God save the queen’s humble and obedient servants

July 28, 2009

I happened to look up the London School of Economic’s website yesterday – pure chance, hadn’t happened in ages. The LSE is headed by one of the greatest advocates of the now much honed “light-touch” approach to financial regulation…. I couldn’t stop my colleagues from wondering yet again if I am really normal by laughing out loud in a silent office at the following annoucement on the home page:

Wishful thinking and hubris – why the global financial crisis was not foreseen
When The Queen visited LSE last year she asked why no one had spotted the recession. Following a roundtable discussion at the British Academy, leading academics have written to The Queen in response.”

Here is the letter in question. Signed: “Your Majesty’s most humble and obedient servants”, followed by a long list of UK-based economists.

I wondered if I should blog about it, and thought I’d let it pass. But that story was duly picked up by the FT this morning…. with the paper’s usual seriousness/dullness. Oh Britannia…!

I still maintain: economists, take a good holiday!

 

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