Despite the fantastic efforts of the Glasgow Media Group and nice people like Paul Foot - who gave me my only ever paid piece of journalistic work - the way the world is portrayed is still as an unkind, inflexible, harsh, capitalist greedy way. And most importantly of all - the world is presented inaccurately and in a totally misleading fashion. Gordon Brown's constant harping on about how he made the Bank of England independent now seems very much like urinating in strong central bank air vents. This was a policy he nicked from the Liberal Democrats anyway - I remember I voted for them in 1992 because my Economics A Level teacher was a fan. The point is the Bank of England is strictly required to keep inflation down. In fact, it's the only thing it has to do. But how stupid is that? Even if the Bank of England was in a vacuum with some Sterling and a vault there is no way that this one method would stop prices going up. Anyone with the slightest appreciation of science will know that the most infinitesimally small factors can influence the smallest of other, totally unrelated things. Yes, a huge high interest rate will undoubtedly stop people with large mortgages from dining out every second day, but the multiplier - the price elasticity of interest rates is not linear. Furthermore there are inflationary pressures which are absolutely nothing to do with wages or interest rates. Like the price of food for example. Apparently nobody could have predicted that having bizarre 'bio-fuel' targets would have increased the price of food across the world - making it a scarce commodity. Inflation occurs where there is a scarce resource - when productivity cannot be matched by demand. It is the greatest resource of all - human resource - that will bring new resources available to stop this human suffering. I have faith.
Anyway I have to stop writing now and go and fill in my timesheet.
If anything is deflationary it's filling in time sheets. Perhaps if Mervyn King was monitored to the same extent I am we wouldn't be in this situation.