February 5, 2008 The future may be bleak for Ben Bernanke Gerard Baker: American view Last week, in a rare sign that wise counsel can still prevail over political expediency, Mervyn King was reappointed Governor of the Bank of England. Unpleasant noises had been emerging from Downing Street as his reappointment was being considered over the past few months, but Mr King's evident mis-steps in the Northern Rock affair should never have been enough to counterbalance the remarkable contribution he has made to the performance of the British economy in the past decade. As deputy governor and then as Governor,...