There we were, listening to Mervyn King and his crew give testimony to the Treasury select committee – 50-50 chance of recession, big concerns for oil, massive liquidity injections – when suddenly, it all went wrong.
Merv was just telling us he hadn’t lost control (of interest rates)…
What an inappropriate time for a fire alarm.
Reader, be assured, Merv’s pants were not ablaze, despite metaphorical indicators to the contrary.
Normal testimony will be resumed shortly.