Some fucking idiot at the Bank of England has decided that savers should stop moaning and start spending in order to hasten the economic recovery.
Charles Bean, the Deputy Governor, says that older households could afford to suffer because they benefitted from property price rises.
Mr Bean (you couldn't make that name up could you?) said he "fully sympathised". But he continued: "Savers shouldn't necessarily expect to be able to live just off their income in times when interest rates are low. It may make sense for them to eat into their capital a bit."
He added: "Very often older households have actually benefited from the fact that they've seen capital gains on their houses."
Well that might be all right for highly paid public servants with fucking great index linked pension pots paid for by the tax payer, but what about all us ordinary citizens who rely on their savings - hard earned savings I might add - to provide them with a living income to supplement the pathetic state pension ??
And to put that in perspective, according to the Bank of England 2010 Annual Report, Mr Bean's salary was over £250,000 a year and he added £188,000 to his pension pot - now worth over £1.4 million - so what the fuck would he know about living off his savings?
In the last couple of years - thanks in part to the same aforementioned fucking idiot cutting base rate - my savings returns have sunk from around 7% to well under 3%.
So let's try a little experiment. Let's cut the fucking idiot's pay by 60% and see how he gets on...
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