February 7, 2012  Print Email | UK government spends £2 billion by printing money
There’s £73 billion more to come
Posted by C Shanti at 06:38 PM GMT on Mar 11, 2009 | ALL THAT GLITTERS is not gold, but the Bank of England printed money today so it could buy up gilts.
The buzz phrase is “quantitative easing”, and it’s an attempt to bolster the ailing British economy, inspired by the Masters of the Universe called A. Darling and G. Brown.
We don’t have gold in the UK any more to back the paper, because Gordon Brown, when he was chancellor of the exchequer, sold off our gold to some country or other.
No one has the slightest idea whether this bale out plan will work. So-called “gilts” are guaranteed by a government. But as we all seem to now own so many banks as taxpayers, surely Gordon Brown could just get into a sulk and tell the banks what to do.
Rather than suck up to them, as he’s done ever since 1997 when a Labour Government landslide propelled Brown into a pole position. Luckily, it took a long time for Saint Tony Blair to step down, and now we have the unelected Brown to manage our finances, along with his amanuensis, Dear Prudence.
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