Britain’s Central Bank Says Who’s in Charge

The Bank of England is prepared to tolerate higher inflation over the next few years and will keep interest rates low to support economic growth, according to Governor Mark Carney.

Mr Carney told an audience in Nottingham that the current environment of low inflation was “going to change”, with the drop in the value of the pound likely to push up prices across the economy.

He said food prices were likely to be affected first, signalling that the situation was “going to get difficult” for those on the lowest incomes as the UK moves “from no inflation to some inflation”. …

Mr Carney also defended the Bank’s independence, insisting that policymakers would not “take instruction” from politicians on how to do their jobs.

“The objectives are what are set by the politicians, the policies are done by technocrats,” he said. “We are not going to take instruction on our policies from the political side.” …

So they’re replaced the divine right of kings with the dictatorship of arithmetic, algorithms and “best practices”.  But somehow they can’t even get that right.    In other words, they’re playing word games, labeling highly politically charged and self-serving economic decisions as beyond the realm of national self-determination.   Considering that central banks are a huge scam and malignancy sucking the blood from the productive economy, such insults to the intelligence go way beyond hubris.  Crooks are running the show folks.