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August 31, 2013


Ralph Musgrave

“keen to use monetary policy to bolster the economy.” Brilliant idea.

As to QE (an element of monetary policy) that enriches the rich and destabilises less developed economies.

As to low interest rates, that channels stimulus into the economy just via investment, which skews the economy towards investment. You might as well channel stimulus into the economy just via restaurants, massage parlours and car production.

And we’ve just had a credit crunch sparked off by excessive and irresponsible lending, so the best cure is to cut interest rates so as to encourage . . wait for it . . excessive and irresponsible lending.

You just couldn’t make it up.

William McIlhagga

What's also interesting about both examples is the amount of fakery involved. The best signal for Ms Cyrus is not a tedious cliche involving very few clothes, but one decent song. That's beyond her, so she tries an unconvincing surface signal, rather than a convincing (because difficult) deep one.

For Carney, the deep signal is a willingness to take on the bankers. Since that will also never happen, a surface signal is used instead.


Of course sluttish is not a bad thing. Because there is no good or bad, right?


What confused me about this (Carney, not Cyrus - I'm hopelessly baffled about her) was what is the role of the Monetary Policy Committee in this? Is Carney overriding them? Does the whole MPC agree with this new policy?


Holey carp the drama perfectly encapsulates macro-economic policies AND 20-something sexual hierarchies!

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