Monday, 22 October 2012

Beeb and BoE - two smug institutions

Both the Beeb and my former employer the BoE are state funded services dominating their markets. I worked for one and my homosexual cousin worked for the other. They both regard themselves as great national institutions rivaled only by the Pope in the infallibility stakes. Their self promoted image has however taken a severe battering recently.

The Beeb is an extraordinary place, a hotbed of homosexuality and Judaism. Heterosexual Christians seemed to bevery  under-represented. As I wrote in my previous blog I complained about A Marr's serial guest Helena Kennedy. I received an incredibly patronising reply notable showing they clearly had no figures on La Kennedy's appearances. It is incredible the number of Beeb types crawling out of the woodwork saying they always knew J Saville was a pervert. Where was the children's saint Esther Rantzen when all this was going on for all these years?

Someone has obviously sussed Merv King. The DT business prints a letter today criticising Merv's 9th Oct LSE speech saying the results of inflation targeting over the last 20 years had resulted in low and stable inflation. No mention of cheap far East imports keeping prices down. They of course are quick to invoke these external factors now inflation is out of control. Nothing we can do about that Guv.

I once uttered the ultimate heresy at a bank meeting. "I did not think changes in BoE REPO rate were having much effect on UK consumer prices." I compounded my heresy by adding that interest rates did however have a profound effect on house price inflation which is not in the RPI or CPI. My point is I said it when I was in the Bank not after I retired as the great British Establishment, Beeb types, Generals, Admirals, Diplomats etc! My remark produced a sharp intake of breath and a stony silence!

I have no respect for those who do not speak out at the time but as soon as their gongs etc have been secured speak out from the safety of a comfortable retirement. Who do they think they are kidding?

What is currently worrying is the amount of money printing that is going on here in the UK. The have invented a wonderful phrase, Quantitative Easing, to imply this is some sort of laxative rather than just plain old fashioned money printing that Mr Mugabe used to be derided for. (Zimbabwe now uses the US dollar). QE is now destroying the pensions of ordinary retirees but the gong hunters don't care about that. Their large  pensions are final salary index linked!

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