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.


Allowed HTML - you can use: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

303 thoughts on “People’s Quantitive Easing

1 2 3 4 5 6 11
  • Ishmael

    Loony

    13 Sep, 2015 – 3:17 pm

    So one solution at least is a different economic system. Different precepts, methods of distribution.

    It’s only money, there must be tons of ways you can arrange a money system…

  • Pan

    Robert Craswford – “A country’s assets are it’s people.

    Without people all you have is an empty space.

    Therefore, invest in the people by educating them well, housing them well, paying them well, treating their illnesses well, looking after them well in a time of need.
    That way everyone does well. ”

    Hear, hear!

  • fred

    “…. and therein lies the problem. The government has to pay interest on that money.”

    Just as the banks have to pay dividends on the shares it bought.

  • Pan

    Fred – ““But they can become wiser.”

    They can get dementia as well.”

    I believe dementia is similar to muscle wastage – Use it or lose it!

    I don’t see JC failing to use his grey matter.

  • N_

    It’s going to be odd at prime minister’s question time, when Cameron will call Corbyn “the honourable gentleman”, but Corbyn will have to doff his cap and call Cameron “the RIGHT honourable gentleman”.

    You’re only “right” if you’re in the Privy Council, and the ‘queen’ won’t let Corbyn in.

    For full effect, I think Cameron should call Corbyn “boy”, and Corbyn should call Cameron “masser”.

    Friends, let’s attack the enemy’s weak points, shall we? Forget about quantitative easing and boring politicians’ arguments about schools and hospitals and bobbies on the beat, in which each of the fuckers always recognises, deep down, that they share the same ENDS as their opponents.

    We do NOT share the same ends as our opponents. For fuck’s sake, say it. Go on the attack.

  • nevermind

    yes, Bob, I’ve heard of the near Nene disaster, I’m working in Manea, which is an island like all the other places that have an ‘ae’ added to their name. It means island.
    It is a pity that the Tory round here are utter self promoting p….s, if they, or their ilk can’t make a buck on a project its unlikely to happen.
    The costing, not reflected on the website, was then 3 billion, but is still cheap at 4 billion today, when one considers that a Wash barrier would buy approx. 150 years time from flooding.

    It would produce as much as two nuclear power stations who come in at??? 24-48 billion and rising.

    There’s only the wait for a storm surge breaching the dykes now.

  • Republicofscotland

    Most investment will initially create jobs, contracts, economic growth for that area, tax receipts for the government – the question is are we getting the best return possible and is it sustainable – if you don’t consider and appraise different alternatives you end up pissing the money away on the likes of Concorde, British Leyland and Delorean. Just allocating on the basis of which trade unions are making the most noise, the preferences of a peoples commissar just isn’t the way to go – there isn’t a bottomless pit of resources for allocation to investments despite what you may believe.
    __________________________

    It your kind of inward thinking that’s saw Britain as whole become a nation of service providers rather than industrial leaders.

    This inturn has led to the rise of the boom of the Asian economies, which we now so heavily rely on. Of course not all EU countries have succumbed to the regressive British hierarchy mentality.

    Germany for instance has nurtured its large manufacturing base, and this inturn has led to small and medium manufacturers booming as well, as we now know Germany has a reputation for quality built items.

    Addressing another of your points, resources, jobs dont just create wealth they create social wellbeing and community bonding, which can be reflected in less monies spent on the NHS due to a workforce which suffers less from social ailments associated by unemployement and a overall feeling of worthlessness.

    Finally unions in the UK, are seen as a us and them, it’s a problem that does need to be addressed but it’s not insurmountable as other countries have shown, a better understanding is required, good employers have good working conditions happy employees are productive employees that’s the basis to begin with.

  • Republicofscotland

    “That doesn’t explain why the thing has too set off from London. Wouldn’t a local rail network fit the bill better?”
    ______________________

    The cost is the main stumbling block, the Scottish government did reopen the Borders Railway very recently at a cost of £350 million pounds.

    Not one penny came from the Westminster’s coffers to help pay for it. Without independence and all the levers to retain taxes given to Westminster, it would be far to expensive to build high speed rail in Scotland.

  • Pan

    Ishmael –

    “See, you have very little power what so ever do you.

    Am I wrong?”

    You are correct, if you are thinking of individuals.

    On the other hand, nothing is more powerful than an idea whose time has come.

    That idea can start with an individual.

    What the heck – just BE the change you want to see in the world. That is a good start.

  • N_

    Presumably MI5 will already have vetted possible shadow cabinet members for suitability for that role.

    Tom Watson must be a big hate figure in some circles.

    I reckon the insiders, even those who aren’t paedophiles, won’t want Watson on the Privy Council either.

    Indeed, why should any member of a party that’s a “threat to national security” be allowed to sit on the Privy Council?

    How’s Ken Livingstone doing? I hope he makes it onto the shadow cabinet.

    Are some Labour figures going to have the guts to RESPOND to Cameron’s ‘get back to North Korea’ line about the whole of the Labour Party being a threat to national security?

    How about saying it’s the wrecking of the country, the looting everything that isn’t nailed down and handing it to financial scammers, that’s the threat to our security?

    How about saying it’s the intelligence and security services that are a threat to our security?

    How about saying it’s the relationship with the US and Zionists that’s a threat to our security?

    Take the fight to the enemy. The Labour Party isn’t the issue. Corrupt kleptocracy is the issue.

    Never mind idiots who act like TV watchers telling football managers what to tell the teams at half-time. I don’t even want to hear about “electability”, thanks.

  • ------------·´`·.¸¸.¸¸.··.¸¸Node

    Getting bankers to print our money then borrowing it from them at interest makes as much sense as getting foreigners to sell us our own water, which in fact we are doing.

  • N_

    The traditional way that the Labour Party has taken the sting out of opposition in this country, is to say every effort must be subordinate to the Labour Party winning the next general election.

    The next general election is 5 years away.

    Forget the next fucking general election.

  • MJ

    “The cost is the main stumbling block”

    I can assure you that if it had to set off from London the cost would be far greater.

  • fedup

    Pan and Node My comment has gone to moderation for some unfathomable reason, but here is part of it;

    You have the the measure of it! However UK government had the ability to determine the interest rates, which then set the whole ball rolling. However Gordon Brown handed that over to the banksters too.

    Hence a wild west for the banksters with no holds barred and no laws for these robber barons, whilst we the people have born the brunt of regulations, and even have a law for taking a leak and how many times ought we shake it before finishing the job, in the absence of obeisance of which we are investigated, castigated and sanctioned!

  • Ishmael

    Republicofscotland

    13 Sep, 2015 – 3:47 pm “a better understanding is required, good employers have good working conditions happy employees are productive employees that’s the basis to begin with.”

    ‘Because masters and man was really just workers, the masters do the brain work and the men the hand work, and their interests was the same’. lol. ‘If only all masters and men would only realise this things e’d go on alright. And it would be a true solution to the ‘social problem’.

  • Ba'al Zevul

    What I am seeing from the media – and the Tory hyperbole, which comes to the same thing – is existential terror. They’ve just realised that there is now a credible opposition to their dream of a nation of drones serving the big fat financial queen bees. Worse, the guy in charge is a plain speaker with extensive experience of politics. Not a Hampstead intellectual with a speech defect or a mercenary and corrupt Thatcherite. And, oh shit, Tories, the deputy leader does communications.

    I’m immensely cheered by this. If Corbyn was a no-hoper, they wouldn’t be bothering with the hate campaign.

    Onward.

  • Loony

    Ishmael

    13 Sep, 2015 – 3:40 pm

    Sure there are different ways of arranging a money system. However any alternative requires, as a first step, the writing down of debt. Resistance to this is total.

    The holders of debt prefer war to taking a financial hit. There is a general lack of understanding as to the gravity of the situation. This in turn leads to a lack of will on the part of the people to compel the holders of debt to behave rationally.

    Therefore we will continue to behave irrationally – and the ultimate consequence will be both predictible and tragic.

  • fedup

    Pan, and Node, here is the other part;

    Just take note of the adverts on the TV there no fucking products anymore to be bought it is either charities or payday lenders/legal loan sharks, that is the upshot of the service economy for we the people.

    —–
    [ Mod: Stuck in spam queue ]

  • Pan

    MJ

    “Craig doesn’t draw the line at Aberdeen.

    Three years ago he was demanding that “a full 200mph high speed line to Aberdeen, another to Cardiff and a third to Stranraer for Belfast should be undertaken immediately”.”

    Much admired though Craig is, we know he’s imperfect, just like the rest of us.

    But he’s a decent bloke (as far as I can tell from his books, other writings and public speaking) so cut him some slack on the HSR!

  • fedup

    Oh well the mystery is nearly solved, evidently the profanities filter has been flagged and no more cussing and a swearing apparently! effing gets the comments into moderation or is it something else?

  • fedup

    Forget the next fucking general election.

    I was wrong it is not the profanities, it is another phrase.

  • Pan

    Ba’al

    “What I am seeing from the media – and the Tory hyperbole, which comes to the same thing – is existential terror. They’ve just realised that there is now a credible opposition to their dream of a nation of drones serving the big fat financial queen bees. Worse, the guy in charge is a plain speaker with extensive experience of politics. Not a Hampstead intellectual with a speech defect or a mercenary and corrupt Thatcherite. And, oh shit, Tories, the deputy leader does communications.

    I’m immensely cheered by this. If Corbyn was a no-hoper, they wouldn’t be bothering with the hate campaign.

    Onward.”

    Yes, yes, yes!

  • Pan

    Fedup –

    “Forget the next fucking general election.

    I was wrong it is not the profanities, it is another phrase.”

    LOL.

    My father always said that the use of profanity was a sign of a limited vocabulary.

    (But I think he missed how useful it can be when wishing to apply a certain kind of emphasis to a statement).

1 2 3 4 5 6 11

Comments are closed.