tag:blogger.com,1999:blog-17515505.post1622340548647278671..comments2023-04-03T11:14:16.633+01:00Comments on Maverecon - Willem Buiter's Blog: Responsibility without information: the Bank of England as Lender of Last ResortWillem H. Buiterhttp://www.blogger.com/profile/02706673292089745848noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-17515505.post-84411665897929488082007-09-24T14:40:00.000+01:002007-09-24T14:40:00.000+01:00the bank of englands recent capitulation to sound ...the bank of englands recent capitulation to sound monetary policy by making whole all the liabilities of northern rock has given investors a wake up call which will not go un-noticed.<BR/><BR/>we live in a monetary world where central banks will now protect and serve (like police) NOT the general public or even the viability of the currency they are mandated to uphold.<BR/><BR/>no indeed.<BR/><BR/>both the us fed and the bank of england have given notice to everyone paying attention they are fully at the service of their masters.......the banks.<BR/><BR/>now we know. <BR/><BR/>if we screw up in our financial lives woe be it. if the banks screw up not only will they not be punished they will be bailed out no matter what the cost to the currency, the society or to the greater morality which underpins society making the rule of law possible. indeed the recent fed and boe decisions underscore we live in an era not of the rule of law, rather the rule of men.<BR/><BR/>in a wired world with instant information access such an era will not last long or end happily for all concerned.<BR/><BR/>gentlemen start your engines.<BR/><BR/>let the race "away" from fiat currency begin.Anonymousnoreply@blogger.com