Into thin air
The speed at which memes spread across the financial media can be astonishing. Since the Bank of England’s Huw Pill recently described the likely monetary policy trajectory as resembling Cape Town’s “Table Mountain” – steep on the sides, with a long plateau on top – in an August speech, sell-side analysts and commentators from major news publications have rushed to point out that the majority of mountain climbing deaths occur during the descent phase. This is true. A 2008 study showed that 73 percent of the deaths occurring between 1921 and 2006 on Mount Everest happened when climbers were descending...