Today we will look at recent comments by the Bank of England governor Andrew Bailey to the House of Commons. According to Mr Bailey, inflation is due to come down markedly and he expects interest rates to have peaked.
Mr. Bailey has been wrong about almost everything since he took over from Mark Carney back in March of 2020 as he first dismissed fears that massive QE or money printing would be a problem and then he got on the bandwagon that considered inflation to be transitory.
My conclusion is that Mr. Bailey and HM Treasury have great concerns for our debt and credit-driven economy and that they are basically sacrificing the currency in order to keep the Ponzi Scheme going.
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