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Leading economists to Chancellor: time to support alternatives to quantitative easing

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35 leading economists sent an open letter to Philip Hammond asking that he supports a new form of monetary policy. Responding to concerns expressed by the Prime Minister that low rates and quantitative easing have disproportionately benefited the wealthy, the letter argues that new monetary policy tools could stimulate the economy without contributing to inequality.

SimonPositive Money has tried to get academic institutions to reflect modern realities, with limited success. If engineering or medicine adopted such a "head in the sand" approach, the people responsible would suffer the consequences. Economists and academics should be held to account much more than they...

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PJMI believe it is essential that the whole truth, and nothing but the truth, about money and banking be taught to all students in all secondary schools and tertiary institutions.In Auckland, New Zealand, where I live, I've pointed out in a letter to the Vice Chancellor of The University of Auckland th...

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Barry Turner-NewallI was rather hoping that May and Hammond would offer something different to more of the same. These policies have not stimulated the economy in eight years. But then again they, like the vast majority of politicians, subscribe to the same flawed view of global economics....

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simonthorpeI note that in this morning's Guardian, Simon Jenkins has been saying "Want to avoid a recession? Then shower UK households with cash" https://www.theguardian.com/co...Is anyone listening?...

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Bank of England announcement: our response

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The Bank of England (BoE) has just announced its new monetary stimulus package. By lowering interest rates and expanding quantitative easing, the stimulus will exacerbate inequality and encourage an already highly-indebted household sector to borrow even more. The new government has pledged to build an economy that works for everyone and has made a strong commitment to tackling inequality. If it’s serious, it should support fairer and more sustainable monetary policy measures than those announced today.

Marco SabaIt looks like a mafia trick: the BofE giving public money to the friends of friends......

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bankster01In my recent letter to the Governor of the Bank of England, I asked him whether the Bank was more concerned with protecting the interests of big commercial banks and investors, or looking after the general public. I think we have the answer today....

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Bogdan Mandruqe is pro staus qvo .. they are not interested in anything else but that...

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Bank of England, if old tools don’t work anymore, consider new ones

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With recent data showing that economic conditions seem to be deteriorating, the Bank of England is expected to lower its UK growth forecasts and come up with a stimulus package to aid the UK economy. Instead of cutting interest rates or pumping more electronic money into financial markets – resulting in higher levels of household debt – the Treasury and the Bank of England should seize this opportunity to cooperate. The Treasury should support the design of alternative monetary policy tools, so that the Bank of England can use its power to create money to finance a fiscal stimulus.

Jim CameronThanks, I still don't quite 'get' why the Scottish govt. can raise tax levels in Scotland, albeit marginally (I don't understand this at all tbh), if they did for instance, this would effect the pound negligibly across the UK, so how does that benefit at all other than maybe effect (for instance) ...

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RJMonetary sovereign governments like the UK in effect have their own bank account where they can create new money as required when required. Greece gave this away (its the most valuable asset a govt holds) to the ECB. They are now no different to a household or a state government. Greece must now rai...

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RJ"It is the contention of PM that just about all the creation of money is in the computerised accounts bowels of the commercial banks when they make loans to customers."3 points1 Just about all ... Not correct. A lot of new money is created by government spending. the banks DEBT BoE reserves CREDI...

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disqus_771GkYkAJKSo, in other words we have privatised profits but socialised debts....

4 weeks ago

James MurrayRJThen please do make your responses simple and clear. Consider also giving readers a chance and quote some kinks that explain and support your assertions.Jim Murray...

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RJThe UK GOVERNMENT has the power to spend without limit today. And in fact higher UK Govt deficits would be beneficial not bad (as it creates new net non Govt saving). The UK Govt does not borrow to spendDebt free money is not possible (unless it means bonds free money)97% of all money is not created...

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