“MP BECOMES FIRST EVER PERSON TO FORGET HE HAD PAID OFF HIS MORTGAGE
“..Martin Bishop, from Darlington, said:
“Complete strangers will remember where they were and what they were doing when I pay off my mortgage. I fully intend for it to be this generation’s Kennedy assassination.”
- From ‘The Daily Mash’, motto “It’s news to us”.
Suppose they threw an Economic
Recovery but nobody came ? The last few weeks have seen all kinds of motley
rent-a-quotes pontificating about green shoots, or rather a slowing down in the
rate of economic deterioration, but a slowdown in the rate of something
worsening is hardly the same as a recovery, not least because all
economic data are inevitably subject to subsequent revision. And if existing
data are unreliable, how to describe the accuracy of economic forecasts ? The
Bank of England, for example, in its quarterly inflation reports uses “fan
charts” that reflect various probability distributions. The problem with their
latest projections for UK GDP is that they are all over the place; forecast
output growth for 2011-2012 is seen at anything from +6% to -2%. Well, thanks
for that.
To read more:
Download On optimism and chocolate teapots
Comments