Sunday, March 8, 2009
Is Quantitative Easing the answer?
My character has been questioned just because I've had the audacity to argue QE will provoke serious inflation, making a bad situation much worse. No matter that I have several centuries of policy evidence on my side – to say nothing of the compelling logic of common sense. Printing money "is all about saving jobs" say my opponents. So if you're against QE, you're happy – even gleeful – to see decent people suffer the trauma of unemployment. That's how we've got into the current situation – where history shows QE is nuts and almost the entire country thinks QE is nuts, but no mainstream politician has the guts to oppose it. The stage has, instead, been left clear for Gordon Brown to vandalise the UK economy.