The problem with this idea that is:
The trouble is, as Paul Mason has noted, no one knows if QE1 worked, so what’s the chance of QE2 doing so? In my opinion, not high unless the UK approach is radically transformed. I don’t want to premeditate the forthcoming Green New Deal publication on this issue. Suffice to say that if the UK could put £200 billion into the economy last time – a sum captured almost entirely as it transpired in bank balance sheets, profits and stock market and asset price inflation then this time it needs to do something very different. This time it needs to spend the money straight into the economy and cut out the middle man called the banks.
Do that – do qualitative easing as I might call it and not quantitative easing – and then we have a chance of using such funds properly.
I can see a couple at least…….