What is it about central bankers who wait to tell the truth only after they have quit their post. First it was the maestro himself, the Fed's Alan Greenspan (most recently in "Greenspan's Stunning Admission: "Gold Is Currency; No Fiat Currency, Including the Dollar, Can Match It"), and now it is the Bank of England's former head, Mervyn King, who yesterday told an audience at the LSE that "more monetary stimulus will not help the world economy return to strong growth." That this is happening just as we learn that in one year the world's 1% will collectively own more wealth than the rest of the world combined, and two days before Goldman's Mario Draghi unleashed up to €1 trillion (if not unlimited) in QE, is hardly as surprise, and will be surely ignored by everyone until the inevitable outcome of another "French revolution" finally arrives.
From the Telegraph:
In his first public speech in England since his term at the BoE ended in June 2013, Mr King said he was concerned about a persistent weakness in global economic demand, six years on from the depths of the financial crisis.
"We should worry about that," Mr King told an audience at the London School of Economics, where he was once a professor.
"We have had the biggest monetary stimulus that the world must have ever seen, and we still have not solved the problem of weak demand. The idea that monetary stimulus after six years ... is the answer doesn't seem (right) to me," he added.
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2 comments:
With all the mysterious deaths of high level bankers and hedge fund managers these days Al better tread lightly.
There's an investigative reporter from Texas named Jim Marrs that has written extensively on the U.S. & world banking cabal and how America's hidden history is affecting us today. If people would only take a little time and expend a minimum of effort to educate themselves from this man's work, the words of these miscreant bankers would be redundant rhetoric.
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