CHANCELLOR George Osborne said of Mark Carney that he was the best man for the job of Governor of the Bank of England.
Mr Osborne, as a politician, knows as much about money and debt in our economy as did any of the previous five chancellors.
His Help to Buy scheme, whether by Equity Loan or Mortgage Guarantee, for potential house owners could exacerbate the risk of a housing bubble.
This is seen as a risk of inflation, which so bedevilled Mervyn King who had to send a letter to the Chancellor if inflation was above two per cent in any one month, and he sent 44 of these consecutively.
Mr Carney could put up the rate of interest if he deemed it necessary, as Bank of England operations are independent of Government.
However it is perhaps not in his long-term plan to do so. This man has on his CV: ex-chairman of the Financial Stability Board in Basel and also the Bank of International Settlements (which is the banker for all the Central banks); in addition to his time at the World Economic Forum, and popping into the Bilderberg meetings in 2011 and 2012. His initial schooling was with Goldman Sachs which, by all accounts, lasted about 12 years. This begs the question: Will the Bank of England be taken over by Goldman Sachs, who have effectively taken over the Federal Reserve in the US?
Ronald Rankin,
Coates House, Dalkeith.
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