Ambrose Evans-Pritchard on QE:
Much of the money has leaked into asset booms, greatly enriching the “haves”, with a painfully slow trickle-down to the rest of society. A pervasive sense that the financial elites pulled a blinder – while austerity is for little people – explains in part why Mr Corbyn has suddenly stormed into the limelight…
…if we have to do QE again – and right now the US and the UK are preparing to tighten, so it is not imminent – it would surely be better to inject the money directly into the veins of the real economy.
Evans-Pritchard goes on to describe in detail how People’s QE could be managed to avoid inflation and to remedy low levels of investment. The New Economics Foundation has also produced a good primer on People’s QE.
This sober and well-informed analysis from The Telegraph is a welcome contrast to Jeremy Warner’s hysterical dismissal of Corbyn’s shadow chancellor as ‘a nutjob’, a charge which was then amended following complaints to become ‘a man from cloud cuckoo-land’.