Surprise!

The Bank of England has made “serious mistakes” in the fight against inflation and is facing a prolonged bout of painful price rises unless it acts immediately, its former Governor Lord King has warned.

Officials at Threadneedle Street fuelled a surge in prices with a money printing spree during the Covid pandemic, the crossbench peer said.

Seriously, who knew? If you have lots more money chasing the same number of goods and services, how could that produce inflation?

Hey, it’s even possible that it was the right thing to do – utility maximising and all that – but the surprise is still a bit difficult to swallow.

11 thoughts on “Surprise!”

  1. I used to think in what I now recognise was a naive and inattentive way that governments were composed of mostly well-meaning imbeciles and incompetents (with a few absolute psychopaths and frauds in there too) and that they were probably sort of trying their best (ish) on any given issue but were unable to get there because of competing demands, human failings and ‘realpolitik’.

    Covid has changed that forever. The way governments all round the world have made exactly the same ‘mistakes’, all in the same direction (funnelling the herd into vaccination, digital passports etc, and now the WHO pandemic plan which will effectively strip nations of their ability to act in the manner they deem fit in favour of doing what the WHO says when the much-predicted ‘next pandemic’ appears in a few months), in lockstep is all the proof I need that these are not mistakes but deliberate acts.

    The other proof is the extreme competence of politicians and senior civil servants at feathering their own nests, of course. They can’t arrange a system of filling potholes, but they can reliably become millionaires?

    The idea that the Bank of England and the government didn’t know that creating close to a trillion pounds would wreck the economy – this inflation is only part of it – is ludicrous.

    Clearly they knew exactly what they were doing. The only interesting question is why they did it.

    Likewise, they know that fluvoxamine has utility for treating Covid, just as they know that ivermectin does (see the links below); it is inconceivable that the decision to withhold these treatments, which has definitely cost many lives, was made in good faith. So why was it made?

    Fluvoxamine:
    https://stevekirsch.substack.com/p/how-the-fda-justified-rejecting-an?token=eyJ1c2VyX2lkIjo1MzUxNDk4LCJwb3N0X2lkIjo1NTIzNjIyMywiXyI6InlwOXBWIiwiaWF0IjoxNjUyODYxNjA1LCJleHAiOjE2NTI4NjUyMDUsImlzcyI6InB1Yi01NDgzNTQiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.Rnxk0GWRsux92e7NYMgGlasnUI4B0-Odn0fM8L64isk

    Ivermectin and the scandal of Oxford’s Together trial:
    https://doyourownresearch.substack.com/p/10-questions-for-the-together-trial?token=eyJ1c2VyX2lkIjo1MzUxNDk4LCJwb3N0X2lkIjo1NTEwOTc5MSwiXyI6InlwOXBWIiwiaWF0IjoxNjUyODYxNzQyLCJleHAiOjE2NTI4NjUzNDIsImlzcyI6InB1Yi01Mzk3MDIiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.d8w2FshpmAcPRbZY558Rh0AWjREceyK84knpx18x34E&s=r

  2. @TW

    Yes indeed.

    It would (will?) be very interesting to see the internal BoE and Fed records from this period.

    It’s astounding that of the hundreds of highly-paid employees, no one (even in the Archives Dept) seems to have been acquainted with the ideas of Milton Friedman – or David Hume, come to that.

  3. Ducky McDuckface

    Something interesting here – the cross-bench peer is a handy distance away from the Commons – which approved the furlough schemes et al.

    Difficult to see why the BoE gets it in the neck for a money printing spree here – oh, wait…

  4. The BoE was obviously told at the highest level ‘You will print all this money and keep quiet about the consequences. Oh and keep interest rates low even when inflation starts to rise’ quite early on in all this. Of course they knew what was going to happen, they are not stupid, thats not the scandal, the scandal is why they a) went along with it, and b) said nothing publicly about the consequences.

  5. But, But..they told us QE was different.

    But really, given that much of the inflation is related to energy, supply chains and such, what is happening in countries which did not print money?

  6. One could add that if governments impede the production of stuff (as they did worldwide) there will be less stuff, and competition to obtain what stuff there is will drive the price up.

  7. Interested – yarp, they’re evil.

    Rhoda – that’s the genius of the omnifuckup, everybody is going to suffer due to the money printers, Net Zero, lockdowns, sanctions and war(s). Even the fiscally continent.

    But at least we finally have ginormously foreheaded black trannies on Dr. Who now, so it’s all good. We can watch that when the power’s on.

  8. View from the Solent

    RK,
    According to the Daily Bellylaugh( (Annabel Denham), the Swiss rate in April was 2.5%

  9. Gosh, and those of us who said it might not be such a great idea were told we didn’t know what we were talking about.

    Now, let’s give all the people who told us that the power to decide what’s “misinformation” and ban it from t’internet. What could possibly go wrong?

  10. I don’t think the big mistake was pissing money at the costs of lockdowns, it was imposing lockdowns in the first place.

    Even the urination was simply added to a decade and more of monetary incontinence – the problem has been coming for some time. Then they added the lockdown lolly, the supply chain disruptions, the trade disruption from the Great Wetknickering of China, the Ukraine War, the shoot-yourselves-in-the-foot sanctions on Russia: at last the cliché about a Perfect Storm might almost be justified.

  11. Ritchie was being “interviewed” on al Beeb again yesterday as part of their agenda to increase taxation on the non protected classes.
    Even a radio 2 clip made him sound deranged

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