It’s a funny old world (#2) QE2; £75 billion “boost” for the economy!

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The casual hypocrisy of George Osborne:-

09/01/2009 – “QE is the last resort of desperate governments when all other policies have failed” – George Osborne in opposition

06/10/2011 – “QE is an appropriate tool” – George Osborne (reported on politics home)

Yes it is par for the course for politicians to lie and spout bollocks – this is a jolly good example.

Here is some sanity from my favourite BBC economics commentator, Stephanie Flanders,  who blogged  “Some say that QE is all a confidence trick – albeit, an important one. What, exactly, the Bank does is less important than the fact that it is seen to be doing something. The US comedian, Mitch Hedberg, had a line I reprised on the Today programme this morning: “My fake flowers died, because I forgot to pretend to water them.”

Which is slightly funnier but just as accurate as is my definition of Quantitative Easing espoused in meBook.

The sound of gentle weeping … etc.

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