And as for sovereign debt; of course it is an issue, but the reality is that the reason why it is such an issue is that the EU insists that governments can only borrow from markets. This is absurd, as the UK has shown. The reason why the UK is avoiding some of the problems of the Euro area is because of our QE programme. £325 billion now, and rising, this has in effect done two things. Firstly it has paid for almost all the deficit for the last two years. Second, the debt is immediately written off in the case of the UK. Almost all the debt we’ve issued in the last couple of years is, in effect, now owned by the Bank of England, which is owned by the UK government and debt owed to yourself is debt you don’t have to worry about!
He\’s still not getting that QE is deliberately designed to be reversible, is he?