Done right or wrong, no one's ribs get broken by quantitative easing. But better to be safe than sorry perhaps. Dr.King's own pension pot got a £1.4 million boost ($2.1m) in 2008, a nice antidote to the ever-lower interest rates then being prescribed for savers and retirees by his team. The trustees of the Bank's staff pension scheme then switched pretty much the entire fund out of UK gilts and into inflation-linked government bonds – the best-peforming income-bearing asset under UK stagflation to date – in the 12 months immediately preceding the start of QE in March 2009.
Please do hold still – and tell me if you feel a prick.
Adrian Ash runs the research desk at BullionVault. Formerly head of editorial at Fleet Street Publications - London's top publisher of financial advice for private investors - he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to a number of investment websites.