Friday, August 10, 2012

The Bank of England's latest Bleak Report

This week the Governor of the Bank of England Sir Mervyn King gave a thoroughly downbeat outlook for the UK economy. Having said of the financial crisis 'recovery' in June 'I don't think we are yet halfway through' this week the Bank of England's Inflation Report  is full of bleakness, lack of recovery, bafflement, strong headwinds, enormous uncertainty about the Euro area, low growth for quite a long time, Ques: Will the Funding for Lending Scheme work? Ans: Don't know. Bleakness and ever more bleakness.

It seem quite extraordinary that the top economists of our land can produce such a dismal report whilst Positive Money have produced one radical solution to our economic malaise that is nowhere considered by any of the mainstream media. Positive Money have clear ways of producing the safe supply of credit supply needed for sustainable growth.     

Full reserve banking: The money supply would be decided by the MPC according to democratic oversight and according to certain parameters. The Bank of England would be authorised to create the new money which would be debt-free....
Read the whole paper and become informed as to how we might have more hope that something could be done for the dire economic situation if only far-sighted politicians could overrule the banking establishment for once.
posted by Charles Bazlinton. Book: The Free Lunch- Fairness with Freedom

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