I guess we are just starting to see the more public slating of the Bank of England by the Tory press. There will be more. You can always give the governor of the Bank of England a kicking for the way the economy is going. I am sure we are going to hear louder and louder whispers about the Guvnor’s mistakes over the economy coming from no. 11 as a way of deviating the argument away from Osborne’s utter incompetence.

I note on 18 April 2012 MPs were supposedly telling the Bank of England that it must explain to people what Quantitative Easing is and why low interest rates are good for Britain. There is a very good reason for this and that is because the MPs don’t have a fucking clue themselves. So best to ‘demand’ that the BofE explains it to the people …..so the MPs don’t have to. After all [implied] it’s all the Bank of England’s fault and, if it isn’t now, it certainly will be when the shit comes down. This most certainly will be the findings of the Treasury Select Committee that decided the current monetary policy should be termed ‘loose.’ Do they even know what ‘loose’ monetary policy is? What would ‘tight’ be I wonder? Or maybe they’re lining that up the term ‘loose’ for the future so it can be termed ‘liberal’…. We shall see.

Select Committees are interesting apart from the fact that committees in general are a forum for huff, puff and guff. I wonder, do MPs feel they have been selected for a team when they are asked? They probably never got that at school! Oooh the excitement. No doubt they are extremely pleased and feel they should live up to the duffery required as long as it concludes that someone else is to blame, was to blame and certainly will be.

Case in point, Andrew Tyrie, the Treasury Committee’s chairman (he must have been wetting himself when he got that! Oh the importance!!) said “Given the potential impact on millions of people of the Financial Policy Committee’s new power of direction, this will be an issue of intense public and thus parliamentary interest.” Wow! [implied] “I am so there for the people, but we’ve given the Bank ‘new’ powers so we’ve really passed the buck this time, thank god, we didn’t want to look after the complicated stuff so we’ve ‘passed on’ those powers to them, because I’m so there for the people. It will be of interest to the people so it absolutely will be of interest to parliament.

Oh did I not say? I’m really really important, so important that I talk about parliament in the third person because I am in parliament and you are not. That’s where we do not shirk our responsibility to the people and make the tough decisions….oh yes, and I am sooooo important I’m weeing my pants!!”

He apparently commented that he also had ‘serious reservations’ (and ever so important ones) about retrospective tax policy to claim back taxes, for say £400m owed by, say, Barclays. Dreadful behaviour, no let’s go after the man in the street instead… because you are so there for the people… just like David and Boris and George, otherwise known as Huff, Puff and Guff.

The Times, MPs call on Bank to tell savers why low interest rates are good for Britain, 18 April 2012

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