Bank of England 'did not understand crisis', said its deputy Governor, Sir John Gieve.
That's a bit like your pilot saying he does not understand how to land his plane in fog. I mean, it couldn't happen, could it?
Still, finance is a complex business, and we cannot expect people to understand what is going on just because they are paid hundreds of thousands of pounds to sit on committees which govern the Bank of England. Sir John is a Civil Servant, not a bean counter.
As Galbraith said, "The process by which money is created is so simple that the mind is repelled".