In 2010 the governmentcancelled a program to rebuild 715schools, because they’d run out of money. But at the sametime the Bank of England had created £445 billion of new money through a program called Quantitative Easing. Instead of this money being spent on something useful, it was pumped into the financial markets, benefitting the richest 5% but doing almost nothing to create jobs and stable economic recovery.
So why does the government cancel essential projects because “there’s no money”, while at the same time the Bank of England was able to create more new money than the entire government spends in 6 months? Why is it that the power to create money is used to blow up property bubbles and boost financial markets, but not to do the things that we actually need? Our latest video explains how things could have been done differently, and why it’s so important to campaign for a better monetary system…
In the years following the financial crisis, the UK wasted £445bn on a failed scheme to stimulate the economy and end the recession. This was one of the biggest missed opportunities in history. Here’s how it happened:
(Note: It was increased from £375 billion since the video was made to £445 billion.)
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I’ve just watched this video which explains why the government was cancelling school rebuilding programs and flood defence programs because they’d ‘run out of money’, even though the Bank of England was creating £375bn to pump up the financial markets. I think you’ll find it shocking: http://bit.ly/videoQE
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