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There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved.
Ludwig von Mises
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Tag Archives: Bank of England
Kept in the dark
In my last post, I shared the news that the MPC keeps no minutes of its meetings. I had pondered whether there would be any gain in trying to use the Freedom of Information Act to force the Bank to … Continue reading
Posted in Uncategorized
Tagged Bank of England, central banks, economics, FOI, mpc, Secrecy
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What has the MPC got to hide?
News to light the fires of the paranoid and conspiracy theorists out there: The Bank of England’s Monetary Policy Committee (MPC), the group which decides on interest rates each month, keeps no minutes of their meetings. We’ve argued on this … Continue reading
Posted in Uncategorized
Tagged Austrian school, Bank of England, central bank, economics, Federal Reserve, keynesian, mpc
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The Bank of England must share the blame for the cost of living
Many central banks now have “inflation targets” that they are required to meet, and such targets are set by the government. For the Bank of England, this target is 2%, and is based on the Consumer Price Index (CPI). Some … Continue reading
Posted in Uncategorized
Tagged Austrian economics, Bank of England, central banks, economics, Federal Reserve, inflation, Keynesianism, monetarism
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Forward guidance
One of the notably sinister traits of a central bank is the act of collaboration (read, collusion) between countries: they can’t exist for long without it. It is therefore not surprising that when Ben Bernanke issued a statement linking future monetary policy … Continue reading
Posted in Uncategorized
Tagged Austrian school, Bank of England, central banks, economics, fed, inflation
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The subtle Cantillon effects of inflation
The biggest problem with increases in the money supply is not that it causes a rises in prices – that monetary inflation can cause price inflation – for this is what we would expect to happen in most cases. Rather, … Continue reading
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Tagged Austrian school, Bank of England, cantillon, central banks, economics, fed, inflation, QE
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The new man at the helm
At the start of July, Mark Carney became the new Governor of the Bank of England. He appears to have taken his job at a time when there is greater optimism regarding the state of the UK economy, which has … Continue reading
The Monarchs of Money
An interesting look at the role of central bankers from the CBC, Canada’s public broadcaster:
Posted in Uncategorized
Tagged bank of canada, Bank of England, cbc, central banks, ECB, economics, Federal Reserve
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Banks to do the impossible
The “advice” being given to major UK banks by the government and the Bank of England is akin to telling someone to walk in two directions at once. On the one hand, banks are being encouraged to lend money, to … Continue reading
A better measure of inflation?
Via SaveOurSavers, there’s a new inflation measure published by Tullett Prebon, which claims to more accurately show the impact of inflation in the UK than the official CPI. CPI running at an annual rate of 2-3% doesn’t sound too bad, but … Continue reading
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Tagged Bank of England, cpi, inflation, save our savers, tullet prebon
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Real interest rates already are negative
Today it was announced that the Deputy Governor of the Bank of England was considering lowering the base rate further still, beyond the current 0.5% into negative terrority. Quite how this is supposed to solve our economic problems isn’t clear. … Continue reading
Posted in Uncategorized
Tagged Austrian school, Bank of England, central bank, interest rates, negative rates, Paul Tucker
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