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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Images from a perceptive article of doom from Acting Man

The BoE's chairman Mervyn King: 'Hurrah, more free money is on its way!'

 

(Photo source: Bloomberg)

Jean-Claude Trichet spots the 'inflation monster'.   

(Photo via info-wars.org)

Link to the Acting Man Blog Posting!

Queen gives audience to Governor of the Bank of England

The audience given by the Queen to the Governor of the Bank of England is apparently without precedence and the first reference I found is in this editorial in The Times, linked here, as follows: Throughout her reign, the Queen had never held an audience with a governor of the Bank – till yesterday, when she met Mr King. The meeting might have passed as a constitutional idiosyncrasy, but Mr King also appeared to diverge from the policies of the Prime Minister. Appearing before the Treasury Select Committee of MPs, he was sceptical about the scope for further stimulus of the UK economy by fiscal means. Given the size of the deficits now and for the next two to three years, argued Mr King, there should be caution about adding to them. The Daily Telegraph, here, has a photograph from PA in its report and adds the following interesting detail: Immediately after the hearing at the House of Commons, Mr King was invited to Buckingham Palace for a private audience with the Queen. The meeting, at Her Majesty’s request, represented the first time she has met the incumbent Bank Governor. Is the Queen asking for an audience of more concern to the incompetent and jet-setting Prime Minister or the fact that the Governor of the cash printing bank first openly criticised the Prime Minister's policies which as the Times editorial points out are thought by some (including this blog) to carry 'the risk of an "Arma-geddon scenario”, where there are not enough lenders to meet planned levels of public borrowing'. The Daily Mail added this simple last line to its coverage of King's momentous warnings and carried the same picture of Mervyn King meeting the Queen: Later the Queen held an audience with the governor of the Bank of England for the first time in her reign.

Is BoE Governor King worried over UK Creditworthiness?

The Chancellor of the Exchequer, Alistair Darling, speaking from the fifty million pound G20 meeting finance minister's wining and dining and doing nothing weekend in Horsham to BBC Radio 4 informed John Humphries categorically within the past half-an-hour that Governor of the Bank of England, Mervyn King, was not worried about the nation's creditworthiness. If that statement is true then Bank of England Governor, Mervyn King, should be fired on the spot today! If that statement by Alistair Daring is not true then Alistair Darling should resign on the spot - after all the economic dumb shit for whom they both work is now so incapable of seeing reality he cannot be any longer expected to make a rational choice between tea or coffee!

BoE Computer model soon useless

A disturbing report in The Observer that seems to confirm most thinking people's view that Mervyn King and his cronies on the MPC do not have a clue what they are doing, read here, a quote: Interest rates have now been slashed to an unprecedented low of 1% to cushion the economy against the worsening downturn; but they were left on hold for much of last year, as MPC members fretted about the risk that rising oil prices would affect the public's "inflation expectations", which would in turn lead to surging wages. Critics say using BEQM to guide its decisions had blinded King and his colleagues to warning signs in the outside world.

Using information gleaned from publicly available documents and Bank insiders, Fathom's number-crunchers have constructed a replica of BEQM. It shows that the model actually stops working when interest rates hit zero - an increasingly pressing possibility - and fails to allow for the impact of a credit shortage on the economy.