A recent article titled “Why criticism of the Bank of England is largely misplaced” by Bruna Skarica from Morgan Stanley went full fist in defending the bank of England, I am going to guess she has some friends there.
I luckily do not.
If you get a chance to read her article please do but it can be summarised as this.
The Bank of England is not to blame everyone who voted for Brexit is, everyone who didn’t want to work after covid is, the Ukraine war is, the previous staff at the bank of England are to blame.
It makes sense that an industry that was bailed out by the Bank of England would be the first to defend them.
However the biggest issue is accountability no one at the Bank of England has put their hands up and said this is our fault there is always someone else to blame thanks to banks like Morgan Stanley and their employees Bruna Skarica.
The fact is the price stability is the BOE’s job if they can’t be blamed while they are paid for this then who can?
If no one is held accountable no lessons will be learnt and everyone will always suffer.
The Bank of England claims to be independent if that is they case why do they almost never reject government policy decisions that lead to higher rates of inflation that also require BOE financing with debt ?
She conveniently decided not to mention that most of the policies she blames for forcing the bank of England’s hand are financed and funded by the Bank of England in the first place.
The Bank of England could check a policy say this will lead to inflation so no or at least highlight the economic impact so that someone else can be held accountable and the public can see that they have done their best.
Funding overseas wars only happens because of the BOE.
Funding the war in Ukraine is only happening because the Bank of England buys the government debt that allows it to happen pushing up those very fuel and food prices. Yet the BOE is not to blame?
Lockdowns only happened because of the BOE.
The Bank of England was not acting independently or in the UKs best interest when it funded and financed most of the poor policy decisions that the UK enacted included but not limited to, economic lockdowns which only happened because the bank of England lent money to the government to enforce them.
I still get my covid vaccine text messages this was only possible due to the Bank of England’s financing of this rubbish. The most wasted wealth in our lifetime funded by a supposedly independent group. Yet it’s not their fault? They are not responsible?
It’s all Brexits fault!
Apparently since 2016 the BOE could not plan or mitigate the impacts of Brexit , funding/ providing subsidies to support finding new importers maybe ? Was that too much effort, in the case where lowering inflation matches BOE funding it makes sense to do. This was spoken about as an area of importance however from what i could see never really enacted. Who is to blame? Which single intuition in the UK should care about inflation and working hard to prevent it if not the Bank of England? Now in contrast when it comes to the climate emergency the Bank of England seems to have loads of innovate rules, projects, subsidies it can provide to help.
High fuel prices are linked to the BOE
The Bank of England helps to finance the net zero agenda and the green government policy that for example increased ethanol consumption in cars that could be used for food and would reduce food prices.
Like a parasite this single agenda has polluted and infected our systems causing them to malfunction and crawl up into economic Armageddon in preparation of a extremely predicable collapse.
Yet its nothing to do with the Bank of England ?
Sorry Bruna SkaricaI I call bullshit.