Mervyn King was savagely over-ruled by the Westminster prime minister and First Lord of the Treasury Brown in the current systemic crisis whose iceberg -tip is Northern Rock.
As the Governor of the Bank tried to stand against moral hazard, inflationary spread of the results of unnecessarily acquired risk, and market-warping interference from political agendas, the Labour regime required the Bank of England to underwrite 10 years of Brown's personal mismanagement of the British economy.
We will all contribute to paying the depositors of Northern Rock their savings. We will pay a higher and longer-running debt in the impoverishment of all our lives by the uncomprehending refusal of these peripheral socialists and their hangers- on to accept that their utopia was a realised nightmare overthrown by its own long -sedated victims, not an ideological dream's subversion by the economic efficiencies imposed by the capitalist world.
The Bank of England is not independent and the best service its wholly proper and estimable Governor can offer now is to underline its subservience to the Brown regime and resign.
22 hours ago