{"id":48833,"date":"2020-04-09T09:29:23","date_gmt":"2020-04-09T08:29:23","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=48833"},"modified":"2020-04-09T09:29:23","modified_gmt":"2020-04-09T08:29:23","slug":"andrew-bailey-and-the-fridge","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2020\/04\/09\/andrew-bailey-and-the-fridge\/","title":{"rendered":"Andrew Bailey and the fridge"},"content":{"rendered":"<p>On Sunday Andrew Bailey, the Governor of the Bank of England\u00a0<a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2020\/04\/06\/the-governor-of-the-bank-of-england-is-a-threat-to-the-wellbeing-of-this-country\/\">said that the Bank would not undertake direct monetary funding (DMF) of government spending.<\/a><\/p>\n<p>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 <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2020\/04\/06\/bak-of-england-independence-is-just-a-charade-thats-already-been-shot-to-pieces-by-quantitative-easing-the-governor-needs-to-get-his-facts-right-pretty-quickly\/\">as I have shown<\/a> it is most definitely not.<\/p>\n<p>Or as someone put it to me:<\/p>\n<blockquote><p>Bailey's behaving like the fridge that tells its owner what they may put in it.<\/p><\/blockquote>\n<p>This morning <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2020\/04\/09\/on-sunday-the-bank-of-england\/\">the government told Bailey to do direct monetary funding<\/a>.<\/p>\n<p>The fridge has been told the camembert is going in it whether it likes it or not.<\/p>\n<p>Time for a new fridge, I think.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Sunday Andrew Bailey, the Governor of the Bank of England\u00a0said that the Bank would not undertake direct monetary funding (DMF) of government spending. As<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2020\/04\/09\/andrew-bailey-and-the-fridge\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,35],"tags":[],"class_list":["post-48833","post","type-post","status-publish","format-standard","hentry","category-banking","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/48833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=48833"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/48833\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=48833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=48833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=48833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}