And what will it achieve for the ordinary person in the street? Nothing!
As the Governor of the Bank of England (BoE) Mervyn King says, the BoE will buy back government debt from banks who will then use the money as they please.
And that is the problem, the money will be gambled away in the financial casinos (formerly known as stock and derivative markets) or used to pay the fat cats their big bonuses for doing nothing more than acting as shabby old men in betting offices pissing their pennies away on the nags.
What does it mean for us? Actually, it is hard to say. The BoE won't be printing physical money but creating digital IOUs that banks can then trade digitally. But at some point, somebody is going to cash out those virtual chips and that will devalue the pound in your pocket.
You see the problem is us. And we thought it was just the greedy triumvirate of bankers looting the economy, corporations looting the environment and politicians looting the electorate. But no, it is we who are problem. We are so selfish with our savings and our reluctance to buy the latest piece of junk coming out of a container vessel from China.
We should know better. We slave for pennies but those pennies are not ours. We are supposed to spend them immediately so that bankers can take their cut and gamble it on red in the casino, so that corporations can rape Mother Earth for more resources to build junk we don't need and so politicians can tax us so they can increase their salaries and add to the House of Commons wine cellar.
I shall be spending as little as possible. Nobody is going to get rich from creaming off a cut from my transactions. I want the economy to fail. I want to start anew and I want to start it without the greedy triumvirate. So stop feeding the money junkies with your hard-earned cash for a better tomorrow.
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