David Blanchflower says the Bank of England will print more money before November
Ex-BoE member David Blanchflower was on Bloomberg yesterday confirming what we’ve been saying – namely that QE is coming in before November.
Which backs up what we wrote on September 2nd:
It’s hardly surprising, we had the goose egg ‘0’ print non-farm payrolls earlier in the US and more bad data in the UK. All in all official money printing is coming in September in the US and in October for the UK… if not sooner.
But first, at about 1:40 Blanchflower once again maintains the myth that there has been ‘austerity’ in the UK by the Tories and that this has caused UK unemployment to rise – a myth we totally busted earlier in the week when we pointed out that the Tories are spending 16% more than Alistair Darling did in 2008, are running a deficit 183% higher than Darling in 08 and the UK debt is now 62% more than under Labour in 2008 – so where is the austerity then?
If the UK economy is not doing well one could easily make the argument, from just looking at the figures, that it is because the Tories have continued to spend beyond the UK’s means and run up the debt/deficit, but only more so than Labour.
If spending under the Tories had fallen then Blanchflower might have a legitimate point, but the facts don’t support his views – but that doesn’t stop him claiming the UK’s economy is falling off a cliff because of austerity because otherwise it would mean he would have to rethink he’s whole notion that the way to cure debt is more debt and that wealth really does come from printing pretty bits of paper.
Anyway, that out of the way here’s what he has to say on Bloomberg:
And here’s what he said at a Bloomberg conference today:
The Bank of England and the Federal Reserve will embark on further quantitative-easing measures by November, David Blanchflower, a professor at Dartmouth College and a former member of the BOE’s Monetary Policy Committee, said yesterday at the Bloomberg Markets 50 Summit in New York.
The quite insane policy of more money printing is coming, and if you think a CPI of 4.5% is bad, get ready for the monstrosity that this madness will surly produce.
- Money printing trifecta complete: ex-BoE Blanchflower calls for more QE
- Adam Posen of the BoE re-defines insanity as it gets set to print more money
- Bank of England losing credibility according to… the BoE
- Bank of England minutes: I’m sorry we haven’t a clue
- Bank of England out of ideas – getting monetary policy advise from school children?
Link to this article: : http://www.goldmadesimplenews.com/gold/david-blanchflower-says-the-bank-of-england-will-print-more-money-before-november-5177/