Bank of England chief blames budget cuts on bankers

Mervyn King is the same person who previously talked about the brain drain the banks had, since the bankers offered so little to society. His argument is exactly what I’ve been saying about the situation in the US where the Republicans keep blaming others such as public service workers for the economic crisis. That’s completely false and everyone knows it. Most people have been quiet though with the extreme actions in Wisconsin, the right may have finally woken that movement. The Guardian:

Mervyn King has risked reopening the bitter argument over blame for the financial crisis by saying that government spending cuts are the fault of the City and expressing surprise there has not been more public anger.

The governor of the Bank of England said that people made unemployed and businesses bankrupted during the crisis had every reason to be resentful and voice their protest. He told the Treasury select committee that the billions spent bailing out the banks and the need for public spending cuts were the fault of the financial services sector.

“The price of this financial crisis is being borne by people who absolutely did not cause it,” he said. “Now is the period when the cost is being paid, I’m surprised that the degree of public anger has not been greater than it has.”


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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