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United Kingdom

Journal Jeremiah Cornelius's Journal: Bank of England to Parliament: "We Shredded All the Records"


The bombshell came in the following exchange between the Chair of the Treasury Select Committee, Andrew Tyrie, and a very frightened appearing Paul Fisher, the Executive Director of Markets at the BOE, who has served in that position since 2009. Apparently neither Parliament nor the public knew prior to this exchange that the records of the pre-crisis year of 2007, the financial collapse in 2008, and the monetary policy maneuvers in subsequent years to prevent another Great Depression had been destroyed in one of the world's most important financial centers; not to mention the fact that critical recordings potentially relevant to the Foreign Exchange probe are also gone.

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Bank of England to Parliament: "We Shredded All the Records"

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"Necessity is the mother of invention" is a silly proverb. "Necessity is the mother of futile dodges" is much nearer the truth. -- Alfred North Whitehead