Trading Edges That Last
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Bank of England Setting The Stage For The Collapse of British Pound
In an unpreceded move, Bank of England’s Mark Carney has tied the ultra low interest to the country’s unemployment rate. This action has one and only one reason to be put in place – to avoid / manage the stock market worldwide together with the United States. It is essentially promising infinite money printing as unemployment rate will never dip below the prescribed threshold of 7 percent ever.
Why I am so sure that the 7 percent rate will never be touched?
A blank cheque written by a central bank like this enables the government to continue its path on financial irresponsibility. It is common sense that governments are always wrong in terms of resources allocation. Instead of improving the economy, the government will do whatever is necessary to make sure the unemployment rate never decreases to the threshold so that money printing will continue forever.
If Bernanke is really the devious genius I believe he is, United States will reap the biggest benefit from this global QE maniac by being the first to wind it down. Last time, being the first to start QE, the United States has successfully exported its problems to the other countries. Now, the other countries including United Kingdom will have to pay for the consequence again.
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