On Day One (that is, Wednesday of this week) the
Prime Minister of England, David Cameron, tells
us all that the government must try and pay all
its debts, particularly those left to it by the
previous Labour government. On Day Two (that is,
Thursday of this week) Chancellor George Osborne
says to Sir Mervyn King, Governor of the Bank of
England: "What about a bit of Quantitative
Easing?" The Governor replies: "Only too happy to
oblige. Here's another £75 billion".
What Sir Mervyn doesn't say explicitly, nor is
this ever suggested in the media, is his
follow-up: "But I'll want £75 billion of assets
by way of collateral. You can have the assets
back again when you repay me £75 billion -- plus
interest in the meantime, of course."
So we go deeper into debt. It would be a laugh if
it weren't a classic case of schizophrenia.
Keith
Keith Hudson, Saltford, England http://allisstatus.wordpress.com/2011/10/
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