The light-hearted relief comes not from the news that UK retail sales ‘soared’ last month but from the dissonant, deceitful way the news has been covered.
The BBC wins the prize…
So, it’s not the Evil Chinese or the Crafty Indians to blame for all that hyperinflation, it was the lettuce all along
The implication is that ordinary people are stoking up price inflation by going out and buying more stuff
The possibility that they are buying the same amount or less stuff but are having to pay through the nose for it seems to have eluded the geniuses in the commentariat and over at the Bank of England
If the banks, as they are, create money like there’s no tomorrow, of the course the price of stuff goes up
I’ve no doubt that Zimbabwe has seen some record retail sales figures in recent years – though I doubt very much if many people there are buying plasma TVs and langoustines
There’s something very pernicious about the news media’s coverage of the price of stuff shooting up, interest rates and the language being used by the bankers and politicians describing what’s going to be done about it all
There’s a comment over at Lord Patel’s blog which sums things up pretty well...
‘Mervyn King has warned workers not to ask for pay rises which match inflation because that would trigger an inflationary spiral.
Of course, the other side of the spiral is not addressed. Prices have already risen far above inflation but this is not a problem for Mr King. After all, with the rising costs of production it is obvious that prices would rise to protect profits.
The spectre of inflation is only raised by the governor when people try and compensate for the situation they find themselves in because of higher prices. He also makes it clear that lower profits are not acceptable because he insists that prices and interest rates (over which he is supposed to exercise control) would "inevitably" rise.
Bottom line according to Mr King. Banks and business can legitimately protect their incomes. People cannot.’
And the problem for many ordinary people now is that not only are they facing steep rises in the costs of the essentials of life, the bankers are getting ready to shaft them twice over by pushing up the costs of servicing their debts as well
It’s hard enough facing what is happening if you are debt free but if you are unfortunate enough to have been suckered or forced into debt bondage, groups of unaccountable sociopaths sitting in boardrooms also get to play with your life like you are a puppet, or a serf
But remember, blame the letttuce