The article is based on the UK but it is generic across the rest of the world. http://morganisteconomics.blogspot.co.uk/2012/07/does-bank-of-england-make-decisions.html
hey morgan, another good article (just subscribing to the thread) the way I read it is, the question is, is inflation worth trying to control? carry on I don't know enough about it to comment don't know if you will take this a compliment, but it is meant to be you write in a style that for the most part even I can understand
Yes that is a comliment and the agenda I have at the Huffington Post. I am trying to make the economic situation understandable at the same time as putting new ideas forward. I find when people make things over complicated they themselves do not understand. Not only do you compliment my writing but my understanding of the subject as I have been able to convey it to you. Thank you. In relation to the article the other question was whether even if inflation is controlled should they use the interest rate to do it. The wealthy benefit from the reduced debasement inflation control creates and the higher rate of interest the current mechanism generates in hitting that target. So they benefit on both sides. Eveyone else falls foul. Thanks for your support.
Yes I was going to call it is the Bank of England a political tool rather than an economic body. But the Bank of England was made independent in 1997 so although it is true it is more than just the government.