
King’s blame game
Mervyn King was doling out blame at the Treasury Select Committee today – while insisting there was nothing, at all, anywhere that the Bank of England could have done differently. He dumped on Brown, saying that Britain entered the recession “with a pubic deficit that was too high” so leaving less room for a meaningful splurge. I add in parenthesis that of the idea of borrowing in a boom would have appalled Keynes: this is why Brown’s claims to be following Keynes now ring hollow. King also blamed the regulators, the banks – everyone, except the Old Lady of Threadneedle Street.. Perhaps wrongly, I was struck by King’s assertion that
