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I'm no apologist for the BOE, but I think that algaony is poor.They have plainly allowed people to have a party . They have allowed CPI inflation go to 5% way above target and then started expanding the monetary base even further. It is generally very clear from their messaging that they set policy to target their forecast for CPI on a 2yr-ish horizon. They even allowed that forecast to drift too high earlier in 2011, without tightening to correct that. So again, they allowed the party to go on.They are also very explicit that they only be reversing QE at a time in the future when they need to be tightening policy. Their comms are pretty good on that front.Obviously the main problem is that CPI inflation is disconnected from the level of nominal demand. It is not the right target. But I think you can make a case that they are doing the right thing within their mandate.The latest BOE inflation report is filled with references to how QE boosts nominal demand/spending. Seve