The Bank of England or the Federal Reserve in the US, creates money by effectively issuing itself money, electronic money. The Central Bank then uses this money to buy what a bank calls assets i.e.debt in the market. In 2009, when the Bank of England carried out over £200 billion worth of QE, the BoE bought almost entirely Government securities i.e. debt of the Uk Government.
In this scenario there is one benefit and only one……. Read the rest of this entry »
I will not rest in my pleas to the Greek people to refuse categorically the pernicious austerity measures being implemented by their Government. Do not allow them to destroy generations of Greeks to save the bankers.
Some figures:
Greece joined the EU in 1981 and has spent at least $250 billion in defence spending since then. There debt is around $450bn. Remember that the German and French armament industry have done very well out of this as have their bankers who have lent Greece the money to gorge itself on missiles and such like. Greece is number 23 in the defence spending league!
I urge you to default on this debt! Say no to your Government now and make the Governments and bankers of the EU, the UK and the US face up to the consequences of their greed. Let’s cleanse ourselves and them in the process!
Markets have started to work out that debt can’t drive consumerism forever. The developed world is over-indebted, disparities between developed and developing countries and between rich and poor within those countries are more extreme than ever. When the poor have more debt than they can handle and the rich rely upon the masses to drive the economy then there is a problem!
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