'The Sub-Committee noted an analysis which concluded that the oil intensity of the Hong Kong economy had remained stable at a relatively low level in the past decade. The analysis suggested that the direct impact of rising oil process [sic] on Hong Kong's output and inflation, although not negligible, was relatively small.'
Record of discussion of the meeting of the Exchange Fund Advisory Committee Currency Board Sub-Committee held on June 20, 2008
It is all done in proper central bank style. Only a month after this sub-committee holds its meetings do its members deign to bestow their thoughts on the public.
But do they bother over that month to check the written record of their remarks as transcribed from the tape? I ask you, do they?
Picture it. Much impressed by the solemnity of the occasion and the standard of the decor (when central bankers set out to do good, they do very well indeed), our man decides that his standing requires a touch of the Bertie Wooster: 'I do say, rilly, impahct and prahces we rilly must consider the impahct of rising oil prahces, don't you know.'
Later that day, and a few floors lower down, someone's secretary scratches her head, leans over the desk divider and says: 'Ah, Winnie-ahh, listen to this tape. What is this word...laaa?