Tag Archives: quantatative easing

Paul Reynolds

Opinion: Political deference to today’s orthodoxy is the UK’s economic problem

By Paul Reynolds | Fri 13th December 2013 - 10:54 am

All three main political parties in the UK today broadly accept the Bank of England’s (BoE’s) programme of buying the paper ‘assets’ of banks with printed money – worthless and valuable alike (quantitative easing – QE). There are few dissenters, but I am one of them.

My dissenting post-2008 remedy was a managed partial default/bankruptcy of the UK’s insolvent banks with a quick operational reboot, on the grounds that it would be cheaper than a printed-money ‘bankers subsidy’. The quantity of intricately interwoven bad assets was unknown, and thus the UK government was subsidising a pig-in-a-poke, I believed.

But hey ho we …

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