The First World War was partly paid for with quantitative easing
To put it another way, because the country did not rush forward to fund the Great War as the government expected, the Bank of England (then, admittedly, a privately owned institution), stepped in and saved the government’s day by buying over £2oo million of the debt that had to be raised to fund the initial war effort. In effect, it created money out of thin air to do so, and as a consequence effectively used what we would now call quantitative easing for the purpose of funding the war effort.
Hmm. From the source:
And this episode was to be the first of several instances during the war where the Bank used its own reserves to provide needed capital.
Is the use of the reserves of a privately owned Bank of England actually the same as inventing money out of thin air and QE?