Paul Krugman said in 2003…
“My prediction is that politicians will eventually be tempted to resolve the [fiscal] crisis the way irresponsible governments usually do: by printing money, both to pay current bills and to inflate away debt. And as that temptation becomes obvious, interest rates will soar.”
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Lord Lamont told ITV News…
“I think the PM is just human and Ed Balls is a pretty irritating person”
Unless of course that printed money is used to buy the instrument that defines interest rates! They are terribly clever….
I’m pretty certain that is the plan. Any bonds bought by QE are just canceled. No need to repay them.
Nick
They should try printing their own P45s.
fixed rate mortgage now?
Guido, that is not today’s quote, it is not yesterdays quote, it is not even this Financial Crisis quote. If it had been this financial crisis’s quote it would have said:
“The big policy news this week has been the Fed’s decision to buy $1 trillion of long-term bonds, going beyond the normal policy of buying only short-term debt. Good move ” Paul Krugman march 2009
here: http://krugman.blogs.nytimes.com/2009/03/20/fiscal-aspects-of-quantitative-easing-wonkish/
After attacking Will Straw for using old references you could at least stick to the same principle. A couple of world events have taken place since 2003 don’t you know.
Bit early in the morning Mr Fawkes. Hope 1 of the kids wasn’t sick in the night – if it was you tho – hee hee hee.
Krugman is a Keynesian fuckwit