Britain’s banking mission impossible
2012 09 20
By Barry Neild | GlobalPost.com
Job-description messages in the "Mission: Impossible" movies self-destruct in five seconds. In the British banking world, the latest was printed in the employment pages for everyone to see.
The mission, should anyone choose to accept it, is to take control of the Bank of England, manipulate monetary policy to achieve the economic growth necessary to lift the UK out of recession—and while he or she is at it, root out rogue bankers.
Gadgets will be provided, such as the money printing machine the departing governor, Mervyn King, repeatedly deployed in an effort to thwart deflation. Should the mission fail, all such actions will be disavowed.
That wasn’t quite the tone of the central bank’s recent advertisement for a new governor — the first in its 316-year history. But commentators who argue that few can live up to the specifications printed in this week’s Economist magazine say it might as well have been.
There are some perks. The lucky winner will clock frequent flyer miles traveling to international-finance shindigs such as G7 and G20 meetings. There will also be some short-haul trips to touch base with the European Systemic Risk Board in Germany and the Bank of International Settlements in Switzerland.
But that’s not all. Whoever gets the job will become one of Britain’s most powerful unelected officials. He or she will decide the economic fate of millions of people, exert influence over a broad range of government policies and be capable of forcibly removing finance industry executives from their jobs.
Indeed, the position is more influential and complicated than ever thanks to financial sector reforms made in the wake of the global economic crisis and several scandals. So much so there are worries that no one — not even Mervyn King — is capable of handling it any longer.
“Only superhumans need apply,” Ed Balls, economic spokesman for the opposition Labour Party, wrote in the Financial Times. “Because, as things stand, I fear he or she will face a near-impossible task.”
Read the full article at: globalpost.com
Latest News from our Front Page
US Silent on Psychologists Role in CIA’s Tortures: Doctors
Physicians for Human Rights had not received any response from the US Federal Commission to their call to investigate the role of health professionals in CIA’s torture program, Deputy Director of the organization told Sputnik.
December 19 (Sputnik) — US government has not responded to calls to prosecute doctors, who participated in CIA torture program, the Deputy Director of Communications for ...
Ziolebrities: Simon Cowell donates £100,000 to Israeli soldiers to please pregnant jewish girlfriend Lauren Silverman
Cowell, 54, is also planning a secret trip to Israel soon as he embraces the Jewish faith of Silverman, 36
Gala: Billionaire Haim Saban with Cowell
Simon Cowell has publicly donated nearly £100,000 in support of the Israeli army.
The X Factor boss pledged the cash to the Friends of the Israel Defense Forces at a US fund-raiser in Beverly Hills.
The lavish gala ...
Former Chief Security Officer for NewsCorp: N. Koreans Not Behind Sony Hack, Interview Leak
Hemanshu Nigam, a former federal prosecutor and former chief security officer for NewsCorp/Fox studios, says North Korea isn’t behind the Sony Hack.
Nigam gave several bullet points for why the hack was likely an inside job.
Attack code borrowed from a previous attack on Seoul, that’s why it’s in Korean. Private hackers typically borrow malicious code from other hackers.Nations state attacks follow ...
Sony Fires Back at Obama: Actually We Did Call the White House – Several Times
Sony fired back at Obama after the press conference saying they had several conversations with the Obama White House before and after the movie was canceled.
Via The Hollywood Reporter:
After President Obama criticized Sony for its decision to cancel The Interview's release after theater chains decided not to show the film, the studio has issued a statement elaborating on the move.
The Bankster International
Geopolitical analysis, the art of explaining power relationships through the prism of impersonal geography, can be a helpful tool for observers of the Great Game – but it also has its limitations. A case in point is the renewed US-Russia confrontation. Think tanks and policy insiders easily sell the narrative that from the dark days of the Cold War to ...
|More News » |