Who is the most damaging banker of them all?

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

therealasset.co.uk / By Jan Skoyles / November 20, 2012

Jan Skoyles looks at the results of the latest poll when you told us who you thought the world’s most damaging central banker was. For those interested in gold investment this poll may prove inciteful, whilst the ‘winner’ wasn’t all that surprising, the overwhelming leaning towards him was and says something about how the rest of the world perceives the US dollar. And what are they doing about it? Choosing to invest in gold.  

Central bankers were once beings we never heard of, and rightly so, if someone’s doing a good job you never hear about them. Back in the day all they had to do was make sure everything balanced, i.e. there was enough gold in the bank.

No-one paid attention to them because central banking was boring. Even Mervyn King said in a speech over ten years ago ‘…our ambition at the Bank of England is to be boring…in our management of the economy where our belief is that boring is best.’

Well Mervyn, it turns out you failed because in the last ten years you have most certainly made it into the daily media and the history books, but ahead of you will be Ben Bernanke, Mario Draghi and Gideo Gono and lagging slightly behind you  is Zhou Xiaochuan (PBOC) and Masaaki Shirakawa (BOJ).

According to our poll where we asked ‘Which central banker does the most damage’ Mervyn King was in the median average for the most damaging central banker amongst contemporaries.

The results were as follows:

Ben Bernanke – USA                       81.63% 

Mario Draghi – Europe                    7.85%   

Gideon Gono – Zimbabwe            5.02%

Sir Mervyn King – UK                       2.83%   

Zhou Xiaochuan – China               1.41%   

Masaaki Shirakawa – Japan          1.26%   

As central bankers they each bear similar responsibilities, some more far-reaching than others. Each has embarked on some measure of easing, and most continue to do so. Each candidate in our poll has displayed an unbelievable lack of humility for the damage which has come about from their highly leveraged systems and easy monetary policy approaches. The majority blame forces outside of their control for measures not working.

Our winner was, of course, Chairman Ben Bernanke.

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Thanks to BrotherJohnF

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