Overview

This is the sixth, perhaps last, in the series of Good Trader market analyses. Since 2000, the bulletins have provided a running weekly commentary on the activities of the Bank of England and other central banks. This has never happened before in the 300 year history of the Bank. At the centre of a world of its own creation, the Old Lady has always sought vigorously, and until now successfully, to protect itself from the prying eyes of outside commentators. It has achieved this for the most part by providing its own version of events, backed by the supple Financial Times - nice work if you can get it. The proud Bank has always considered itself beyond the laws governing ordinary institutions. Just like the Met? Is it a criminal organisation? Borrowing the words of Lord Butler and ducking the point, it is not for the Good Trader to judge. Nor for anybody else. Etc. etc. But the defining coordinates of the enfranchised Bank, increasingly influential, indeed sinister, as a geo-political force, remain obscure. The bulletins trace the history of an idea, that of central banking independence.Simple in outline - allow the enfranchised local central bank to set interest rates - the concept has proven to be lethal in its application. It has brought the UK, crammed to the gills with debt in all the wrong places, virtually to its knees. Or onto its back. But not the Bank.The Old Lady rides a mean machine.

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