But how does this work then?

Third, the idea that the Bank of England, or anyone else, has the foresight to forecast growth next year for the economy when there are so many massive headwinds facing the country undermines their credibility at present. More caution, a little more wisdom, and a demand that the government play its role with fiscal policy to which the Bank might lend a hand, might have been appropriate, I suggest. But that’s not what we got from a body dedicated to conventional wisdom. In which case a minor revolution in thinking is required.

So, i we can’t predict bugger all then how do we plan for it? Manage it? Curajus or no?

9 comments on “But how does this work then?

  1. This from a man not known to shy away from making his own fanciful predictions that owe nothing to conventional wisdom and a great deal more to dissonant stupidity.

  2. Because in the socialist mind there are no unknowns – you get what they give you. There can be no unknown consumer desires. Hence no prediction is required. The Courageous State will produce 10m clogs, thats what people will have to wear on their feet. Shame they’re all left footed, but hey, stop being a wrecker comrade!!!

  3. “Third, the idea that the Bank of England, or anyone else, has the foresight to forecast growth next year for the economy when there are so many massive headwinds facing the country undermines their credibility at present.”

    So the BoE can’t predict shit, but stand back for the main thinker, the great man, the unique ideas of, Mr. Richard J Murphy who predicted for 2017….

    There will be no election in 2017
    http://www.t*xresearch.org.uk/Blog/2017/03/08/the-budget-had-just-one-message-there-will-be-no-general-election-in-2017/

    Interest rate rises in Q2 2017
    http://www.t*xresearch.org.uk/Blog/2017/01/19/interest-rate-rises-will-create-unpredictable-outcomes-in-the-uk/#comment-772855

    Recession in 2017 (to be fair, he predicts that every year!)
    http://www.t*xresearch.org.uk/Blog/2017/01/05/this-mornings-reasons-for-thinking-2017-may-be-the-year-recession-returns/

  4. Obviously doesn’t understand statistics and that a prediction has a degree of uncertainty and that isn’t always the same level, just changes how much you feel you can rely on it, I would think BoE predictions come with a whole range of qualifiers and likely multiple scenario predictions

  5. “In which case a minor revolution in thinking is required.”

    Cometh the hour, cometh the man. And you may know him, for he weareth an unprepossessing cardigan from M+S, has a tendency to facial breakouts and sweating and an intemperate, irascible demeanour.

    Further evidence of Muprhy’s attempts for consideration as a wise-man adviser, to be followed by the Governorship itself, to be followed by….. Vermine.

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