Britain’s banking mission impossible
2012-09-20 0:00

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








Related Articles


Latest News from our Front Page

The Age of Disinformation
2015-05-29 21:56
I have been a professional meteorologist for 36 years. Since my debut on television in 1979, I have been an eyewitness to the many changes in technology, society, and how we communicate. I am one who embraces change, and celebrates the higher quality of life we enjoy now thanks to this progress. But, at the same time, I realize the instant ...
US Special Forces are Experimenting with Bug Drones
2015-05-29 20:16
As intelligence, reconnaissance, and surveillance needs grow, devices are shrinking. If you hear this tiny flying bug drone buzzing around your head, an Army Special Forces team might not be far behind. The 18-gram PD-100 Black Hornet from Norway's Prox Dynamics can bear regular and thermal cameras about a kilometer and stay aloft more than 25 minutes. At the recent National Defense ...
Wrongfully treating academic debate as anti-Semitism
2015-05-29 19:23
The principle of academic freedom at our universities is under attack by those seeking to shield Israel from criticism by silencing dissent, shutting down discussion and imposing a stifling atmosphere of intimidation at the University of California, in particular. A coordinated set of petitions, including a letter signed by 57 rabbis, asks UC administrators to adopt the State Department's definition of ...
White prof. publishes 'Ten Cracka Commandments' for whites
2015-05-29 19:45
A hip hop symposium recently inspired a professor at Lehigh University to develop a list of "Cracka Commandments" intended to help white people accommodate the imminent "black spring." Christopher Driscoll, a visiting assistant professor of religious studies at the private university in Bethlehem, Penn., posted the list of commandments last Friday following a lecture on the white appropriation of rap. According to ...
Maine Senate Votes to Eliminate Concealed Handgun Permits
2015-05-29 17:57
State may become sixth in nation to not require permits for concealed handguns Senate lawmakers in the northeastern state of Maine have approved a bill that would eliminate the need for concealed carry handgun permits, instituting a concept popularly known as "constitutional carry." In a 21-14 vote Thursday, the republican-controlled Senate approved L.D. 652, "An Act To Authorize the Carrying of Concealed ...
More News »