Ben Bernanke - chairman of the Federal Reserve - knows a thing or two about financial crises, having written the definitive work on the Great Depression.
He's been grafting pretty hard over the past two years to make sure he doesn't have to pen the sequel, so we should listen to his criticisms today of Gordon Brown whose decision to strip the Bank of England of its supervisory role over banks led to a “destructive run” and a “major problem for the British economy”, according to the Fed chairman.
Well, we should listen again, that is. Bernanke has said all this before.
Back at a 2006 Treasury Select Committee hearing, chairman John McFall pointed out to Bank of England Governor, Mervyn King: "On a recent visit to the United States we had the opportunity to meet Ben Bernanke and he told us that he prefers to maintain the Federal Reserve's responsibility for banking regulation, due to possible co-ordination problems that might exist between the central bank and the separate regulator in the aftermath of a financial crisis."
King replied that he thought it "only a hypothetical risk".
D'oh!
Showing posts with label Mervyn King. Show all posts
Showing posts with label Mervyn King. Show all posts
Friday, 4 December 2009
Sunday, 5 July 2009
Surveillance...
The Monetary Policy Committee may be considering expanding its quantitative easing programme on Thursday, but the decision doesn't seem to be taxing Mervyn King too heavily.
He's been spotted (on numerous occasions) by the BBC cameras at Wimbledon over the past fortnight - and is there again today, enjoying the men's final.
In fact he's sitting just behind Pistol Pete Sampras.
Update: Speaking of Sampras, how did the BBC allow Nike to broadcast such a blatant advert within its coverage following yesterday's Wimbledon final? The public service broadcaster managed to get itself duped into running a short film called Fifteen Love - filmed entirely in the style of a Nike commercial - to "celebrate" Roger Federer's 15th Major victory. The sports stars "congratulating" Federer? Er, John McEnroe, Tiger Woods, Pistol Pete and Serena Williams - all long-standing and high profile members of the Nike sales force. Solid work.
He's been spotted (on numerous occasions) by the BBC cameras at Wimbledon over the past fortnight - and is there again today, enjoying the men's final.
In fact he's sitting just behind Pistol Pete Sampras.
Update: Speaking of Sampras, how did the BBC allow Nike to broadcast such a blatant advert within its coverage following yesterday's Wimbledon final? The public service broadcaster managed to get itself duped into running a short film called Fifteen Love - filmed entirely in the style of a Nike commercial - to "celebrate" Roger Federer's 15th Major victory. The sports stars "congratulating" Federer? Er, John McEnroe, Tiger Woods, Pistol Pete and Serena Williams - all long-standing and high profile members of the Nike sales force. Solid work.
Monday, 30 March 2009
Fancy that...
FT, 15 Feb 2009:
King’s faded realm
By Chris Giles
"Mr King’s beloved inflation targeting and the Bank’s sole command of monetary policy appear as much part of the bubble – now burst – as bankers’ bonuses."
FT, Mar 27, 2009:
King back in his castle
By Chris Giles
"Mr King’s authority in the British economic debate has never been higher than it has been this week."
King’s faded realm
By Chris Giles
"Mr King’s beloved inflation targeting and the Bank’s sole command of monetary policy appear as much part of the bubble – now burst – as bankers’ bonuses."
FT, Mar 27, 2009:
King back in his castle
By Chris Giles
"Mr King’s authority in the British economic debate has never been higher than it has been this week."
Subscribe to:
Posts (Atom)
