If anything is lacking in global leadership today, it's decisiveness.
Even if it turns out to be wrong, decisiveness has it's benefits. With the recent volatility in the UK pound the second-guessing birds are out in force.
In today's Financial Times one writer describes the sterling as "..a beaten up, illiquid currency, bumped around daily by chaotic politics but with the potential to force national leaders to rethink tough stances." Such is hardly an oblique swipe at Brexit and Prime Minister May's decision to set a definite date to exit the EU. All apparently without blustering, bloviating committee members.
It's the usual bellyaching and seller's or buyer's regret--depending on your politics--one sees when tough decisions have to be made. Along with it come the usual analogies to instill further doubt. Inflated, scaremongering language--"..the effect of a super-hard scorched-earth Brexit..."--is a classic example. One wonders how long it took the author to frame that line.
A lack of decisiveness has tanked the reputation of the U.S. Federal Reserve Bank much more than MSM wagging tongues want to admit. If you're breaking up, you're breaking up. There's no super-hard scorched-earth policy in that intended bloated description. If the pound is now an emerging market currency for putting a situation that should have never occurred in the first place out of its misery, what's that say for Good Old Uncle Sam's unconscionable interest rate propped up dollar via the asset markets.
Even the Lord of most of these big bellyachers, John Maynard Keynes, noted: Even he changed his mind when he found out he was wrong. Brexit has everything right about it and nothing wrong except for those who love to worship at the alter of the stultifying status quo. Talk about pessimism. Brexit is not yet even four months old and the boo birds are flocking already. These cry babies act as if change has no consequences. That's precisely the kind of attitude that got you where you are.
As for the BoE, central banks are infamous for saying lots of things and doing another. Like all currencies, sterling has always been a political animal. Then there's this cutesy point from the author: "Economic data be damned." Given the dot-plot gibberish from the Lords of Eccles in Washington, one can only utter, Prayer occasionally gets answered.
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