Britain Considers Taking Power of the Purse Back from Banks

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Anatole Karetsky of Reuters describes a 'truly historic speech' by a top British policymaker. Governments have been priming the economic pump indirectly with 'quantitative easing', through banks and bonds and investors. How much further would each dollar go if it were distributed directly to end-consumers? Wednesday night may have marked the “emperor’s new clothes” moment of the Great Recession, in which the world suddenly realizes it has been deluded by the bankers. The delusion the idea that nothing can be done to break the paralysis in the global economy and therefore that a 'new normal' of mass unemployment and declining living standards is inevitable for decades to come. It makes no sense for the real economy of bricks and steel and silicon to be held hostage to the paper economy of bonds and banknotes. With a little lubrication, we can all be productively working again.

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Stories about macroeconomics and monetary policy m... by Josh Mitteldorf on Saturday, Feb 9, 2013 at 4:59:38 PM