More money printing? My masters are you mad?

Wasn’t it George Osborne that said not too long ago- that printing money was the last resort of failed Government policies- yes it was George!!

Printing £75 billion more with the click of a mouse- banks profit- borrowers lose- even though banks pay no interest on the money they are given- a guy called LBC today he wanted to borrow money for his good business to upgrade his equipment-Restuarant- The bank said fine- 15% Usary a year- bank rate almost zero- they offered him an increase on his credit card- interest rate 21%….how is that for legal theft?
The guy being polite said: No thank you to both daylight robbery offers- I’d have laughed before filling their ears with unpc abuse…Fractional reserve banking fruad.

More money printing? My masters are you mad?

By Daniel Hannan Politics Last updated: October 6th, 2011

432 Comments Comment on this article

The cowardly way for governments to expropriate us
According to the BBC, the Bank of England has decided to ‘inject a further £75 billion into the economy’. Who knew it was that easy? I mean, why not inject £500 billion? Or a trillion? By the BBC’s logic, it would surely make us the wealthiest nation on Earth.

I can’t believe I’m having to write this, but nothing new will be manufactured, invented or developed as the result of this monetary splurge, no services offered, no businesses founded. Rather, the money already in circulation – the money in your bank account, in your purse, under your mattress – will be worth less. The government, in other words, is helping itself to your savings – and, in doing so, is damaging productivity, disincentivising work and weakening the competitiveness of the British economy.

This is what the Bank of England says on its home page:

One of the Bank of England’s two core purposes is monetary stability. Monetary stability means stable prices – low inflation – and confidence in the currency. Stable prices are defined by the Government’s inflation target, which the Bank seeks to meet through the decisions taken by the Monetary Policy Committee.

The government’s inflation target is two per cent or less. The Bank of England has failed to meet that target for the past two years, during which time its forecasts have been massively and consistently wrong. Yet the Chancellor has decided to contract out the future of our economy to the people who brought it to this pass.

If I were to print counterfeit £20 notes and buy goods with them, I’d be perpetrating a fraud: I’d be buying something of real value with something I had magicked out of thin air. Yet when a central bank does the same thing, the half-educated economists who dominate our universities and television stations nod approvingly and mumble cliches about ‘boosting demand’.

You can’t keep boosting demand without producing anything, for Heaven’s sake. That’s what got us into this mess.
Tags: Bank of England, George Osborne, inflation, monetary policy committee, QE2, quantitative easing, Weimar

NOT MAD- JUST CORRUPT DAN- SURELY YOU KNOW THIS!!

http://blogs.telegraph.co.uk/news/danielhannan/100109371/more-money-printing-my-masters-are-you-mad/

DAN- LAWFULBANK.COM I DARE YOU!

happyboy
Today 08:39 AM
May I correct the renouned American economist, Paul Volcker, the great slayer of inflation in the USA 30 years ago

“Quantitative easing MAY create inflation in the future”, he is reported to have said last year. “Quantitative easing WILL create inflation in the future”, I say

As Fed Chairman, Butcher Volcker raised interest rates to as high as 20% to choke off inflation in the early 80’s

PS Ron Paul for President! Recommended by 2 people
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graham6762
Today 08:17 AM
I wish I went to Oxford. Even if I did I probably wouldn’t be as smart. Thanks for your blog Daniel it is very informative and thought provoking. The EU parliament cannot be considered a parliament if the reps can’t write bills. Please stop calling it a parliament. Recommended by 1 person
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happyboy
42 minutes ago
“I went to Oxford University but I never let that hold me back”
Maggie, 1989 Recommended by 1 person
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Gold Bug
Today 08:14 AM
Never in the field of government mismanagement will so many people owe so much money for so many lost causes with so little chance of paying.
We will print money in the BOE, we will print money in the ECB, we will never stop until the currency reaches it’s true, intrinsic worth- nothing.
Don’t even bother saving in paper currency unless you want it for lighting fires. Sell shares and bonds. Buy gold and silver coins and hide them away from banks and government. Buy land (not houses). Stock up with food and other essentials. Learn to grow food and other practical skills. Have some means of defending yourself. Do not expect the next 50 years to be like the last 50. Recommended by 2 people
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happyboy
57 minutes ago
Ever since fiat money was introduced, the world has suffered continuous bouts of inflation. Prices do eventually come down but then governments, in order to get re-elected, inflate the economy again and the whole vicious cycle starts over again

The biggest culprit in this practice was traitor Heath. The greatest monetary explosion happened under his stewardship – he wanted to boost demand in order to achiever full employment. The money supply soared under his leadership, leading to the famous inflation of the 70‘s. A lot of people blamed the 70’s inflation on oil price increases but Heaths monetary splurge was the main culprit

I was talking to a Muslim in the market the other day and he said they are not suffering as much as other people from the recession because Muslims do not have fractional reserve banking. He said Muslim’s deposits are completely baked up with 100% reserves, compared to only about 10% reserves in FRB Recommended by 0 person
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mikestallard
Today 07:59 AM
No you are quite wrong! What happened in Weimar, in Zimbabwe, in Turkey, and in 1812 and the French Revolution could never happen here because we are White British Imperialists! Recommended by 0 person
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right_writes
Today 07:47 AM
Our governments are living in a fantasy world, and the OBC seems to be going along with it.

The only way to end the recession (for recession is surely the correct word), is to cut taxes and the overheads that these taxes pay for. A good place to start would be by natural wastage, just don’t replace people that retire or leave, their jobs can either be mothballed or shared amongst other people… I exclude real front line public staff here like policemen, nurses, doctors etc., though in truth nearly all of these people could be taken out of the public sector as well.

Oh, and did I mention the EU, bailouts, international aid, the carbon program and its windmill project?

In every recession (around the world) where this has been done, there has been a dramatic turnaround, in very short order… The most famous one being the German recovery after abject defeat following WW2.

Our government is busy raising taxes and hiring ever more staff to investigate tax fraud etc.. Another couple of examples would be the pointless wars on drugs and terror, so much government energy is spent on these exercises and the reality is that just like the Olympics they are vanity projects that government should have nothing to do with.

There was a priceless example of the OBC’s fantasy, yesterday about them cutting their services… What particularly made me laugh was that “local radio stations were going to share more programming with each other”… So that’s national radio then! No chance of cutting the Olympics extravaganza though… Every programme on the OBC now mentions the Olympics at least once, and there is often a whole feature on the dreaded event… Just how much of their TV tax are they wasting on this ridiculous event?

NB: OBC = Olympics Broadcasting Corporation, formerly the Brussels Broadcasting Corporation. Recommended by 1 person
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krisuk
Today 08:41 AM
Will the Olympics even happen? Everyone will be too broke to go. Recommended by 1 person
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right_writes
2 minutes ago
They won’t happen for me… I am going to leave the country (ill-health permitting)… As far away as possible. Recommended by 0 person
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happyboy
17 minutes ago
Talking about the Olympics, I have just heard that alcohol will not be allowed into the stadiums. What type of people are running the Olympics – Muslims by the sound of it! But, as the recession seems to be getting worse by the day , nobody will be able to afford any booze anyway!

I also got a phone call from my excited cousin in Dublin – it seems the Olympic torch may be visting the South of Ireland as well! Recommended by 0 person
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crownarmourer
Today 07:42 AM
I dedicate this to Dave and his chums…
http://www.youtube.com/watch?v… Recommended by 1 person
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crownarmourer
Today 07:40 AM
Well to rally the troops against oppression…
http://www.youtube.com/watch?v… Recommended by 0 person
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spud
Today 07:32 AM
All we need for things to improve is for politicians to stop doing stupid things.

They don’t seem to be able to bring themselves to make that step.

Recommended by 3 people
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newsjunkie
Today 07:26 AM
Good, isn’t it? When Governments past or present overspend and over- borrow, they are allowed, indeed urged to retrench via their deficit-reduction programmes. It’s not because they want to – it’s to prevent the country’s credit rating being downgraded, as happened recently to the US.

But when over-extended consumers similarly retrench, choosing to pay down credit card debts rather than add to them, it’s panic stations in the Treasury and No.11. We risk a deflationary spiral, they intone. Quick. Start up the money-printing presses. keep inflation at 2%? Nope, that’s for wimps. Overshoot if necessary – if nothing else it will inflate away our sovereign debt.

And why do we find ourselves in this absurd situation in which No 11 conspires with the BoE to maintain an illusion of spending and economic growth? The answer is obvious. The reason why folk stop spending when their debts accumulate is because they have nothing put by for a rainy day. And why not? The first reason is house prices. Most folk are paying an absurd proportion of their incomes to mortgage lenders. The second reason is taxation. Most folk also pay an absurd proportion of their salary to Government and local authorities. And even if some do have money to save, they earn a negative real rate of interest, thanks to Government’s deliberately driving down interest rates in ever more desperate attempts to revive a flagging economy whose problems are largely of Government’s own making.

There is nothing that says a nation has to have steady year-on-year growth. Any statistical series shows a succession of peaks and troughs. So why do we not simply resign ourselves to a period of so-called economic stagnation (I prefer the term consolidation)? Again, it’s the result of the cowboy handling of our economy, where Chancellors become dependent on “growth”, real or spurious, to generate additional tax revenue, preventing debts rising ever higher as they run one budget deficit after another.

The ultimate obscenity is having to listen to the likes of Ed Balls, denouncing deficit-reduction strategy, urging ever more borrowing, ever more debt – the very policies that he – in cahoots with Gordon Brown – pursued for 8 years that got us into our present mess.

It’s time we stopped referring to growth as invariably healthy, or contraction as if it were a symptom of disease. One can have pathological sickly “growth”, as with plants that are deprived of light, and one can have healthy contraction, as when shrubs are pruned back to sound wood.

Please DT, please UK media generally, spare us all your tacit nods of approval to the Mickey Mouse economics that continues to emanate from No11 and the BoE. Let’s get back to a sound money policy. One could start by condemning this QE madness… Recommended by 8 people
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crownarmourer
Today 07:38 AM
Well for once I had to give you a recommend for slamming them all equally. Recommended by 2 people
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newsjunkie
Today 08:02 AM
@crownarmourer

Q. Why are UK finance ministers called Chancellors?

A. Because any economic upturn occurring on their watch happens purely by Chance…

PS: thanks crown for the recommend. But thanks also to a software glitch, reported to Disqus but still not fixed, recommends to my own comments fail to show on my screen, whilst appearing on others’, or so I am told… Does anyone else have this problem? Recommended by 1 person
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happyboy
7 minutes ago
Dont forget, George may be Chancellor, but it is Dave Conman who is FIRST LORD OF THE TREASURY Recommended by 0 person
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right_writes
Today 08:19 AM
Just go to your disqus page to see those, if you really need to…. It would seem that what you are seeing is a deliberate move by the DT.

BTW: I gave you a ✔ too.

The debt based money system has a lot to answer for. Recommended by 2 people
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newsjunkie
Today 08:23 AM
Thanks right. Will do. Deliberate move by the DT? Why? Against everyone, or just a select few? Recommended by 1 person
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Bill Sticker
Today 06:36 AM
Daniel, if insanity is repeating the same ‘solution’ that hasn’t fixed the problem, then yes; the Bank of England are totally barking. As is the current administration of the UK. Frothingly so.

I’m thinking we in Canada ought to impose some form of quarantine on members of the EU and UK Governments, just in case their madness is contagious. Recommended by 9 people
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Mock The Left
Today 06:15 AM
So Dan, It begs the question really.

If BoE dictates Monetary policy apparently in an independent way (Snorts with laughter) and Brussels decides all of our laws. What exactly do we need the 650 odd muppets with their army of insufferable Sir Humphreys camped at SW1 for?

P45s all round I reckon? Recommended by 7 people
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HostileLogic
Today 04:57 AM

The Moneymasters (video, 3 hrs, 30 mins)

Yes, it’s a long video. Invest the time to watch and listen. It will be a very wise invstment of time. Recommended by 4 people
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vaselino
Today 04:54 AM
To Clement attlee, yes indeed they did in Oz, and most of it went into beer and poker machines. I know because I own a pub. Recommended by 1 person
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crownarmourer
Today 06:36 AM
Thereby stimulating the brewing and gambling industries very worth while in my mind. Recommended by 1 person
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THE BANK OF ROTHSCHILDS!

One response to “More money printing? My masters are you mad?

  1. RT A German minister said: The German bank is busy committing suicide….history repeating.

    http://blogs.telegraph.co.uk/news/danielhannan/100109371/more-money-printing-my-masters-are-you-mad/

    BILLIONS SENT BACK HOME VIA FOREIGN WORKERS- BILLIONS!

    HOW IS THAT SERVING BRITAINS ECONOMY- THEY BUY SOD ALL HERE- SEND MONEY HOME- MAKES THEIR HOMELAND RICHER AT OUR COST?

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