January 11th, 2009

Growing Unease About Old Lady’s Secrecy

Remember Something Odd in the Banking Bill from early December? Guido was suspicious about the removal of the requirement of the Bank of England to tell us how much money it is printing:
The 1844 Banking Bill ensured transparency in the operations of the Bank of England. It has been good enough for over 164 years.


Surely it can’t be that they don’t want us to know how fast the Bank of England’s printing presses are going to be running?

The Telegraph’s economics editor has just cottoned on to the dodge:

The Government is set to throw out the 165-year old law that obliges the Bank to publish a weekly account of its balance sheet – a move that will allow it theoretically to embark covertly on so-called quantitative easing. The Banking Bill, which is currently passing through Parliament, abolishes a key section of the law laid down by Robert Peel’s Government in 1844 which originally granted the Bank the sole right to print UK money.

… Debating the issue in the House of Lords recently, Lord James of Blackheath, a Conservative peer, said: “Remove [this] control and there is nothing to stop an unreported and unmonitored flooding of the money market by the undisciplined use of the printing presses. If we went down that path we would be following a road which starts in Weimar, goes on through Harare and must not end in Westminster and London. That is the great fear that the abolition of that section will bring about – but the Bill abolishes it.”

You read it here first…

UPDATE 12 Jan : The FT is calling it Quantitative Easing Confidential. Guido is quite chuffed to have beaten the FT to the story.


Media Reader

I’m Sorry | Colin Brazier
Nigel Farage’s Pub Landlord was Rebekah Brooks Trial Juror | Speccie
Ed Snowden Interview | Alan Rusbridger
BBC Should Offer Us Licence Fee Choice | TFA
Why Licence Fee Isn’t Best Way to Fund BBC | IEA
Mail Rates The Outfits of Gaza Refugees | Daily Mash
Murdoch Offers $80 Billion for Time Warner | NY Times
Today Programme’s Progressive Agenda | David Keighley
Socialist Worker: The Worst Politics of Envy | Owen Jones
BBC’s Chris Mason Goes on a Stag Do | MediaGuido
Who is Peston’s ‘Senior Government Source’? | Speccie


new-advert
Westbourne-Change-Opinion Guido-hot-button (1)


New Foreign Secretary Philip Hammond has big ambitions in his first meeting with Benjamin Netanyahu today:

“I came to bring this conflict to an end.”



Flight Watch says:

Russia Today is a cauldron of bullsh*t. The only people that take it seriously are deluded conspiracy theorists. Other RT journos have resigned citing the same reasons.

It’s about as believable as Press TV, KCNA of North Korea or the Daily Mirror.


Tip off Guido
Web Guido's Archives

Subscribe me to:






RSS




AddThis Feed Button
Archive


Labels
Guido Reads