Sunday, February 1, 2009
Government considers ‘play money’ bank
The government is considering creating a so-called 'peoples bank' so they can stimulate lending, as although they have lent the banks about £50 billion of our money and counting, they still won't lend us any of it. The government also wants to start printing money, and knowing that the banks will only take it from them without still lending any of this 'new' money to us, they think that having their own bank, will make the pill of 'quantitative easing' a bit easier to swallow. Reminds me you of being at infant school and playing shop with Maureen O'Rafferty! Of course 'Lord' Mandelson didn't put it as succintly as that, because he is a cunning stunt, whereas I am a shining wit.