The Governor of the Bank of England, was before the Treasury Select Committee this week. The members of the committee were disturbed. The MPC and the Governor in particular were behaving like an unreliable boyfriend, one day hot, one day cold, leaving "people" not really knowing where they stand! Is that entirely fair? We look to Shakespeare for advice on the "Quality of Guidance following the leader in The Times today.
The quality of guidance is not strained, It droppeth as the gentle rain from heaven. Upon the market place beneath. It is thrice blest. It blesseth him that giveth and him that provides an update some months later.
Tis mighty and moves markets, Yeah even the lofty dollar trembles at the sound. It becomes the governor of the Bank of England, yeah even better than the crown. His script doth amply demonstrate the force of monetary policy and power. The attribute to awe and majesty, wherein doth sit the mystery of spare capacity and yield.
Guidance is a sceptred sway, first this way and that. Dethroned in the hearts of Kings long past, it is an attribute to deity itself. For monetary power doth then show likest best, when reality seasons theory and pragmatic policy rules the nest.
The Saturday Economist
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