What is it like working for the Bank during a financial crisis? 💷 “It’s grueling…. But it’s also exciting to be at the centre” ⤵️
Zugzwang is a term used in chess. It means you have to take your turn, but every option available to you will only make things worse., whose finger is hovering over the life support machine for the markets today – poised to switch it off at 3.45pm – is in a Zugzwang position.
“He and I had several rows, and by the end of 2008 I had decided that they were wrong and I was right,” he said. “Unfortunately for him, the emperor needs to get it right, and he got it wrong”.Blanchflower’s view is that the Bank is unlikely to stop its intervention today – he thinks the Bank will be forced to intervene as pension funds falter – and feels the Bank’s independence is under threat.
His view is he’s got the big calls wrong and has likely made key decisions without properly consulting colleagues – “possibly because he’s worried they might not agree with him”.
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