Crystal Balls

I was amused (or perhaps bemused) by a piece on the BBC News website today covering the inflation rate rising once again. One economist is quoted as saying:

“However, inflation should start to fall by the end of the year, and drop significantly next year as those factors which have driven the rate up this year, such as January’s hike in VAT from 17.5% to 20%, high oil and food prices and the depreciation of sterling all move into reverse.”

I can’t help wondering how the crystal ball appears to be functioning so well now, given that it’s past record would struggle to reach the dizzy heights of “chequered”. If it had been working a few years ago perhaps we’d not be in this mess now. Ahhh, but of course! As they keep telling us, “Past performance is no guarantee of future results”.

Any suggestion that they might not have a clue what they’re talking about, or that they’re just trying to talk up the economy so they can afford this year’s new Ferrari will be treated with the derision it deserves.

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