Alma Mater: From the Latin, "fostering mother".
Charles Bean, Deputy Governor for Monetary Policy at the Bank of England, spoke today at the National Farmers' Union Conference in Birmingham on 'The Economic Outlook'.
When one reads this, one thinks: only a Brit could speak so beautifully about this crisis.
The BOE tries to be upbeat, though it manages to spit out on page 6 that the risks to their sanguine outlook are weighted 3 to 1 to the downside.
One asks, why not pick a "central" forecast that weights the risks at least evenly to the upside vs. the downside. Or, since this is the crisis of the era, why not be conservative and come up with a forecast where one can state that this forecast is nearly a worst case scenario, so don't worry chaps, all shall be well and all manner of things shall be well, each in its season?
In any case, the document is in PDF form and cannot be easily copied. The document reads easily; there are easily-digestible graphs at the end.
It feels fitting to end the President's Day blogging by referring to the country for which George Washington fought in the 1760's and which he fought against in subsequent decades, and with which he then was an important part of reconciliation.
Time heals many wounds.
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