Worst Chancellor Ever

I think there's only so much any Chancellor can do to protect people from their own stupidity. Bubbles have more to do with sheep than politics, though that's not to say politicians can't fiddle with the rules to make it easier or harder for folk to be stupid. The end result is usually the same though, it seems to me.

Andrew McP

The very worst bubbles are clearly credit bubbles. Obviously one driver of these is the price of credit. The obvious question to ask is whether having the interest rate, the most important price in the entire economy, set centrally by the state rather than by the markets, might not have some responsibility for driving a credit bubble.

Having a central bank set the interest rate is communism, pure and simple.

FoFP