And so Mervyn King (pictured above) begins to blow a new bubble, after the panicking instructions from his masters in Whitehall to soak up their debt with more ‘de novo’ paper, to cover up their broken ‘austerity’ model, where somehow more economic growth can be generated by raising tax and regulation burdens on entrepreneurs.
They just don’t know what to do any more, so they are reverting to type.
Debasement of money is the only game they know.
Or as Peter Schiff so eloquently says, you could save a lot of money on central bank governor salaries by replacing them all with parrots which have learned just one phrase:
“Print More Money!”
For detail on the latest £75 billion of quantitative easing, which could turn into £750 billion if it is spent into the economy, try here: