Governor of Bank of England at Boson Hole Conference "Existing Financial System Will Not Hold" (Boson Workers) 27 Aug 2019
One of the fictions most assiduously promoted by the ideological representatives of the capitalist economy is that those in charge of monetary and economic policy have a sound knowledge of the system over which they preside and a clear idea of what they are doing. Such operations assume great importance when events, such as the financial crash of 2008, reveal to masses of working people that this is not the case. The collapse eleven years ago was preceded by assertions as to the “efficiency” of the market. A “great moderation” had been established in which the evils of the past had been finally conquered, with anyone who dared to differ being declared guilty of blasphemy against gods such as Fed chairman Alan Greenspan. So when it was revealed that the financial system was in reality a snake pit of corruption and conflicts of interest, it was a case of all hands on deck to provide the justification for the trillions of dollars made available to the very banks a...