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Mervyn King tells it like it was .. at last.


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At last we hear the Bank of England's side of the banking crisis story:

 

http://news.bbc.co.uk/today/hi/today/newsid_9718000/9718062.stm

 

A few lines stand out for me:

 

the story of the modern independent Bank of England began exactly fifteen years ago in early May 1997. It was a Bank Holiday Monday, immediately following the general election. Chancellor, Gordon Brown ............. explained the proposal for Bank independence.

 

 

"Independence is, however, not the discretion to do as you wish, but the exercise of specific powers delegated to us by Parliament to meet a remit set by Parliament."

 

 

So there you have it in the words of the man running the Bank of England at the time. They were working to a plan set by the government (Labour) and could only use the powers the government (Labour) gave them. So Gordon Brown's fingerprints are all over the banking crisis as far back as 1997. So all you Labour supporters can huff and puff all you like about it was all the banks fault, there was a massive boom (not according to King) and it was all somebody else's fault. Now you know, it wasn't. It was all Brown's fault.

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Fifty years of rising living standards came to an end with the financial crisis.

As a nation, we are now significantly worse off than we were four years ago.

:o

The man’s a genius.

 

It was bound to come to an end when people couldn’t borrow more money to keep raising their living standards and their living standards were bound to get worse when they had to pay back what they borrowed.

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At last we hear the Bank of England's side of the banking crisis story:

 

http://news.bbc.co.uk/today/hi/today/newsid_9718000/9718062.stm

 

A few lines stand out for me:

 

the story of the modern independent Bank of England began exactly fifteen years ago in early May 1997. It was a Bank Holiday Monday, immediately following the general election. Chancellor, Gordon Brown ............. explained the proposal for Bank independence.

 

 

"Independence is, however, not the discretion to do as you wish, but the exercise of specific powers delegated to us by Parliament to meet a remit set by Parliament."

 

So there you have it in the words of the man running the Bank of England at the time. They were working to a plan set by the government (Labour) and could only use the powers the government (Labour) gave them. So Gordon Brown's fingerprints are all over the banking crisis as far back as 1997. So all you Labour supporters can huff and puff all you like about it was all the banks fault, there was a massive boom (not according to King) and it was all somebody else's fault. Now you know, it wasn't. It was all Brown's fault.

 

Deregulation of the banks began in 1980 and not 1997

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