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PRINTING MONEY – FOLLY OR PLAN

By David Vance On August 24th, 2012

As you know, I have been a long term critic of “Quantitative Easing” aka printing money. But the political Left, and the likes of the BBC insisted it was VITAL that this be done.  And now, the law of unintended consequences (Or, if you have a brain, the bleeding obvious) kicks them in the posterior!

The Bank of England’s money-printing programme, intended to revive economic growth, has delivered a massive boost to the wealth of the most prosperous 10 per cent of households in the UK while delivering relatively scant returns for the poorest, a new analysis from the Bank indicated yesterday.

You were warned! All QE should stop, it’s a scam pure and simple but getting that across in our Biased media is a challenge and a half.

6 Responses to “PRINTING MONEY – FOLLY OR PLAN”

  1. A bone for Alan and Pete, and the only thing Paul ever made sense about

    Republicans Eye Return to Gold Standard

    The gold standard has returned to mainstream U.S. politics for the first time in 30 years, with a “gold commission” set to become part of official Republican party policy.

    Drafts of the party platform, which it will adopt at a convention in Tampa Bay, Florida, next week, call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold.

    The move shows how five years of easy monetary policy — and the efforts of congressman Ron Paul — have made the once-fringe idea of returning to gold-as-money a legitimate part of Republican debate.

    Marsha Blackburn, a Republican congresswoman from Tennessee and co-chair of the platform committee, said the issues were not adopted merely to placate Paul and the delegates that he picked up during his campaign for the party’s nomination.

    “These were adopted because they are things that Republicans agree on,” Blackburn told the Financial Times. “The House recently passed a bill on this, and this is something that we think needs to be done.”

  2. The gold standard is dangerous because it will mean that those who control gold will still control money and these are the same people who have private control of government money or rather, money which should be created and controlled (usury-free) by the government for the country.

    The reason why the richest get richer whenever money is created is because it is given to them. The Bank of England creates £X billion and it is given to the private banks who reward their executives with bonuses from that newly-created money. Same in the US.

  3. and I thought I was grumpy gus today….

    Alan you and the rest of the bots have been screaming about the gold standard. Now your going to moan if they attempt to do it?

    good grief

  4. And now that fount of all knowledge financial, the Bank of England, has suggested that rather than any QE he would prefer that interest rates be cut!

    ‘Martin Weale, the Bank of England rate setter, said he would choose an interest rate cut over more quantitative easing if more stimulus was needed to boost the flagging economy’

    How do you cut a 0.05% rate even further when the inflation rate is in excess of 4%?
    or should I ask just how stupid are these people, – the answer would probably be – “beyond anything you could posssibly imagine!.

  5. A further rate cut would be meaningless for most borrowers because the banks would not pass it on. But they would probably use it to fatten their margins by cutting the rates to savers. So this would be nothing more than a subsidy to the banks.

  6. Troll – As far as I know, I have never advocated the gold standard and if I had, I was wrong for the reasons given above.