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Former Bank Of England Head Mervyn King "Monetary Policy Isn't The Answer"
Why is it that central bankers always wait until after they quit their job before telling the truth?
From ABC.net
In his keynote address, former governor of the Bank of England Mervyn King gave the Australian mining industry some hope for a brighter future, arguing world insecurity could have a positive impact on the price of gold and other commodities.
He said the geopolitical and economic uncertainty will boost commodity prices.
But he argued globally countries would have to face up to mounting debt, while warning central bank adjustments were not the answer.
"We are beginning to discover that the reason the world recovery is so slow is that monetary policy isn't the answer now, and other policies need to be put in place to rebalance the world economy," he said.
"No one country on its own will find it easy to do this.
"It will require a recasting of relationships between different major economies and that requires an acceptance that trade surpluses will have to diminish in order to allow the countries that previously borrowed a great deal to to reduce their trade deficits, and gradually reduce their indebtedness.
Someone pull the microphone on that tinfoil, fringe blogger right now!
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Because Obama?
Whats next, a Central Banker will say "We print money out of thin air, and the only people who benefit are our cronies"?
Heretic !
BULLISH
"So, Mr. King, were you lying then or are you lying now?"
(Everybody's a tough guy once they're no longer in a position to do anything about it. Harvey Pitt, Sandy Weil and a few others come readily to mind.)
Tyler asks: "Why is it that central bankers always wait until after they quit their job before telling the truth?"
While I can't speak for central bankers or anybody else in particular, I can tell you from my own personal experience that most workplaces are such dens of iniquity and oppression that the truth is no longer found therein, it having long ago been ran out of town to make way for the delusions of the infantile management. Speaking the truth is hazardous to your career prospects in those environments. The management will persecute you for it and they will make it appear as if you're the one to blame for the disturbances the truth inevitably introduces in their microcosms of abuse and lies, even though in the broader context your actions were entirely appropriate. Everybody scapegoats the guy who messes up the preexisting log-roll even though he's just trying to get the log rolling in the right direction. It may be that after several years of unutterable frustration trying to do the right thing in a hostile environment, people quit precisely so that they can tell the truth. That's what I did.
Now granted, central bankers have more responsibility and are vested with the authority to make decisions on behalf of an entire nation. They are expected to live by the truth no matter what, so this guy has less of an excuse. However, the world has become one gigantic Potemkin village and it is very demoralising to the spirit. If we support the truth more and stand behind whistleblowers when they're being attacked, perhaps more people will grow brave enough to speak the truth when it actually makes a difference.
Important to remember, however, that central bankers obey directives defined by government when setting policy. In the end, it is therefore not only fiscal policy which is politically determined but monetary policy also.
Machine Gun Kelly......
Firearms are not the answer.
B.S.! They were the answer when the 3% rose up against the King 238 years ago and it is most likely the only answer now.
Janet Yellen doing Bernanke and Greenspan at the same time.. “printing is not the answer”
LBJ: Killing the boss is not the answer.
Robespierre: sharp edges are not the answer.
I could go on, the sarc in a crazy world is endless..
I have to respectfully disagree with you. Most central banks are owned by private entities and thus, those that work there are beholden to them and not their fellow countrymen. That is the problem. If congress had not shirked its responsibilities granted to them by the Constitution , we would not be in this mess.
Yes: central banks are cartels.
The world is in financial crisis because a small group of international bankers was allowed centralized control of economic decisions that affect every single person on earth. In short they were given a monopoly over the nation’s money by a complicit US Congress. Their victims surely must realize by now that a change in economic gurus will not suffice to right the economic wrongs perpetrated upon the backs of the productive, nor will a central banker’s later economic mutterings matter afterwards.
America’s Founders steered clear of central bankers and America and Americans prospered. Under central control by the Fed, both now are headed for economic collapse.
King’s had his 20 years of awesome political and economic power generated by a private consortium of private companies - banks - who have been given their power by government to create and control money.
Has the world not yet had enough of centralized banking control; must it now haul him around to make speeches?
Central bank inflation fosters vice, not virtue; central bank monopoly has created a political tyranny over the world, imposing poverty amidst plenty, which Putin is now in the process of breaking.
G. Edward Griffin said on February 17: “Today, corporate monopolies and cartels own all of the major markets, including the American money supply controlled by the Federal Reserve”
“If the people continue to learn as to what the true nature of the system is – they’re going to demand a change, they’re going to demand a return to honest banking; they’re going to demand the elimination of the Federal Reserve. Get rid of that cartel. I mean, it’s no different than a banana cartel or a sugar cartel or an oil cartel…” 4/25/14
http://marketsanity.com/g-edward-griffin-fed-cartel/
This is market tyranny; this is controlled markets, not free markets.
Ask journalism how much it got for its soul.
http://patrick.net/forum/?p=1230886
Fear of being sodomized by his fellow bankers
What a cunt, he should kill himself.
Hilarious.
Not when he shits all over the living room...
William, doesn't this fucker look like Mitch McConnell. Separated at birth?
Damn you Banzai7. I'll never be able to un-see that image now that it has been burned into my retina.
Damn you to hell.
Or, we could help.
I can loan him a nail gun
For the children of coarse
"Monetary Policy Isn't The Answer"
Something we have been saying for years. They'll keep printing and wealth transferring in the meantime.
actually Draghi said a few times that "monetary policy can only go so far", coupled with "the rest has to be done by fiscal policy", in the very best BundesBank tradition
but of course the ECB is a complete outlier - hidden in plain sight - among the CBs, with a... shrinking balance sheet
hohoho "...requires an acceptance that trade surpluses will have to diminish in order to allow the countries that previously borrowed a great deal to to reduce their trade deficits, and gradually reduce their indebtedness"
FOFOA lately and uncharacteristically brought it to a very simple point: if you imports are way bigger than your exports... then you have an overvalued currency
but King, in the best Neo-Keynesian fashion, prefers to talk about reducing exports of the net-exporters then tell something politically incorrect to the net-importers
The london silverfix is over in 3days
Yep, I'm anticipating a major smack down soon after
"See, it's dropping even without the silver fix, we told you tinfoil hatters there was no manipulation. Now that you complained and threatened lawsuits, the fix is gone, now look at all this volatility"
In the long run I don't think this will make a difference. This does nothing about "someone" dumping billions of dollars of futures during thin trading hours to drive the price down. Until something is done about that, nothing changes.
Keep printing BANKA
"Why is it that central bankers always wait until after they quit their job before telling the truth?" Because they all have windowed offices on higher floors and you know what happens when you speak out too soon? They also have an aversion to big box hardware stores that stock air tools...
Needless to say, they all profit from the lie until after get retired. They're getting their pockets stuffed to the roof while spreading the lie and then, suddenly, what a revelation! Rat finks!
Quick, get that man a nailgun before he says anything else!
Well, I've just received a call on my "business phone". Apparently I'm hopping a plane to London tonight. They have a new job for me to do.
Have nail gun, will travel.
Q: Why is it that central bankers always wait until after they quit their job before telling the truth?
A: Nailguns.
A bunch of nailgunning, kitesurfing, skyscraper base jumpers these banksters are. Merv is old as fuck, he will die soon either way.
Satan needs a good CB board of governors, but there is alot of competition, and more to come when Greedspan kicks it
Do you need a background check with the fbi to purchase a nail gun? How about a three day waiting period?
Depends, is said nailgun capable of full-auto? Does it hold more than 10 nails?
Relinquish blame much Merv?
Would someone please let Mervyn know that I said "SHUT THE FUCK UP ONCE AND FOR ALL!"? Thank you.
"Monetary Policy" is a propaganda term for "which oligarch will get the fresh money by selling his/her crap to the Fed".
There is no such thing as "monetary policy", there has never been and there will never be.
All the Fed does, is pick winner or loser based on commands from congress, white house or people with guns directed at their heads.
That's it. That's all "monetary policy" is about. Which oligarch wins and which oligarch loses.
Bullshit, I think what you mean to say is "a monetary system based on printing money out of thin air and then handing it out to only certain club members will have a very finite lifetime"...
There are very much "monetary policies" and "politics" around the globe, unfortunately, there never was, nor will there ever be a monetary or political solution to resource scarcity.
same as it ever was...
precisely
And watch out for a coup......., silent or non-silent
Aren't you the gentleman or the gentlewoman who predicted a bunch of things that didn't turn out as predicted. Then you disappeared when folks here started asking you questions about your predictions. Now, you are back in the prediction business?
Do you run a hedge fund or a hedgeless fund that I can invest into?
Everything is turning out as I predicted.
As far as I timing, my prediction was that by December 31st 2014, executive order to crap the financial system will be signed.
And if Obama refuses to, there will be a coup, otherwise world totally dumps USD and goes barter
In my experience, it is very difficult, if not impossible, to predict the future. The best we can do is approximate it.
I'll wait and see how good your approximation is. If you disappear again, then, I'll get my answer.
Events are predictable with Systematic Analysis
Timing is impossible. I used December 31st, 2014 because timing was demanded of by people here.
Timing depends on Free Will of individuals controlling the system.
No, I won't quit, unless people start again massively calling me wormonger or every 2nd reply to my comment is about "fuck".
You are obviously way smarter than me to say that events are predictable with systematic analysis. Therefore, can you predict:
1. What is that one event that will stop shedding of blood in the middle east, and when will that event occur?
2. What is the event that will force somnolent plebes to throw out the psychopaths and take control of their destiny, and when will that happen?
3. When will Kate Upton be single again?
There are many others I am sure, but do you remember these:
http://www.zerohedge.com/news/2013-03-28/so-who-knew-february-cyprus-dep...
http://www.zerohedge.com/news/2013-03-28/so-who-knew-february-cyprus-dep...
And here they have landed the big ship without crashing the market, haven't they?
So, you still think you can predict using systematic analysis?
1) Never.
Blood in the middle east will continue for as long as there is oil there.
2) Never. Plebes will be plebes and patricians will be patricians.
3) I like blondes
I'm not sure what you are seeing, but the ship sinking half way and the way it's going it will reach the bottom of ocean soon.
Financial market is not edible, neither can it be used to fuel a car.
Economy will continue to shrink. Wars will continue to expand. Dow will continue higher and world will continue to dump USD, unless......... ................ ................ Quantitative Easing is fully unwound and a wipeout is ordered.
Make no mistake about it. That is guaranteed.
We should rarely use the word--never--to predict anything, as it is an "absolute" word. You are a brave person; maybe systematic analysis affords you with that confidence.
By the way, don't mind me asking: are you from the developed work, the developing world or the underdeveloped world?
My observation has been that depending on where we are situated, our "predictions" are always skewed. Our experiences and our environments skews it. A world exists outside our immediate horizon that we cannot even fathom. Try living in a slum in South-East Asia, and you will realize that a world exists that no predictions can touch. It's its own ecosystem and has a pulse of its own. So, the ship can sink; however, the boat will probably still float in one tiny pond in an obscure locale in the world.
That has been the case for 4000 years of documented history and I don't see that changing for another 4000
Check my profile
Predictions I had:
- Computers are recycling same securities, hence Dow could go even 30k, let alone 17k, or 20k (check and ongoing)
- World will continue to avoid use of USD (check)
- GDP will shrink as a result of Quantitative Easing (check)
- Wars will expand due to Quantitative Easing (check)
- Executive order to trigger TRIPLE LEHMAN will be signed by no later than December 31st , 2014. (not happened yet)
Then why are these motherfuckers compensated so much?
See the real problem yet?
Give up your fucking wealth and income then you fucking cunt.
But I digress, on a long enough timeline, trade shuts down and these cunts and their children become soylent green.
For the same reason heads of state, military and intelligence professionals do the same...
Collect as much money as you can after you've done the worst damage and then make a "sign of the cross" followed by the "bless me father for I have sinned" confession routine to warn everyone else what you've done at their expense never going to jail for breaking the law...
Is this a great Country or what?!!! /sarc
Because their bonuses and fortresses are now secure. They feel that they are ready to weather the storm. Letting people know the truth is their way of justifying "See, I did all can do to help".
"After I got mine, I tried to help"
Another ex-central banker that likes gold.
... because once on the inside, you see first hand the insolvency of the fake paper assets.
He should implement Positive money solution when he had a chance:
http://youtu.be/CrKV6bfqOck
"Why is it that central bankers always wait until after they quit their job before telling the truth?"
To regain the credibility they lost while a centeral banker? Just guessing here. :)
The speaking fees are phenomenal and the big boy CEOs have enough financial sense to see through the same old lies?
Even Bernanke, while in office, maintained that only Congress could fix the issues facing us and implored them to do so. When Congress doesn't act then they ahve to keep trying to do what they can do.
You have to develop far more cynicism.
The Alan, Ben, and J Yell and their other 11 members can do a far more for the people, the human beans.
Instead, what they have done, are doing, and will continue to do until someone shoots them dead, is continually shovel trillions of FRNs brand new ones to the Jewish Mafia on Wall Street. A clear violation of their charter, and in another country would see them with their heads severed from their bodies, and placed on a pike in the pubic square.
Definite pederast
"ped" --- latin for foot, biPEDal, PEDal, PEDestrian,
"erast..."
one who sticks his or her foot up your ass.
not every English word is from Latin - or the "Romance" languages :
Greek paiderast?s, literally, lover of boys, from paid- ped- + erast?s lover, from erasthai to love —
boom! Get'm sid viscious
gee, I think an aggregated system of privately held banks issuing the public currency as a loan at interest, and fractional reserve fiat checkbook money creation work to transfer wealth from productive labor to passive, and increasingly misallocated capital - making workers slaves to banks as they work 30 years to buy a home for 3x the contract price, all to a bank that created most of the money out of thin air, premising the reserve fraction remainder on a cash deposit that wasn't even their property.
fuck you, Merv. Fuck you right in your corn chute, Sir.
"Monetary policy is not the answer", the Central Banker cried after years of currency decimation, wealth destruction for the masses and total plundering of the Treasury for many generations to come.
Mervin King had the government hacks´gun on his head while he was at the Central Bank, but of course he has read Thomas Tooke, John Fullarton and Henry Thornton. The reason he was replaced is not because of age....... cough..could cough... not ... cough.... continue.... couhg this.... BS cough...
"Why is it that central bankers always wait until after they quit their job before telling the truth?"
Because a PROSTITUTE does not condemn PROSTITUTION until AFTER leaving the so-called profession!
SIR Mervyn "King of Inflation" as ex-BoE Governor is one of best people to illustrate what duplicitous slimeballs the people who run Britain really are.
When he was at the BoE he persued policies which he knew would not deal with the economic crises, collapse in growth, huge rise in personal/corporate/government debt.
He resided over the last property bubble, the huge rise in debt and phony inflation stats. When his monetary policy crashed, he started QE. He zeroed interest rates. He began the "funding for lending" scheme and lied that it was to help banks lend to SMEs but in fact was used to buy up govt gilts (funding ever higher govt spending). He expressed grave concerns about the risk of "deflation" whereas many saner people rightly assert that deflation is not a bad thing, except for debtors.
And so it goes on. Now he has retired only to give a speech indirectly admitting that his policies were wrong and achieved nothing of use. Is it too much to expect that he should have voiced these views while he was BoE Governor??
smacker, look it from the bright side: you use the British Pound instead of the EUR. I mean, it must be good. Particularly for South-Eastern property owners
Sadly Ghordius, there is no "bright side" when it comes to the massive mismanagement of economic and monetary policy in Britain. It has been a shambles under successive governments for years.
If there is one thing I have learned from well informed and wiser folks than I on ZH it is that you cannot "bubble" your way, "print" your way or "fiddle statistics" your way to prosperity.
As for property prices, well, we now have politicans and MSM talking heads arguing not to raise interest rates because it will create repayments problems for those with large mortgages. They ignore that a vast majority of people fail to do due diligence when taking out a mortgage, so the rest of us have to pay for it.
And to feed the ever thirsty Treasury with more money because it can't stop spending, the HMRC are now trying to impose Inheritance Tax on people while they're still alive. Yes really.
What part of “central planning doesn’t work” does Mervyn King not understand? As we go marching into the darkness, failure after failure, debt on debt, the dollar on the ropes, European economies collapsing and the American free enterprise system in shatters, King has a new plan.
Now is time for Mervyn King to denounce the tribe's central banking, and go and sin no more.
Instead, King picked up last year a “£6.3m pension from the Bank of England despite not putting a penny in the pot… with bumper annual increases…”
Monetary policy isn't the question.
But it's a fine hammer, so let's go around pounding everything and see if that helps.
Put that one and his cronies on the list as well.
and other policies need to be put in place to rebalance the world economy,
he means that it is time for real war, with LOTS of killing. currency war has run its course. and is no longer suitable to for rapid theft as inflation begins kicking in.
it's high time for changing theft strategies, and king is telling you in no uncertain terms to hit the clutch and switch war gears to real war .
All the bankers come out and say monetary policy isnt the answer after the fact, when they stole 16 Trillion+$ http://www.secretsofthefed.com/attention-audit-federal-reserve-reveals-1...
http://www.gao.gov/new.items/d11696.pdf
All banksters now praying fervently for a Black Swan to blame the crash on.
Like they care about what happens next? they are sitting on trillions of counterfeit fiat.
They are all douche bags!
so now, only now that he's reaped his personal multi-millions he's willing to admit the bank theft of the last five years. ......
can we arrest these people for collusion? enabling?
People can not handle the Truth. People require lies. People are ripe for a new Hitler who will lie to them but give them retribution.
Don't panic, Mr mainwaring.
Actually, perhaps the Corporal Jones lookalike was apointed just for a laugh.
'bit like the words that used to be written on a fiver........
"I promise to pay..etc"
......whereas now ......
"I have nothing... etc."
They must be pissing themselves laughing.....cvnts.
Why is it that central bankers always wait until after they quit their job before telling the truth?
more bullocks from a debtor!!! How to make $$$$ from a debtor without the printing press or narco money!!! Give me a break!
Now he's telling us....
Bank of England governor Sir Mervyn King has said he is "pessimistic" about the short-term prospects for the global economy. King also said he had been struck by how much the situation had changed in the past six weeks and that he was particularly concerned about the worsening situation in Asia and other emerging markets.
These comments were made by King in the middle of 2012. More on what he had to say at that time in the article below.
http://brucewilds.blogspot.com/2012/06/king-is-pessimistic.html