But he swore this would never happen”

New research by Professor Richard Murphy shows that the Bank of England will this year receive at least £20.1 billion as some of £375 billion QE fund is repaid as the gilts in which it is invested reach their final redemptions dates.

QE was never going to be repaid, was it? All going to be cancelled….

This will happen despite the fact that it is now widely thought that this type of quantitative easing has helped wealth flow into the hands of those already well off and that it has, as a result, helped create the financial bubbles that are now bursting all around the world.

Err, yes, that’s egat QE was supposed to o, raise the price of safe assets so that pople went out along the rik curve. That’s exactly what it was supposed to do.

5 thoughts on “But he swore this would never happen””

  1. “…that’s egat QE was supposed to o, raise the price of safe assets so that pople went out along the rik curve.”

    Have another on me, Tim; but make it your last for now.
    *fills Tim’s glass*

  2. Let’s be honest, when presented with the titled names of vain yet politically-connected unworthies, everyone instinctively brackets the prefix with quotation marks in their mind’s eye: “Lord” Archer, “Lord” Deben, “Sir” John Major, “Professor” Richard Murphy…

    The almost pathological delight of such sorry creatures from the unearned and worthless bauble of being named Grand Poobah tells us all we need to know about them.

    Incidentally, does anyone here remember when Rentokil’s Clive Thompson was known as “Mr 20 Percent” for his ability to regularly grow profits? Given that Dick’s time-share honorary professorship allows him use of the title one day per working week it might usefully be resurrected.

  3. Bloke in Costa Rica

    wat: let’s face it. You’d get more sense out of Professor Stanley Unwin than Professor Richard Murphy.

  4. So the BoE will come by £20bn this month as a result of maturing Gilts. Whoopee. Unfortunately that’s irrelevant because the BoE can create a trillion, trillion, trillion pounds at the click of computer mouse any time it wants.

  5. The honorific “Lord High Panjandrum” might have been coined with Murphy in mind.

    Although, I prefer the more down to earth “rude, odious self-important, jumped-up fat twat”.

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