Thursday, 5 March 2009
Brown has trashed the economy and now he is about to trash the currency
Get me a sandwich while you are out
Interest rates slashed to 0.5%, so those that have bothered saving are going to get no return,pensions reduced to nothing and now he is going to use the old standby of any bankrupt country or Empire debasing the currency.It is called Quantitive Easing in Newspeak, in the old days it was called printing money.
The Weimar Republic did it,Japan did it in their 'lost decade', Mugabe's Zimbabwe did it, it brings in its wake inflation, flight of capital and political instability.Printing money is like crack cocaine to Governments, once they start they just cannot get off it, any problem comes along print a shed full of zillion Pound notes with which to buy a tin of Tesco's baked beans
You can't solve a drunk's alcoholism with a bottle of whiskey.