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For those who have followed my comments for the last few months I have often mentioned David Blanchflower as the only person on the Bank of Englands Monetary policy committee that seems to understand and is actually even capable of looking at the economy of this country and reaching the right conclusions.

Popular thinking would say that if eight of the countries so considered greatest minds voted one way, then it is likely they are right and the sole voice saying, ‘no, the way out is this way’, obviously must be wrong. The eight I’m referring to were the ones who voted to keep rates on hold.

The problem is that the MPC have a mandate to control inflation and they are waving that and saying we are doing nothing wrong. However, to quote David from a recent Telegraph article as he hit out at the other members of the team, ‘worrying about inflation at this time seems like fiddling while Rome burns.’ A member of the MPC stepping out in this way, probably means he won’t be there for long which is, unfortunately, very unfortunate for the economy!

I couldn’t have put it better myself. Now David did take a while to reach the same conclusion that I’d reached several months before but its better to turn up to the party late than never show at all. I was silently hoping that Mervyn King was for the chop at the end of his term, but unfortunately as he’s on Gordon Browns leash that wasn’t likely to happen.

I have to admit I said a silent prayer for the British economy that they might just make David the Head of the Bank. I thought at the time, ‘It’s a long shot but it might just work.’ Well that failed as Mervyn King obviously promised to perform more tricks, like doing as he’s told and screwing up the economy just so that he keeps his job and Gordon can have more fake inflation figures. Mervyn is now the worst example of a jobsworth that I have ever seen and I really don’t think I am exaggerating here. Given the fact that this man has an extremely keen intellect, this is very worrying.

Now I’m against a rapid rate cut, and I don’t think that this is what David is saying here. I think what he is saying is exactly what I’ve been saying, that they should be lowering rates in small bites and often. And at the moment ‘often’ means monthly!

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