Sir Mervyn King should be de-knighted, un-pensioned and dismissed.

I have been watching the smug, self-satisfied, tennis-watching, worthless lump of humanity that is the incumbent Governor of the Bank of England, and blogging upon what I observed since August 2003.

In something named a "Today Programme Lecture" King threw blame everywhere and upon everyone else rather than upon himself, according to a review of the speech on that same programme this morning. Read another review from here.

King would seem a good candidate for a start on the removal of honours which is now so urgently necessary in the upper echelons of British public service, his BoE pension mostly in inflation linked bonds (as frequently pointed out on this blog, proof positive that he never had any intention of adhering to his post's prime objective) could be the first to be returned to more deserving OAPs! Perhaps an annual King Bonus, gathered from the pension funds of all supposed public servants who have been honoured and cossetted while in fact selling out and destroying our country.

Bank of England loses control of UK mortgage interest rates!

As long predicted on this blog, the utter stupidity of the low interest rate policy is finally resulting in an interest rate market breakout beyond the control of the Mervyn King and his over-paid, inflation-proofed minions at the BoE.

Millions of homeowners will soon be hit by the consequences of monumental mismanagement on a truly massive scale.

News of the higher interest rates effective from many lenders from today is linked here.

Treasures from the threads - Number 72 - Mad Mervyn King

I have chosen the following comment which was in response to a sub-posting on Acting Man, linked here, titled:
  
"Uncle Mervyn, the Lunatic Running the UK Funny Money Farm"
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Andyc:

February 17, 2012 at 07:56

I wonder about the timing of these bank downgrades, there are a lot of rumors swirling now that Greece will indeed default within the next month or so….
I kind of expect that a default in this case will be telegraphed because unlike the crash where the bankers were keeping there cards close to their vests and there was a lot of opacity in this case a LOT of people are in on the negotiations so its bound to leak out if a decision is made…..and of course a default will be a decision.
So seeing Moodys waving the downgrade stick recently and now hearing these rumors, I wonder if something is indeed imminent.
Then you have to wonder what happens with CDS?
JPM and BOA moved a trillion or so in derivatives into the FDIC portion of the bank awhile back to “allay the fears of European counter parties” was the quote I recall saw….are depositors funds at these two rat holes now vaporizable as MF Globals customer funds proved out to be?
What a mess!
:)
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France and Germany dispute ECB's role

The Irish Times has a description of the growing disagreement between the two main limbs of the gangrenous common currency, linked here. The following quote comes from their report:

“I want to be very clear: our reading of the treaties is that the ECB does not have the ability to solve these problems,” she (Angela Merkel) said.

Her remarks put her at odds with Mr Kenny and, more significantly, French president Nicolas Sarkozy, who has been been her closest ally in the fight against the crisis.

The ECB now lies at the heart of the fudge which has always been the guiding principle of the EU project, which will now seems set to become the cause of all the deep and bitter disputes that are soon to be delivered upon us. Fights over money often become the most bitter, and the EU family have been spendthrifts on a truly massive scale!

As I quoted from Acting Man in a post last evening "In spite of the fact that the ECB has now advanced almost € 1 trillion in 'emergency liquidity' to euro area banks, i.e., almost an entire enlarged EFSF worth of money from thin air, the banks continue to flounder."

Where will the liability for this €I trillion of imaginery money eventually end, how will it be divided amongst the shareholders of the ECB when the euro disintegrates. Were the money properly accounted for, many triple a European Sovereigns would now no longer be so.

These are questions this blog has been posing for months if not years, they have never been addressed, let along answered. Incredibly Sir Mervyn King's defence yesterday of the ECB, seems to indicate he has not yet grasped the difference between the ECB and a normal central bank, with an army of enslaved taxpayers standing ever ready behind it to pay for the normal incompetencies and errors.. Let us hope this dreadful man has provided no pound sterling commitments to his ECB counterparts!

For french readers Le Figaro leads on the ECB linked here.