How to Unscramble an Egg: The Absolute Return Letter
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.