Rampant Inflation Returns: Macavity Has No Place To Hide

[The Huntsman]

In some instances it gives little or no pleasure to be ahead of the game. We are now in as sharp and sudden an economic downturn as I can remember but the curious thing is that everyone seems taken by surprise. Yet the signs were there at least six months ago to anyone who cared to see them. Why have we been caught unawares?

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[Ivan The Yid From Bradfor]

We actually had some veiled warnings about the forthcoming inflation and the hiding of it from the Official Statistics some time ago. As far back as last autumn Mervyn King, the Governor of the Bank of England, was referring to having difficulty in making financial decisions because of a 'lack of accuracy in the official statistics'. Mervyn couldn't come out saying we were going into a period of rampant inflation and the figures were a pack of lies. He would have been sacked on the spot and any inflationary peak that occured Gordon McStalin would have been able to say 'this inflation was triggered by those deranged statements by the former Governor of the BoE'. In fact had Mervyn been acting on real world inflation stats rather than the governments preferred stats he would have been putting up interest rates to counter inflation last autumn and writing letters of explanation to the Chancellor for breaching 3% limits. That means he would have been increasing rates just as the credit crunch hit !! Increasing rates last autumn would have put the £ up against the EU/$. That would have made life worse for manufacturing exporters.