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It’s possible to disagree with this you know

Dear Sir,

Your editorial (Ministers should be clear: there are limits to their largesse Sunday Times May 22nd) is guilty of the ‘lazy cry’ that no new money can be created. Overcoming the banking and covid crisis was predominantly paid for by the Bank of England’s quantitative easing (QE) programme: between 2009 and 2021, £895 billion of new money was created, with no resulting inflation.

It’s time for QE3

Yours faithfully,

Colin Hines

11 thoughts on “It’s possible to disagree with this you know”

  1. “Between 2009 and 2021, £895 billion of new money was created, with no resulting inflation.”

    Thats not actually true is it, the latter statement? By the end of 2021 inflation was rising fast, having risen from under 1% in January 2021 to a tad under 5% by December. With all the forecasts showing more rises into 2022. And inflation hadn’t breached 5% since 2009.

    The trouble with QE is that in certain circumstance it works very well. Those being pretty much the 2007/8 financial crash. In financial crashes large amounts of debt is destroyed and the money supply falls. The printed money merely replaces the debt money and the overall amount of currency units chasing goods does not (significantly) rise. However this success then makes idiots think that its a free pass to ponies for all. Resulting in them doing the same in circumstances that are utterly inappropriate, such as paying everyone to stay at home doing nothing because of a case of the sniffles.

    Which is why QE was bad, even as a response to the financial crash. It gave the keys to the liquor store to the drunks, with the results we see today.

  2. I’ve just looked him up. Seemingly no mention of his education or qualifications anywhere. But I did find a copy of his book “Localisation: A Global Manifesto”, on Amazon. Published in 2017
    it has one 5 star rating (natch) and no reviews. Ahahaha! And is yours for £110!

  3. Colin Hines is a member of Finance for the Future LLP.

    This LLP was dormant for around 8 years but was revived in 2019-20 and applied for a grant from the Polden-Puckham Charitable Foundation. Like many charities they don’t give grants to individuals.

    In y/e 31-3-2020 the LLP showed £15k income, £14.7k of which was paid to Colin Hines.

    in y/e 31-3-2021 the LLP showed £20k income, £19.7k of which was paid to Colin Hines.

    The Finance for the Future LLP website has nothing on it to say what it is doing, just the occasional post which is just coped from the TRUK website.

    A cynic might conclude the whole thing is a sham, designed to get Hines some money he would not have been eligible for if he’d applied for a grant personally.

    As Spud acknowledges on the FftF website – “Polden-Puckham have given us the chance to be opportunistic”

  4. “Polden-Puckham have given us the chance to be opportunistic”
    In the same sense as opportunistic crime?

  5. As I said in my Amazon review of the Bank of England’s excellent new book, Murphy (and Hines) are directly responsible (or at least their ideology is) for the current inflation. Sadly I think the ‘Tories’ (at least based on their windfall tax) might very well throw their lot in with the likes of Murphy, effectively destroying the country.

  6. Very High Fives to Van Patten, who coined the hilarious term “High Plains Grifter” in regard to Murphy and his business model; Hines seems to be cut from exactly the same piece of shit-stained cloth.

    Arguably two persons who abuse LLP structures to achieve advantages and outcomes that were never intended.

  7. I keep having to remind myself that Colin Hines isn’t the late lamented Reg contributor Lester Haines, or stalwart of the Scottish Liberal (not the LibDems) Party, cat, telephone and Beeb enthusiast, also late, John Hein.

  8. I first came across Tim Worstall when I read his critique of Hines’ idea for a new progressive protectionism. For those wondering what was ‘new’ about it, the goood people were going to do it this time, so it would all work out fine.
    Tim suggested this was a new kind of Socialism based on national boundaries, a ‘National Socialism’ if you like.
    Hines didn’t like. He called it libellous. Strangely though, he never sued.

  9. “No inflation”?

    As all round these parts know, there was huge inflation – asset inflation – even before the latest CPI increases.

  10. PF

    Statistics are only used in so far as they further the narrative – don’t forget ‘All the vacancies in the U.K. are for jobs which are temporary and don’t pay very well’ (that was a genuine statement from him contradicted by about 4 minutes research)

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