Today, I have released a new campaign page introducing my work on injustice in the financial system, including fighting unfair bonuses and the misery created by our systematically inflationary monetary system. You can find it here but, for example:
The UK money supply tripled between 1997 and 2010, widening wealth inequality, raising house prices out of the reach of young people and reorienting the economy towards the City, the South East and housing. Arguably, such an inflation will have destroyed real capital too. Sadly, this chronic inflation has been going on for 40 years since the Bretton Woods monetary system broke down.
The bust is now producing unemployment and hopelessness. The measures taken by the central banks and the Government, including ultra-low interest rates, quantitative easing and soon “credit easing” are creating further problems including increased disincentives to saving, atrocious terms on annuities for those about to retire and further distortions to the structure of the economy. And all the while the Bank of England’s QE programme is propping up bond prices to keep long term interest rates low, we risk a bursting of that bond market bubble and a further economic shock.