But truth must be faced. Britain should provide a lead – both for its own economic fortunes and to set the new international standard. As a minimum it should announce a new programme of quantitative easing, in effect printing money; insist the Bank of England uses the money it prints to buy the broadest range of private debt; and immediately replace the 2% inflation target with a target for the growth of money GDP – so getting Britain off the hook of its unpayable private debts.
Bugger that borrowing more to spend more, let\’s exp[and the money suppply and inflate our way out.
Yes, this is monetarism, not the monetarism we\’re usde to but it is that all the same. A monetary solution to our woes, not a fiscal one.