Saturday, 28 November 2009

Manufactured Political Outrage

FACT 1 - One of the duties of central banks is to prop up banks when they look like they might collapse, to forestall a run on the wider banking system.

FACT 2 - This is always done secretly and has been all over the world for centuries.

FACT 3 - The Tories and Lib Dems need to prolong the recession story right up to the General Election to help them and hinder NuLab. The fact that the Tories' and Lib Dems' mock outrage lasted just one 24 hour news cycle, tells us all we need to know about their reasons.

The only thing surprising about this week's £62 billion story is that the Governor of the Bank of England thought is wise to tell everyone what he'd done. Transparency is one thing but some things we proles don't need to know. Whatever next? MI5 and MI6 telling us all their secrets?

Update: Could this be the reason why the Governor spilled the beans?

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