People’s Quantitive Easing 303


The media is astonishing today in its barrage against Jeremy Corbyn. Presenters repeatedly state that to oppose nuclear weapons and foreign wars is “weak”, as though that were undeniable. Spending quantitive easing on public infrastructure is “inflationary” and “irresponsible” – and these are the presenters not the guests. Why simply handing quantitive easing money to the bankers is not inflationary or irresponsible is not explained.

I would claim to have got there on “people’s quantitive easing” before hearing that phrase. 42 months ago I published

It is beyond doubt true that the effect of creation of new money is to reduce the value of currency already in circulation. The effects will show through in inflation and the exchange rate. Of course, those will continue to be affected by other factors as well, which is why there are better and worse times to do it. But in effect Q.E. is still a transfer of wealth from those who hold any of the currency to those given the new stuff. In other words, more cash from you to the bankers.

Actually if QE had been used genuinely to stimulate the economy it would have been a marvellous thing. With £350 billion we could have built an enormous amount of social housing on brownfield sites, converted derelict high streets into housing, built the Severn barrage and a high speed rail link from London to Aberdeen and still have had change. We could have reopened the steel industry to do it. a thousand manufacturing firms could have been re-tooled. Millions could have been employed. The entire logic of economic depression could have been turned around.

Instead we gave more cash to the bankers.

Progressive opinion catches up with me eventually. In another decade or more likely two, mainstream journalists might catch up as well.


303 thoughts on “People’s Quantitive Easing

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  • glenn

    Anon: “@Glenn – racist, skinhead, NF tattoo? Just fuck off.”

    Just say what you’d like to say, instead of couching it in supposedly polite, conversational terms.

    What are you so afraid of? Your name is “anon1”, updated from “anon” – finally. Why are you even trying to give yourself a veneer of decency, or credibility? We all know you as a racist establishment stooge, and an anonymous coward to boot.

    Yet you’re still too afraid to just admit it. Jesus, what an all-round low-life you clearly are. Never admit to this handle, pal – I’d call myself “anon” too if I posted anything approaching your shameful lies.

  • ------------·´`·.¸¸.¸¸.··.¸¸Node

    Anon1 : facts are racist are they? And how does one commit a racist offence against Islam? What race do you assign to Islam for there to be a racist offence against it? White British like Giyane? Arab? Uyghur? You dozy twat.

    I’m not going to quibble about the definition of “racist”. I know one when I see one. Very many of these people you laugh at and apply hateful generalisations to had jobs, security and happy family lives till the West deliberately created havoc in their countries. There are people better educated than you and me who’ve gambled their lives, family and everything they possess to escape the mayhem, and the ones who’ve survived this far find themselves crammed behind fences, bewildered and hungry, pawns of politicians, begging for a chance. And your contribution is to make cheap jokes and try to stir up hatred against them. You ignorant, spiteful, racist twat.

  • ------------·´`·.¸¸.¸¸.··.¸¸Node

    P.S Anon1

    I’ve just noticed that Fedup has given a very good answer to your question “how does one commit a racist offence against Islam?” He suggests substituting “Judaism” for “Islam” and “Jewish” for “Muslim” and see whether your hate speech is judged racist or not. Let’s try it :

    Update from migrant paradise Germany:—–. Now that schools have been telling their female students to cover up in a bid to prevent ogling and pervy smartphone pics being taken by the young Jewish men in their vicinity,

    That OK with you?

    https://www.craigmurray.org.uk/archives/2015/09/selective-indignation/comment-page-1/#comment-550899

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