.
Both he and his political masters have calculated that inflation is a small price to pay to avoid a bigger conflagration. And they are probably right.
Of course he has to play the official game in public while doing simething else in reality.

[BrilloPad]

I thought he's done quite a good job preventing a depression through quantitative easing, something his counterparts in the ECB are refusing to do.

Strictly speaking his job is to manage the committee that keeps inflation at between 1% and 3%. He has continually underestimated inflation.

No reason why the remit could not be changed to have a target growth rate or something like that.

But if you had retired would you be happy at seeing your savings continually eroded? And its not nice either for poor families who have an effective inflation rate of closer to 10%(food and energy).

But I do agree that inflation is the only way out for Eurozone - it will buy a few more years before Eurogedden.

[sasguru]

Is that a photo of when he found out inflation had actually dropped instead of continually increasing due to his economic mismanagement?

I thought he's done quite a good job preventing a depression through quantitative easing, something his counterparts in the ECB are refusing to do.

[MarillionFan]

Bank of England boosts Mervyn King's pension by £1.4m

"Yes!. My sofa arrived"

[ctdctd]

Oi - Leave Penfold alone - he's harmless.

Unlike the gentleman portrayed in the OP.....................

[BrilloPad]

Is that a photo of when he found out inflation had actually dropped instead of continually increasing due to his economic mismanagement?

[AtW]

[administrator]

[TimberWolf]

[AtW]

Bank of England boosts Mervyn King's pension by £1.4m