It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

UK desperation: controversial decision to create new money

page: 1
4

log in

join
share:

posted on Feb, 19 2009 @ 12:42 PM
link   
Read this to the end, it's a shocker.

(It takes up the whole front page of today's paper edition of this top mainstream broadsheet -)


The Bank of England is to start ‘printing’ new money for the first time in 30 years as it runs out of options to kick-start the economy. The Governor of the Bank of England will write to the Chancellor within days to get permission for the unprecedented action.

The Bank will create the money by buying government and corporate bonds from financial institutions for new supplies of sterling. Termed “quantitative easing”, it is the modern equivalent of printing money. It is designed to put more cash into the economy, creating more money for companies to spend and for banks to lend.

The move marks the most dramatic step taken yet by the Bank as it tries to stop the deepening recession turning into a slump...

...Critics have branded the action irresponsible and said it could stoke inflation and spark a run on the pound but the severity of the recession has driven the usually conservative central bank to throw caution to the wind...

Please visit the link provided for the complete story.


Check out the full article

Any serious economist will sit up & take note: clearly they are running out of options.

Who can miss the similarities with the measures being taken by the US Fed?

If you don't have time for the full article, here's a taster:


The Bank has never taken such a radical step to boost the money supply before but similar measures were used by Japan in the early 1990s and during the 1970s when the supply of sterling was increased. Critics argue that creating new money did not prevent Japan’s “lost decade” of stagnation.

The Bank has started a softening-up exercise to rebuff accusations that quantitative easing amounts to recklessly turning on the printing presses in a way that has driven countries such as Zimbabwe into hyperinflation.

Charles Bean, the deputy governor for monetary policy, said on Monday the aim was to boost the supply of money and credit to achieve the Bank’s 2 per cent inflation target and not to finance a government budget deficit as happens in corrupt regimes...


Really?!






[edit on 19/2/09 by pause4thought]




posted on Feb, 19 2009 @ 12:48 PM
link   
Can ye smell it?

It smells like desperation!



posted on Feb, 19 2009 @ 01:20 PM
link   
great.just great.




posted on Feb, 19 2009 @ 02:09 PM
link   
reply to post by pause4thought
 


On this subject...thought I would pass it on as LEAP 2020 (as we discussed in another post) predicted or worse ? collapse of 2008.

They have new info up on thier site...seamless integration with this post.
Must Read!!!!!
Click on the paragraph titiled :

GEAB N°32 is available! 4th quarter 2009 – Beginning of Phase 5 of the global systemic crisis: phase of global geopolitical dislocation


www.leap2020.eu...



posted on Feb, 19 2009 @ 02:30 PM
link   
reply to post by burntheships
 


Thanks for the reminder. The article provides a very succinct & straight-forward summary of the bigger picture.

Take this section, for example:


We had hoped that the decanting phase would give the world’s leaders the opportunity to draw the proper conclusions from the collapse of the global system prevailing since WWII.

Alas, at this stage, it is no longer possible to be optimistic in this regard (1). In the United States, as in Europe, China and Japan, leaders persist in reacting as if the global system has only fallen victim to some temporary breakdown, merely requiring loads of fuel (liquidities) and other ingredients (rate drops, repurchase of toxic assets, bailouts of semi-bankrupt industries,…) to reboot it.

In fact (and this is what LEAP/E2020 means ever since February 2006 using the expression « global systemic crisis”), the global system is simply out of order; a new one needs to be built instead of striving to save what can no longer be saved.


Of course this begs the question: what new system...

Incidentally, did you print out & the read the G20 Plans, (discussed here for anyone who hasn't come across this before)?

Hints of a single world currency seem to rise from every page you read.

...Which makes the current measures being taken by the Fed & the Bank of England appear nothing but an affort to bide time.

I hope I'm wrong.

I suppose the biggest question is: is this crisis management, or project management?



posted on Feb, 19 2009 @ 02:41 PM
link   
reply to post by pause4thought
 


It's Project Management of the Biggest Robbery in the History of the World,

nothing less!

Regards,

Horsegiver.



posted on Feb, 19 2009 @ 02:43 PM
link   

Originally posted by pause4thought
reply to post by burntheships
 


I suppose the biggest question is: is this crisis management, or project management?



Yes that is the big question...I am of the opinion that we are dealing with project mangement...I used to work for UBS...even back when they bought Paine Webberand yes thatUBS that is in the headlines today. Without saying anything more...I keep in touch.

We are talking Project Management for sure.

And yes...I did see the G20 info.

[edit on 19-2-2009 by burntheships]



posted on Feb, 19 2009 @ 02:44 PM
link   
I sure wasn't aware that England/GB
did not have or utilize a facility like the USAs M2 money supply


i also got a real charge out of the statement made here
(contained in the OP link)...

... Charles Bean, the deputy governor for monetary policy, said on Monday the aim was to boost the supply of money and credit to achieve the Bank’s 2 per cent inflation target and not to finance a government budget deficit as happens in corrupt regimes



the emphasis is mine !

iow, he's lambasting the USA tactics, during both the Bush & Obama (so far) regimes/administrations


Bully !



posted on Feb, 19 2009 @ 03:48 PM
link   
Since Brown sold half England's gold supply this is indeed very bad.

Inflation ahead...



new topics

top topics



 
4

log in

join