Short sighted man applies the wrong solution at the wrong time

Main stream media sources including Sky news, BBC news and most national newspapers are reporting that the governor of the Bank of England has said that Britain could be in the grip of the "most serious financial crisis ever".

Sir Mervyn King is reported to have said

"That the global and UK economies had been turned on their heads in the past three months alone ...

The situation could be even worse than the Great Depression of the 1930s...

Making it crucial do the right thing."

Which according to Sir Mervyn King means pumping more cash into the economy.

There are several hundred people I could name - myself amongst them – and several thousand more whose names I don’t know who now feel qualified to apply for the post of governor of the BoE. We could all have told him over a year ago that the UK was heading for a financial crisis of epic proportions. Most of them did tell him exactly that if not in person then via their online blogs.

And just for the record pumping more cash into the economy is rather like giving a dying man a couple of aspirin. It’s not going to achieve anything.

Best Wishes
Will