Andrew Bailey and the fridge

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On Sunday Andrew Bailey, the Governor of the Bank of England said that the Bank would not undertake direct monetary funding (DMF) of government spending.

As I pointed out at the time, that implied he really believed that the Bank of England is really independent of the government, which happens to own it, when as I have shown it is most definitely not.

Or as someone put it to me:

Bailey's behaving like the fridge that tells its owner what they may put in it.

This morning the government told Bailey to do direct monetary funding.

The fridge has been told the camembert is going in it whether it likes it or not.

Time for a new fridge, I think.