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Quantitative Easing - Corrupting the Nation

New economic policy: If you haven't got enough of this stuff, just print some more - Scotsman.com News

KEEP up at the back. The new big thing to save the world economy is "quantitative easing". Not an upmarket euphemism for a massage, but the latest and most desperate measure yet by central banks to stop a severe recession turning into depression. And it may soon be adopted in the UK.
Printing more money.
Magic new money: have we really walked into this Last Chance Saloon? Yes, we have.

But why has "quantitative easing" not been wheeled out until now? It carries huge risks. One is that it lets the inflation genie out of the bottle and could spark hyperinflation. It also casts central bank independence to the winds and puts enormous financial power into the hands of government with the attendant risks of "crony capitalism" and corruption.

Ah, now I see why it is so attractive to some governments and governments in waiting....

Comments

But you know, when it comes to public spending you can’t just wave a magic wand to conjure up the money - not even with help from Harry Potter.

Gordon Brown MP
Animal Hero First Class
Liebour Party Conference
23rd September 2008

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