Monday, August 13, 2012

Bank of England Clueless

Unfortunately, it appears that according to former MPC member Danny Blanchflower:
"The MPC didn't know where the economy had been, didn't know where it was when they made the forecast, and had no clue where it was going and still doesn't."
The  most alarming question that arises from the above is that, if the Bank of England (which has been relatively proactive in trying to reboot the economy) is so clueless, what does that say about the ECB?