I learned something from Graeme Wheeler’s speech this morning. Having not gotten round to reading Andrew Graham-Dixon’s Caravaggio, which has now lingered on our bookshelves for five years, it hadn’t occurred to me that the Gericault painting The Raft of the Medusawas influenced by Caravaggio; in Graham-Dixon’s words, it is a “modern secularised version of an altarpiece by Caravaggio”.
It is a striking painting, but this was a strange speech – and nowhere more so than in the concluding reference to The Raft of the Medusa.
There was plenty of routine material I agreed with. It gets boring to say it, but central bankers have to go on making the point that monetary policy has no material impact on longer-term real interest rates, longer-term average real exchange rates, or the longer-term real growth performance of the economy. For 25 years, real interest rates and the real exchange rate have…
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Utopia, you are standing in it! 
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