Taxpayers face a bill for an extra £50bn to cover losses on the Bank of England’s money printing, after stubborn inflation triggered frenzied bets on higher interest rates.
The Bank’s latest estimate of losses it will suffer over the next decade on government bonds amassed during the pandemic and financial crisis has ballooned by around £50bn to £270bn in just three months.
…
The loss also dwarfs the £123.8bn in QE profits sent to the Treasury between 2009 and 2022, suggesting a net cost to the taxpayer of £150bn by 2033.
Printing money to spend it wasn’t free then, was it?
Now if you’d spent all this on nukes your CO2 emissions would have dropped like a stone.
And the drongos’d be gluing themselves to the nukes and screaming ‘Just Stop Radiation.’
And the drongos’d be gluing themselves to the nukes and screaming ‘Just Stop Radiation.’
And with luck sterilising themselves at the same time.
I guess that this finally puts the QE idiocy to bed: https://www.zerohedge.com/political/bank-englands-qe-driven-losses-worsen-expected-hit-ps150-billion
On both sides of the Atlantic, QE went 100% into inflating stock and housing prices and 0% into durable goods investment.
Err, yes. Because as we then found out (and as I predicted a decade ahead of time) if you spend the QE on real things then you get inflation.
O/T but Murphy is howling about the TJN getting bigger grants than him!
https://www.t*xresearch.org.uk/Blog/2023/07/25/the-tax-justice-networks-state-of-tax-justice-report-is-hopelessly-misleading-yet-again/