Talking Movies

July 7, 2019

Any Other Business: Part XXXV

What is one to do, so forth.

This bank deserves a better class of journalist

Watching BBC 2’s Inside the Bank of England during the week was a profoundly dispiriting experience. The process of setting the interest rate involved the 9 member monetary policy committee being briefed on element after element of the complex matrix making up the British economy. Each briefing was the result of the work of dozens of people crunching statistics or scouting the country to gauge sentiment. The Beast from the East had hit the growth of GDP in the first quarter, so the Bank was likely to not raise interest rates to curb inflation. And what was the reaction of the journalists, who had been locked in a vault with 50 pages of material explaining the statistical context – Governor Carney, does this make the Bank an unreliable boyfriend? Are you bothered by the tag of unreliable boyfriend?

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