@diddyda - totally agreed. That knighthood for Mervyn King was nothing more than a political stunt to make it look like he was achieving something by doing nothing, and completely ignoring the BoE's original mandate.
I was sickened when I heard about it. Perversely I suspect that if Mervyn had acted wisely and applied the fiscal brakes well ahead of the current turmoil to avoid an outright crash, I suspect he'd not have been rewarded with the knighthood, because he'd have been despised by the bankers for ruining their party.
