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Send  Print  Share  RSS  Twitter  21 Aug 2009

There`s nothing new in the world......


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Flash: The Head of the Bank of England Confesses: “As I look back, it now seems that, with all the thought and work and good intentions, which we provided, we achieved absolutely nothing … nothing that I did, and very little that old Ben did, internationally produced any good effect — or indeed any effect at all except that we collected money from a lot of poor devils and gave it over to the four winds.”

Of course, the "Ben" is Benjamin Strong, President of the Federal Reserve Bank of New York up to 1928, not Ben Bernanke. The speaker is not today`s Governor of the Bank of England Mervyn King, but rather the interwar governor Montagu Norman.

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