Why does our current regime of the FSA, the BOE and the Labour Government think that they are the right people to get us out of this mess?
These are the 3 bodies who missed all of the warning signals in the run up to the financial crisis.
If they were in Alan Sugar's boardroom they would all be fired. Except for the fact that Sugar is in Labour's backpocket, but I digress.
Some bright spark thinks that deflation is stalking us and they must do 'all that it takes' to save us.
But wait for a moment.
CPI is still way above target. Sterling is weak - that is inflationary. Interest rates are 0.5% - that is inflationary.
So who did decide that it would be a good idea to start printing money? When most economists think that an interest rate cut takes a year to factor into the economy, why have we not waited?
QE or printing money is hugely inflationary. What odds that we will be sitting here in a year from now and discussing how the authorities missed the inflationary bubble they were creating. I bet they will still be saying that they are the best bunch to get us out of the new mess.
Are we not rushing full speed to catch the deflation rabbit, when the inflation precipice is in front of us. Is there any harm in slowing down a bit and figuring out why our banks will not lend.
Are the banks not lending because the banks have decided that they should be a little more thorough in their checking of who gets what money? Have they not decided that a provable income might be better than a made up income on a mortgage application? That 3 times your joint income is better than 6 times your joint income?
I fear that in his rush to get banks lending again Gordon Brown has missed the reason they have stopped lending and stoked up an inflation disaster for next year.