In case you were wondering, the Beeb reports that "The next move in UK interest rates could be up or down, Bank of England governor Mark Carney has again warned."
No excrement, Cumberbatch ( < heard on a radio show)
www.bbc.co.uk/news/business-38644963
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Well I suppose he's covered two of the three options. The third is of course that rates stay where they are.
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Ah...but he said the next MOVE...
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This is from the guy who predicted economic doom of biblical proportions before the referendum?
The story behind Smokie's quotation from this eminent banker is that he's still trying to peddle his doom-laden stories. "Well, yes, things have gone better than expected, but it could still all go bad" pretty much sums it up.
To remind you: the Bank of England's forecast for 2017, given in August 2016: growth of 0.8%.
The Bank of England's forecast for 2017, given in November 2016: growth of 1.4%.
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These economists get paid large sums and yet it seems to me that often their predictions are no better than a random number generator. I suppose even a broken clock is right twice a day.
Last edited by: The Melting Snowman on Tue 17 Jan 17 at 18:11
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I get your point but I would imagine that mostly their predictions are pretty much on the mark and actions are taken and policies made on the back of those predictions which work out fine and dandy and Joe Public never hears anything about it. But the second one (or more) gets it wrong they are suddenly incapable and worthless.
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>> actions are taken and policies made on the back of those
>> predictions which work out fine and dandy
>>
An alternative theory might be that actually it doesn't really matter much what they do, but they like to claim the credit when they are right, and shift the excuses when they are wrong.
A monkey in a cage might do just as well, impersonating Carney's irritating hand-wringing and anxious deeply serious expression.
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I really doubt things would run quite the same if the Monetary Policy Committee was staffed by chimpanzees...
Banana anyone? :-)
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>> I really doubt things would run quite the same if the Monetary Policy Committee was
>> staffed by chimpanzees...
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No they would not... they would be better approx 25% of the time,worse 25% of the time and the remaining 50% would see no change...
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As a matter of interest, what has been the BOE's prediction accuracy record since say the return to the Gold Standard in 1922?
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What a banker - The Melting Snowman
