Cartoons and Caricatures
Jul 3, 2013 23:42:32 GMT -5
Post by Deleted on Jul 3, 2013 23:42:32 GMT -5
Good morning, once again, to you all! To all those who survived the night, what a night it turned out to be! Congratulations to all! Over the past decade or two since the BBC joined the digital revolution, there has been an explosion in social media. The BBC message boards were, in retrospect, a bit of a disaster for the BBC, as they exposed the corporation to unprecedented criticism of its operations and behaviour, much of which is shocking and profoundly disturbing. In a profound sense, however, the only problems that exist, Sydney Grew, are those which we create for ourselves, so we only have ourselves to blame. Reporting for BBC News, the lovely Linda Yueh heralds a new era of central banking and the next crisis.
The new Bank of England governor Mark Carney has probably just about settled into his office in his first week at the helm of the Bank of England. He is taking over at a time when there is a big change in the Bank's remit to control credit as well as consumer prices. It is the end of targeting just inflation for central banks. About time, too, The Thirds' regulars will mutter after ten years of Cassandras, but how will it work if they also target financial stability? As the Bank of England has set up a new Financial Policy Committee (FPC) to manage financial stability alongside its existing Monetary Policy Committee (MPC), it is in some ways further ahead than other central banks in adopting what is termed "macroprudential policy" alongside "inflation targeting." It is termed macroprudential policy or macroprudential regulation because the central bank is to ensure that commercial banks operate in a prudential manner and regulate systemic or macro risks. Just to complete the set, the Bank will also regulate individual banks and look after consumer welfare. Linda concludes thus:
As it happens, I was at the Bank of England yesterday, Sydney Grew, and I can report that Mark is very much on top of his game. I suggested that they hold a new exhibition in the Bank of England Museum about the life and times of their old Governor, Sir Mervyn King, and they suggested that they already had enough cartoons and caricatures to last a lifetime. Yet why on earth would any institution bother to acquire material which merely pokes fun at its activities and its personalities, just as we do here in 'The Third'? Perhaps it is because these pieces of art represent an inescapable facet of the institution’s history reflecting the thoughts, questions and comments of a particular time or event. Although the earliest examples in the collection date from the first quarter of the eighteenth century, it was not until fifty years later that, as far as the Bank and its activities are concerned, the most pertinent specimens began to appear during what has been described as the Golden Age of caricature – the period dominated by the work of James Gillray (1757 - 1815).
On 22 May 1797, a cartoon by Gillray entitled ‘Political Ravishment or the Old Lady of Threadneedle Street in Danger’ went on sale at Mrs Hannah Humphrey’s print shop in St James’s. It caused a mild sensation on the streets and in the clubs of London with its sharp attack on the Prime Minister, William Pitt the Younger, and his perceived misuse of political power to gain access to the Bank’s reserves. This key cartoon, in which the Bank is personified as an old lady, gave the earliest known instance of the Bank’s nickname appearing in print. Since then, the Bank of England has been referred to as ‘The Old Lady’ and illustrated as the apotheosis of the maiden aunt with the nest egg, a tradition continued during the following centuries by artists such as Sir John Tenniel (1820 – 1914) and E H Shepard (1879 – 1976) amongst many others.
Bank of England Museum - Cartoons and Caricatures
As a suggestion, Sydney Grew, everyone reading 'The Third' is cordially invited to the Bank of England Open Day promptly at 10:00 (BST) on Saturday 13 July 2013. It could prove to be very busy indeed, so if you cannot make it in person, why not follow events online? I should perhaps confess that I had been planning to come along, but unfortunately, events have forced me to cancel, as I shall be working abroad until the Saturday. I should, however, escape back across la Manche to celebrate Bastille Day on Sunday 14 July 2013! Talk about storming the Bastille! Is it not time that we Londoners stormed the Bank of England? Vive la Révolution!
London Cultureseekers Group - Bank of England Open Day
I propose some toast: to Sydney Grew, 'The Third' and all of you! Three cheers from kleines charlie and the gang (Thursday morning breakfast coffee)!
The new Bank of England governor Mark Carney has probably just about settled into his office in his first week at the helm of the Bank of England. He is taking over at a time when there is a big change in the Bank's remit to control credit as well as consumer prices. It is the end of targeting just inflation for central banks. About time, too, The Thirds' regulars will mutter after ten years of Cassandras, but how will it work if they also target financial stability? As the Bank of England has set up a new Financial Policy Committee (FPC) to manage financial stability alongside its existing Monetary Policy Committee (MPC), it is in some ways further ahead than other central banks in adopting what is termed "macroprudential policy" alongside "inflation targeting." It is termed macroprudential policy or macroprudential regulation because the central bank is to ensure that commercial banks operate in a prudential manner and regulate systemic or macro risks. Just to complete the set, the Bank will also regulate individual banks and look after consumer welfare. Linda concludes thus:
" ... Ultimately, we all hope that the Bank of England and other central banks can manage to come up with the right set of tools - if not to prevent, then at least to limit the fallout from the next banking crisis so that it doesn't drag the world economy down with it to the same extent as in the 2008 global crisis. The Bank of England looks to be at the forefront. Even more attention will be paid to the UK's so-called financial "rock star", the new Governor, to see what he can deliver. Getting this right could mean preventing another banking crisis, so the stakes couldn't be higher."
As it happens, I was at the Bank of England yesterday, Sydney Grew, and I can report that Mark is very much on top of his game. I suggested that they hold a new exhibition in the Bank of England Museum about the life and times of their old Governor, Sir Mervyn King, and they suggested that they already had enough cartoons and caricatures to last a lifetime. Yet why on earth would any institution bother to acquire material which merely pokes fun at its activities and its personalities, just as we do here in 'The Third'? Perhaps it is because these pieces of art represent an inescapable facet of the institution’s history reflecting the thoughts, questions and comments of a particular time or event. Although the earliest examples in the collection date from the first quarter of the eighteenth century, it was not until fifty years later that, as far as the Bank and its activities are concerned, the most pertinent specimens began to appear during what has been described as the Golden Age of caricature – the period dominated by the work of James Gillray (1757 - 1815).
On 22 May 1797, a cartoon by Gillray entitled ‘Political Ravishment or the Old Lady of Threadneedle Street in Danger’ went on sale at Mrs Hannah Humphrey’s print shop in St James’s. It caused a mild sensation on the streets and in the clubs of London with its sharp attack on the Prime Minister, William Pitt the Younger, and his perceived misuse of political power to gain access to the Bank’s reserves. This key cartoon, in which the Bank is personified as an old lady, gave the earliest known instance of the Bank’s nickname appearing in print. Since then, the Bank of England has been referred to as ‘The Old Lady’ and illustrated as the apotheosis of the maiden aunt with the nest egg, a tradition continued during the following centuries by artists such as Sir John Tenniel (1820 – 1914) and E H Shepard (1879 – 1976) amongst many others.
" ... In more recent years, the image of an old lady has tended to be dropped in favour of specific Bank targets. Modern-day satirists such as Steve Bell, Richard Cole, Chris Duggan and Andy Davey have regularly featured the Bank, whether as their central subject or as a key player in significant newsworthy issues. This exhibition presents an immediate and compelling illustration of the Bank’s history and of the world events, political circumstances and characters which have shaped and affected its work and its changing place in society."
Bank of England Museum - Cartoons and Caricatures
As a suggestion, Sydney Grew, everyone reading 'The Third' is cordially invited to the Bank of England Open Day promptly at 10:00 (BST) on Saturday 13 July 2013. It could prove to be very busy indeed, so if you cannot make it in person, why not follow events online? I should perhaps confess that I had been planning to come along, but unfortunately, events have forced me to cancel, as I shall be working abroad until the Saturday. I should, however, escape back across la Manche to celebrate Bastille Day on Sunday 14 July 2013! Talk about storming the Bastille! Is it not time that we Londoners stormed the Bank of England? Vive la Révolution!
London Cultureseekers Group - Bank of England Open Day
I propose some toast: to Sydney Grew, 'The Third' and all of you! Three cheers from kleines charlie and the gang (Thursday morning breakfast coffee)!
