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’Albert the (financial) Populist
Albert Edwards is with Terry Smith on this one. If Shredded Fred must lose his knighthood, then certain other players in this game of bubble and crunch need to forego an honour or two.
But while Smith has focused on Sir Alan Greenspan,
BoE governor asks the impossible
From Financial Stability Report, December 2011.
Bolster your balance sheets banks, but keep lending.
Oh, and if you wouldn’t mind disclosing leverage ratios in a year’s time that would be appreciated.
“Stagnation beckons” for the UK
Mervyn King was right: this will be worse than the 1930s.
At least that’s the message from a depressing summary of the UK economy by Citigroup’s Michael Saunders and Ann O’Kelly, who argue that this recession-recovery cycle will be worse than after the Great Crash.
Dear Mr Chancellor [updated]
It’s letter writing time again at Threadneedle Street.
In truth there’s not much to see in Tuesday’s inflation report from the Office for National Statistics.
Yes, the CPI number is little bit higher than consensus (4.3 per cent) but the RPI number is bang in line with expectations.
Mervyn Maradona
The Bank of England governor is a rule-breaker, just like Argentinian football star Diego Maradona.
So says Malcolm Barr over at JPMorgan:
One of Mervyn King’s most memorable analogies in explaining the conduct of monetary policy was his reference to Diego Maradona’s two goals against England in the semi final of 1986 World Cup.
The difficulty of defining domestic inflation
Have you heard? High inflation is OK. Or rather, increasing the Bank Rate wouldn’t do much to solve it at this time.
It’s not really news if you’ve been watching recent justifications for UK monetary policy,
Mervyn, crucified [updated]
The biggest year-on-year rise since October 2008…
The second-biggest one-month increase on record…
A record high in core CPI…
A stupid seasonal quirk…
Yep, just your usual UK inflation release in 2011.
UK inflation *non fail* shock
Cue sighs of relief at the Bank of England on Tuesday morning following news UK CPI had fallen to 4 per cent YEAR-ON-YEAR in March from 4.4 per cent YEAR-ON-YEAR in February.
[Gavyn Davies] MPC still split in four directions
The minutes of the Bank of England’s MPC meeting in March released on Wednesday morning show that the committee lines up in exactly the same way as it did last month.
One member (Posen) wants to ease monetary policy,
Selling England by the pound…
… is the title of the 1973 album from ‘prog rockers’ Genesis, and it also sums up the UK’s inflation problem, according to Bank of England hawk, Andrew Sentance.
In a speech at the Institute of Economic Affairs ‘State of the Economy’ conference on Thursday,
Dear Chancellor…
Time to get the quill out again, Governor.
From the Office for National Statistics on Tuesday morning:
So, that’s the fifth consecutive quarter that UK CPI inflation has remained above target and the 10th time Bank of England chief Mervyn King will have been forced to write to the Chancellor and explain why:
King Mervyn
Via the New York Times, which is apparently trying to explain Bank of England governor Mervyn King to an audience of Martians:
To Mr. King’s defenders, however, those who raise such fears do not know the heavy burden of running the Bank of England from its palace-like base on Threadneedle Street at the heart of the City,
Normalisation of 5% at the BoE
We all know the Bank of England has an inflation problem.
As revealed in Wednesday’s MPC minutes, BoE governor Mervyn King and crew are more worried about inflation than they have ever been in the post Lehman crisis environment.
King of the WikiLeaks – and global bailouts
WikiLeaks is making for all sorts of financial fun.
Especially where it concerns Mervyn King.
Earlier this month we learned that the Bank of England governor had some naughty things to say about the then-future UK chancellor and prime minister.
Naughty Mervyn [updated]
Yes, we know Bank of England governor Mervyn King has been shown to have said some rum things about his future Chancellor – according to the latest Guardian release of Wikileaked US diplomatic cables.
Such as (emphasis in original):
An outlier in central bank strength
Spot the odd-one-out in this Bank for International Settlements chart:
It is the UK’s very own Bank of England.
A quick explainer here. What the author, Peter Stella, is trying to do is examine the point at which a central bank’s finances would come under pressure — that is,
BoE: we don’t really know about inflation
All men are created equal.
And so too, it seems, are the chances of UK inflation in two years’ time.
From the Bank of England’s inflation report on Wednesday:
Under the assumptions that Bank Rate moves in line with market rates and the stock of purchased assets financed by the issuance of central bank reserves remains at £200 billion,
The end game approaches
Regular FT Alphaville readers will be familiar with Albert Edwards’ post bubble Ice Age thesis of Japanese style deflation writ large across the globe.
In this week’s Strategy Weekly, Edwards looks at the end game for his theory and it’s pretty apocalyptic stuff (again).
The descent into global C-H-A-O-S
It’s Monday and time for another helping of doom and gloom from Albert Edwards.
This week SocGen’s ‘strategiste global’ is in particularly bearish mood, arguing that all of the ingredients are now available for a meal of global chaos.
Tough crowd, Mervyn?
Bank of England governor versus — err — Big Barn Farm during a rare appearance at the UK’s Trade Union Congress on Wednesday:
For the benefit of readers outside the UK, CBeebies is a television channel for children — and Bob Crow’s a rather militant trade union leader.
Retailer price inflation
Another day and another reason to expect that Bank of England governor Mervyn King will be writing another Dear Chancellor letter later this year.
Next, one of the UK’s biggest clothing retailers, has reiterated its warning that prices will have to rise significantly because of rising cost pressures around the globe.
Dear Chancellor…
Is more letter writing in prospect for the Bank of England governor Mervyn King? A glance at Tuesday’s CPI figures suggest he could soon be putting pen to paper.
August consumer price inflation was forecast to come in 2.9 per cent (year-on-year).
Caught between Scylla and Sentance
The song remains the same, as Led Zeppelin and Andrew Sentance would say.
The August Bank of England MPC minutes are out, and they once again offer what’s by now become the Bank’s trademark (and excruciating) mix of uncertainty on rates.
Dear George, again [updated]
July inflation data for the UK is in, and surprise, surprise: CPI is above 3 per cent — again — and Bank of England Governor Mervyn King has to write a letter to the Chancellor, George Osborne. Again.
UBS ponders the UK’s quiet CPI calibration
Is Britain’s government quietly working on a(nother) CPI/RPI change?
Back in May, the new UK chancellor George Osborne suggested to Mervyn King that he would “welcome” the Bank of England governor’s views “on how we might accelerate the process of including housing costs in the [Consumer Prices Index] inflation target.”
Keeping the pedal on the UK metal, with Merv
GDP surprising on the upside; sales trading up; sterling on a rocket — the British economy’s looking pretty good at the moment.
Unless you govern the Bank of England.
Here was Governor Mervyn King’s written testimony before the Treasury Committee on Wednesday,
Is the Bank of England the new OBR?
Bowler hats and umbrellas at dawn — it’s a Bank of England spat (maybe) .
Former Monetary Policy Committee hellion David Blanchflower writes in his latest Bloomberg column:
During my time on the Bank of England’s Monetary Policy Committee,