Blind man in chief: UK may need more QE

The Bank of England's Monetary Policy Committee, yesterday

The Bank of England’s Monetary Policy Committee, yesterday

The logic of these people really is remarkable. If something isn’t working, do more of it. Here are the scrambled thoughts of Adam Posen, one of the intellectual pygmies appointed by the British government to centrally plan our lives, because they are so much more intelligent than all of the rest of us combined:

And here’s that quote again from Einstein:

“The definition of insanity is doing the same thing over and over again and expecting different results.”

UPDATE: BTW, this is what Posen said last year, in an interview with the Guardian Newspaper:

The Bank of England’s leading dove has predicted that inflation will tumble to 1.5% by the middle of next year as George Osborne’s austerity drive and the underlying weakness of the economy stifle consumer spending.

In an interview with the Guardian, Adam Posen admitted he had sleepless nights over his call for more money to be pumped into the economy and said he would not seek re-election to Threadneedle Street’s monetary policy committee if his view turned out to be wrong.

Posen said: “If I have made the wrong call, not only will I switch my vote, I would not pursue a second term. They should have somebody who gets it right and not me. I am accountable for my performance. I’m holding my nerve because it is the right thing to do.”

Let’s give him till the end of June, to be fair. Then it’s goodbye, Adam.

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About Andy Duncan

An Austrian Internet Vigilante trying to live Outside the Asylum
This entry was posted in Inflation, QE3 and tagged , . Bookmark the permalink.

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