In full: Former BoE Governor warns of a "very unpleasant period" ahead

Isn’t it amazing how all these people suddenly develop 20/20 vision after they leave positions of power where they could actually have done something about the problems and causes they see so clearly

What people like King never admit is that after a period of 10% inflation, even if inflation then falls back to the magic 2%, prices are still 12% minimum higher than they were a 18 months before. Prices will never return to where they were before huge inflation struck, thus the demands for huge wage rises will persist in the medium term.

I work in customer service for an energy company, seeing peoples bills almost double is just awful 😖

The Central Banks have been printing big time since 2008, which has been devaluing the purchasing power of our currencies

How can we get to almost 20 mins in this interview and not talk about the inflated stock market, the inflated housing market, the number of zero contract jobs....the role of crypto currencies, the roll-out of CBDC.......incredible.

The absolute audacity to say inflation has been kept down since the 90s! Even before this crisis, what about the price of homes? Virtually everything has inflated massively when compared directly with wages stagnating.

Government requires inflation to manage debt, central bank is trying to help create it, not fight it. Inflation is stealth tax.

"inflation stayed 2% since than till now" Well I calculated my living inflation from 2005 to 2020 and came across to figures from 4-12% a year. Region of the Netherlands. Items included were salami, rice, eggs, swimming ticket, plane ticket, shoes, electronics, kebab, rent. A secnd way to see the official inflations figures are manipulated/not truth was to compare minimum.wage at burger king as opposed to price of a whooper menu. In 2010 i could buy 2 to 2,5 menu's for 1h of work while in 2020 it came to 1,3. That is an inflation of 100% in 10 years. Annual inflation calculate yourself. With other words we were delibaretely manipulated OR we are dealing with morons with a lot of power and fancy suits. The moment I realised that i sold my money and as much as possible hedged against inflation.

Very good interview. Refreshing to finally hear someone with authority pointing out the money printing as the main cause for the inflation

I was waiting for Mervyn King to speak on this subject to see whether his opinion confirmed my own suspicions. I have always though King was a man of great integrity and pragmatism, he did not disappoint. We hear much about the cause of inflation from our clueless politicians and economists, the pandemic, Ukraine, supply chain, energy costs and the rests. These elements are contributory of course but do not run to the true cause. The true cause is the continuous dilution of our currency through endless quantitative easing. We are living beyond our means and have been doing so for many years and I fear a rude awakening beckons.

An interview where the interviewer allowed the subject to answer fully. Refreshing.

People in general are seriously spooked by the increasing energy costs, which along with food costs. We gone from " full bore, flat out" to "throw the anchor out " and have stopped spending on anything but essentials. Massive job losses and the mother of all recessions is beyond doubt

It breaks my heart seeing that just a few can see where the surplus that we humans produce is going...to the pockets of - again - just a few. 😔😔😔

And what about those on a pension or fixed income? They get crushed as the currency loses value, experienced as rising prices.

He should know what a recession looks like having been in the thick of the last one caused by the banks & investment firms playing roulette with peoples futures and lives.

…part of the problem folks…part, but not all… Workers haven’t been paid fairly for decades. Politicians haven’t been responsible to the people for decades…

The BoE have failed miserably to control inflation and the value of sterling. Inflation hit 5% after the first chunk of QE in 2009, now 10% after the pandemic QE chunk. Rather than reversing some of the money printing to strengthen the pound, I think the BoE will re-start the printing press again when the recession hits.

As the wise people warned from the beginning, the over-reaction would be worse than the disease.

I'm already living through an unpleasant period.

Central banking appears to be one of those areas where by the experts that's get promoted to the top job are incredibly poor at what they do. If I were that poor at my job I would be unemployed.