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The Crime Known as Quantitative Easing » The Cobden Centre

Via The Cobden Centre, The Crime Known as Quantitative Easing, a superb article by Robert Sadler: Rather helpfully, on the Bank’s website there is an explanation of how Quantitative Easing was supposed to improve the economy.  Quite clearly, the Bank explains that they purchased British Government bonds (gilts) and high quality (investment grade) bonds from private sector companies (banks, pension funds, insurance companies and non-financial institutions).  The Bank’s concern was that there was too little money “circulating” in the economy.  Using this […]

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Five videos for a better-understood new year

Some of these videos are in a US context, but the concepts apply to the UK and Europe. (We’ll just have to raise the funds to have such things done in the UK…) On levels of debt: On the madness of QE and the current economic consensus: On the battle of economic ideas: What worked for the republic of Georgia: My presentation on honest money and the future of banking (follow the link for the slides):

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Mises on inflation and destructionism

In researching a piece on QE, I found this from Mises’ Socialism, which can stand alone for the moment. Here, by “inflation”, Mises means an increase in the money supply, which causes price rises. For Mises, “Destructionism” is the socialist strategy of tearing down the existing order in the hope that the socialist utopia will emerge. The work dates from 1932 and it tells us most of what we need to know today. Inflation is the last word in destructionism. […]

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FT.com / US & Canada – Fed moves towards monetary easing

Via the FT, we find Fed moves towards monetary easing. This would be a disaster. Related articles: The Cobden Centre: The Staggering Economic Errors Behind The Policy of Quantitive Easing and how QE harms the ordinary person: The violation of Mr Smith Stewart, The Cat is out of the Bag The Mises Institute: The Insolvency of the Fed – Philipp Bagus and The Fed’s Dilemma – Philipp Bagus – Mises Daily Mises, Inflationism Cobden Centre Blog: Jim Rickards: What’s So Wrong With Deflation? Books: Schiff, How an Economy Grows and […]

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New Labour and quantitative easing

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In the course of scheduling a series of articles for The Cobden Centre on the Theory of Money and Credit, I found this quote which seems apposite after our recent spell of “quantitative easing”, the injection of new money into the economy, also known in some circles as inflation of the money supply: A government always finds itself obliged to resort to inflationary measures when it cannot negotiate loans and dare not levy taxes, because it has reason to fear that […]

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Quite a week for The Cobden Centre

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With Dr Tim Evans joining the Cobden Centre as Chief Executive and after the publication of a number of substantial new Insight articles, it has been quite a week for The Cobden Centre. Today, Toby Baxendale has published a refutation of the mechanistic Quantity Theory of Money, the theory on which QE is based: The mainstream economists hold that the volume of money in circulation, times its velocity is equal to the prices of all goods and services added up. […]

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The Cobden Centre: What is money?

Writing for The Cobden Centre, I ask “What is money?“: In their working paper “Assessing UK money supply measures in the light of the credit crunch”, Toby Baxendale and Anthony J. Evans provide a better measure of the money supply. In this article, Steven Baker explores the background to the paper and indicates some key findings. Many people know the Bank of England is creating new money through quantitative easing but if the quantity of money is being increased, how […]

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FTSE 100: stock market has best month in more than six years – Telegraph

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Via FTSE 100: stock market has best month in more than six years – Telegraph: The stock market has enjoyed its best month in more than six years, boosting the savings of millions of investors and bringing hope that the worst of the recession may be over. The FTSE 100 index of leading shares climbed 8.5 per cent in July, adding £134 billion to the value of the stock market, its best monthly performance since the fall of Baghdad during […]

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