If there was any doubt, any doubt at all, about the Bank Of England's real agenda, it has been laid to rest with the latest inflation figures, showing the CPI has climbed to 3.7%, continuing the transfer of wealth from honest savers to debtors.
Yet again, another letter of explanation has been required to the Chancellor to try and cook up some excuses as to why the 2% target has been exceeded.
Those clever people in the mass media, banging on about the dangers of deflation, are exposed as the thick, sheep like state propaganda peddling fucks that they are. Time and time again I have said the deflation scare is nothing more than an outright lie. And I have been proven right.
The Bank knew that falling prices were not a danger. If they thought otherwise, why did they make sure their own pension scheme was heavily hedged against inflation in 2008? That would have proved a costly mistake for their own pensions if deflation had happened, but a very shrewd move if inflation took off. Which, of course, it has. Interesting, no?
Let's be clear what the bank is doing. It's trying to inflate the country out of its debts. It has printed money saying that it needed to raise asset prices because of a deflation danger, in fact the government needed the bank to monetise the governments debts. The so called Quantitative Easing programme has proven to be inflationary, just as I predicted.
The Bank shows no sign of raising interest rates or reversing the Quantitative Easing programme, proving it has effectively abandoned any attempt to keep inflation at or below 2%. In private, The Bank has been instructed to keep monetary policy extremely loose whatever the inflation figures do. The high inflation we are experiencing is not an accident. It is deliberate. The Bank pretends its job is to control inflation. In fact it is the source of inflation.
It seems each time we have this overshoot of the CPI, The Bank says its due to "temporary factors". Problem is, we seem to have had a lot of temporary factors, one after the other, for the past 3 years. You know what I call a string of temporary factors that keep appearing month after month? A persistent long term trend.
Even the mainstream media is starting to take notice. Maybe they've been reading this blog?