Saturday 28 March 2009

Mervyn King has calmly cancelled Gordon Brown's credit card

Telegraph
"Long before the first anti-capitalist protester descended upon London to rage against the G20 summit, a brick had already been thrown through Gordon Brown's window. How embarrassing for the Prime Minister that it should have been hurled by a man with the placid features and calm demeanour of Mervyn King, the Governor of the Bank of England. ...But there is no comparison with what happened last week. Mr King's remarks to MPs preceded the most important international summit of Brown's career and a make-or-break Budget on April 22. More than that: the Governor's red light to a second round of fiscal stimulus had about it a bleak symmetry that will not have been lost on the Prime Minister.
...King, in his diffident way, was acting as spokesman for the markets and the polity, as well as the Bank. He was calling time on Gordon and his spending bonanza."

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