Douglas Carswell's Blog

It wasn't me, says Mervyn King

As the economic consequences of central bankers begin to bite, the blame game begins.

I’m not being complacent, insisted the Governor of the Bank of England responsible for the reckless gamble known as Quantitative Easing printing money.

I’m dissatisfied with what has happened, declared the man responsible for giving the economy ever larger doses of what made it ill.

And it is those beastly banks who are to blame for a shortage of credit by hoarding the stuff.  Nothing to do with central bankers artificially lowering the price of credit to the point where the supply dries up, you understand.

Perhaps most telling of all, King went on to play the party politics card by blaming Labour. Given how loathe state technocrats to be “political”, things must be starting to get desperate on the excuse making front in Threadneedle Street.

It was, implied the man who has failed to meet his inflation targets for many years, Labour’s fault that the supply of credit is not properly rationed.  

Central bankers' monetary stimulus has failed.  Their easy credit has necessitated credit easing.  Their management of the money has been a disaster. 

What will it take for us to start holding central bankers to account for the mess they have made of our economy? 

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