So says the Great Tuber:
There is widespread speculation that the Bank of England will cut interest rates as reaction to the UK economic performance that Johnson’s election timing conveniently hid from public view.
My reaction is, so what? The official rate is 0.75%. What is it going to be cut to? 0.5%, again? Well, whoopee. That’s going to change the square root of diddly squat in the real world.
It really is time that we faced reality. Green QE apart -and that is not possible because there are no green government bonds to buy – the role of the central banker envisioned by neoliberal economists is now over.
Monetary policy did not work.
OK, monetary policy doesn’t work. So we can go back to having 5% interest rates no problem then. Because the cut from 5% to 0.75% didn’t work, didn’t have an effect.
Hmm, well, actually, putting it that way the idea that monetary policy doesn’t work is a statement of the utmost stupidity, isn’t it.
But then Great Snippa and all that…..