Click for speechAn article for The Cobden Centre following my World at One appearance:

The essence of what the Bank has announced is well known: they have begun using forward guidance to anchor both inflation and interest rate expectations as a cover for more active monetary policy.

This will usher in a new age of monetary Kremlinology.

Read more via Mark Carney’s grand experiment began today » The Cobden Centre.


  1. A brilliant performance Steve: your analysis was devastatingly spot on. This ‘grand experiment’ of Mark Carney’s is highly reckless and bound to lead to tears when the bubbles eventually burst. Heaven help us all then.
    If we have to have central bankers at all – I would much prefer we didn’t – then the number one job requirement is to avoid extreme risks. Instead, Mr Carney has essentially just rolled the dice in the hope that his guesses about the future will turn out right. Come back Mervyn: all is forgiven.

  2. A great performance yesterday on Radio 4. With Terry Smith throwing in the towel trying to reason with the centralists you have a new fan.