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How to Unscramble an Egg: The Absolute Return Letter

September 06, 2012 | About:
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“I think we will look back in ten years’ time and say we should not have done this, but we did because we forgot the lessons of the past.” - U.S. Senator Byron L. Dorgan in 1999 on the repeal of the Glass-Steagall Act.

John Mauldin often jokes that when a banker becomes a central banker he is taken into a back room where he is re-programmed to say and do only what central bankers are meant to say and do. Following John’s logic, the Bank of England’s ‘DNA adjustment’ team was obviously on leave when Andy Haldane1 was recruited, such was the audacity of Haldane’s speech in Jackson Hole last week. Mind you, Jackson Hole has developed a bit of a reputation for being the one venue where central bankers can speak their mind without taking too much career risk and last week’s annual gathering didn’t disappoint in that respect.

This year’s ‘cat amongst the pigeons’ award went to Haldane for suggesting that bank regulators should tear up the Basel III rule book

Read the complete letter.


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