Mervyn King: Regulators unable to stop City banks taking risks due to Government

Ka-boom! Another torpedo hits the Bismarck.

It looks like Mervyn King has realised that this government is finished and is trying to roll his tenure at the Bank of England into David Cameron's forthcoming premiership, by turning against his master.

We can only wonder at the size of Mervyn King's own pension pot by the time he is through with this subtle manipulation of the Whitehall headless chickens.

BTW, take a look at one quote at the bottom of the Torygraph's piece:

"I do think public debt matters. We get to this crisis with levels of public borrowing which were too high and that made it difficult," he said. But, he added, that was a "million miles" away from the idea that Britain in any way resembled somewhere like Zimbabwe.

Now why did he say that?

Perhaps he has fallen foul of Maturin's First Law of Politics. The unconscious human mind is very poor at dealing with negatives, and if you ever clear away negatives from what is produced by the conscious mind, you often reveal exactly what the unconscious mind is dwelling upon. (Derek Draper, eat your heart out.)

So let's translate that last bit again, into what King's unconscious mind was really thinking:

...But, he added, unless things change soon and I'm allowed to impose Draconian interest rate rises which could cause the people of Britain to finally pour upon the streets with pitch-forks in their hands, Britain is soon going to resemble Zimbabwe.

Yes, that's much better.