Apparently a top investment managerhas told the BBC that the Bank of England has “failed” in its job of keeping inflation at its target 2%.” He believes 3%, 4% or even 5% will persist as we import inflation from Asia, where wages are rising. Bill McQuaker of Henderson Global Investors said the Bank’s record of forecasting inflation has been “poor”. The main question now must surely be- is the current system fit for purpose?
Mr McQuaker seems to accept that with the worldwide economy facing further recession the Bank has had to balance the danger of raising interest rates and pushing it into further difficulties. Many older people and others are clearly suffering now from severe hikes in gas and electricity prices and food prices and hardly any interest on there savings.
Does he care about them? So a system with it’s collapsed and failing markets, it corruptness, not to mention the media, still totters on. At least we can now be more positive, there are real alternatives to this system, it’s wars, the cuts, manipulation and it’s corrupt nature.
Let the debate start now!
Ivor Timson 