England Joins US in Mad Rush to Print Money

BOE Undermines Economy With More Money Printing

Friday, October 07, 2011 – by Staff Report

More money printing? My masters are you mad? ... 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? According to the BBC's logic, it would surely make us the wealthiest nation on Earth. – Daniel Hannan, UK Telegraph
Dominant Social Theme: Let the printing presses roll. It must be done.
Free-Market Analysis: Daniel Hannan is one of the good guys in the increasingly surreal world of modern politics and economics. Like only a handful of other British politicians, he's made a career out of explaining the ludicrousness of modern socioeconomic (Keynesian) policies. In this column, excerpted above, he complains once again and quite emphatically about the insanity of "pump priming."
In fact, like everything else the modern state does (at the behest of the Anglosphere power elite), quantitative easing, pump-priming, economic "support" (call it what you will) generates over time the effect opposite to the ones claimed for it by its backers.
It debases currency, causes savers to lose what they have and props up businesses that need to shut down. It prolongs recessions and can create depressions. But you won't read about that in most of the mainstream press. To its credit, the UK Telegraph runs more "alternative" commentary than most, which runs almost none at all.
The Daily Bell staff

Note: The Daily Bell follows the teaching of Ludwig von Mises, founder of the Austrian version of economics. In the 1930's, they advised the Depression Era nations to balance budgets and to pursue monetary restraint. By these policies they avoided the rampant inflation and banking excesses that had led to the market crash of 1929.

They could not combat the basic cause of the Great Depression, which was the worldwide failure of aggregate demand. {The economies took until 1933 to reach the bottom where they remained until the beginning of World War II.]

John Maynard Keynes emphasized fiscal policies to promote the demand for goods and services. These worked to soften the blows on consumers by increased production and jobs. Even so, full recovery awaited WWII.