QE, bail out the banks, didn’t work. Peoples’s QE is fundamentally different, does indeed have the BoE print new money, identical to process banks use to create money to lend to businesses.
Umm, QE did work, it wasn’t to bail out the banks, it was to prevent deflation and a Depression. It did that: that’s working.
And printing M0 is simply in no way at all the same as the method by which banks create M4 in the credit creation process.
Looks like Murph has forgotten what Milton Friedman taught us all about monetarism, eh?
And I would suggest that he takes a little less speed before talking on the radio really.
Still, at least he now admits that peoples’ QE would create inflation. Which printing more M0 and spending it into the economy will do. But he’s still missing the point. That QE is reversible when V returns to normal and peoples’ QE ain’t. So it will be a lot more inflationary than he is admitting.
Finally, was he described as “the” economic advisor to the Corbyn campaign? Or “an”? And how happy is Jezza with either?
Finally finally, how consistent is either with being charity grant funded? Isn’t that a little close to partisan party politics for that sort of funding?