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Bank of England chief economist Andy Haldane appeared a lone voice of sanity in a world fanatically-religious Keynesian-esque worshippers.
Haldane now made the case for the "radical" option of supporting the economy with negative interest rates, and even suggested that cash could have to be abolished.
Andy Haldane, one of the Bank’s nine interest rate setters, made the case for the "radical" option of supporting the economy with negative interest rates, and even suggested that cash could have to be abolished
He said that the "the balance of risks to UK growth, and to UK inflation at the two-year horizon, is skewed squarely and significantly to the downside".
As a result, "there could be a need to loosen rather than tighten the monetary reins as a next step to support UK growth and return inflation to target".
Traditionally policymakers have resisted cutting rates below zero because when the returns on savings fall into negative territory, it encourages people to take their savings out of the bank and hoard them in cash.
NIRP - it would appear - is about to global.
So Haldane has gone from worrying that "financial markets were detaching themselves too materially from fundamentals" and fearing the "biggest risk to global financial stability right now it would be a disorderly reversion in the yields of government bonds globally," the BoE's chief economist has not only called for policies which will enable an even bigger bond bubble but will also remove freedom from the people to do what 'they' think is best with their capital. Indoctrination is complete (or more ominously, is there something Haldane sees that has driven him to this extremist perspective?)
originally posted by: seeker1963
originally posted by: infolurker
a reply to: seeker1963
Buy more food.
Already have a months supply. No need for more, because if things aren't wrapped up by then, I will have to mobilize which means travel lite!