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February 14, 2012
Riksbank off base with finance crunch rate hikes
Published: 15 Mar 10 13:10 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/25534/20100315/
The Swedish Riksbank has concluded that while everyone failed to see the impending finance crunch, it's own board was furthest behind.
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"On average over the three years (2007-2009) all market assessors had a tendency to exaggerate the repo rate, but the Riksbank had the worst analysis of all five forecasters," the Riksbank wrote in its own analysis report published on Monday.
Riksbank chief Stefan Ingves had to withstand a wave of criticism after hiking the bank's main base (repo) rate in September 2008, just weeks before the collapse of Lehman Brothers which sparked the deepest recession since the 1930s depression.
The bank has now concluded that its own analysis is regularly after the curve. The report states that the worst errors were made in July and September 2008 with significantly over-optimistic inflation forecasts. These erroneous forecasts laid the basis for the interest rate rises in July and September.
The other market assessors compared in the study were The National Institute of Economic Research (Konjunturinstitutet - KI), the Ministry of Finance, SEB and Swedbank.
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Everyone working in the Riksbank needs to be fired.
Then they need to be interviewed by psychiatrists to determine if they are mentally competant to even put out the rubbish or buy some food. If they fail the test, they need to be put in supervised accomodation.
On the basis of the report above, they need to be put in supervised accomodation as it is obvious they do not have the mental capacity to even see the blatantly obvious.
And more revisionist crap, there were literally thousands of bloggers out there who predicted all this as early as 2002/2003, not even mentioning the millions of ordinary Joe's who knew it would all blow up.