William Hague on central bankers

William Hague was the best prime minister we never had - and nearly always talks sense; never more than here...

"I am not an economist but I've come to the conclusion that central banks collectively have now indeed lost the plot. The whole point of their independence was that they could be brave enough to make people confront reality. Yet in reality they are blowing up a bubble of make-believe money to avoid immediate pain, except for penalising the poor and prudent… I have bad news for them. The accumulating effects of loose monetary policy globally are intensely political. When pension funds renege on promises, or inequality widens further, or savers become desperate, huge public and political anger is going to burst over the heads of the world's central banks."


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