Why Spending Cuts are another variation of “institutionalised white collar crime”

Economist James K Galbraith gave a presentation to the Senate Judiciary Committee in which he speaks of “financial fraud” as the cause for the “crisis”. But that’s not enough: Central Bankers create “currency” as “public debt” from thin air, charge interest to the Government (in the UK as much as the military budget) and call [...]

Quantitative Easing: the BoE explains and I comment

Quantitative easing explained the American way on a 6-minute video. First, I contributed to quantitave easing on Wikipedia. Now, Ask the Deputy Governor offers the following 16 questions addressed to the Bank of England with their answers. Aware of the Bank of England Act 1694, I comment not as an economist, but from the perspective [...]

My email to letters.editor@ft.com

Sir, Regarding your letter and comment Common sense and history both suggest a pause in QE and Essential to keep QE available, I am writing as the Organiser of the Forum for Stable Currencies which has been presenting meetings at the House of Lords and Commons since 1998. See our archive site. I am also [...]

Common sense and history both suggest a pause in QE

QE means Quantitative Easing. It means Central Banks printing money. But their kind of money is Credit Money, i.e. somebody receives interest payments, and taxpayers pay via the Government’s share in the budget of “public debt interest payments”. This letter in the FT prompted me to spell it out, once again: When Governments print money, [...]

Four ways of “net credit creation”

Professor Richard A. Werner is a professor of economics at the University of Southampton. His letter to the FT explains that he coined the term “quantitative easing” and its true meaning: four ways of creating credit: increasing BANK credit increasing TRADE credit increasing CENTRAL BANK credit increasing credit created by the GOVERNMENT. We’ve been advocating [...]

Quantitative easing for investors abroad

This article in the Independent is entitled “Bailout money is flowing abroad”. It illustrates how journalists don’t analyse deeply enough and how language has always been used by the bankers and central bankers to make it sound acceptable what they are doing. For the money that the Bank of England has been “printing” by “quantitative [...]

Will quantitative easing solve the recession?

What’s so great about growth-inducing ‘quantitative easing’? As described by Prof. David Korten ‘unbridled growth in an economy is analogous to cancer’. In ‘Life After Capitalism’ he says: ‘Think of capitalism as a defective genetic coding in our economic system that causes individual enterprises to seek their own unlimited growth without regard to the consequences [...]

“Quantitative easing” to camouflage “printing credit”

This news item in the Telegraph about the Bank of England is worrying, if one is concerned about the cash : credit ratio in the money supply. The title is Bank of England to buy bonds and loans in first step towards quantitative easing. Please note what I wrote about quantitative easing in Wikipedia and [...]