Now, look here, Mervyn, what load of nonsense is this?
Here is my government's banker proposing to print money!
Surely, money has to be
earned, not just
printed!
I could print money.
"I promise to pay the bearer b***** all," it would say.
I am no academic economist, but I derive from some earlier-received wisdom that such a strategy is a recipe for inflation. That would mean higher prices, increasingly widespread poverty and a devaluation of the odd pound in my pocket. I can put that pound in my bank (risky) or I can secrete it beneath my mattress. Wherever, it remains at risk of devaluation.
I have every sympathy with those who are threatened with redundancy, unemployment and repossession of their properties. I acknowledge my own good fortune in not being so threatened (yet.) Unfortunately, now we are witnessing the fruits of an overconfident, credit-orientated economic system which has come to disadvantage us all.
In youth my parents encouraged me to save. I did.
In adult life my bankers invited me to borrow. I did.
Now, in later years, my government implores me to spend.
I suppose I must!
What's your terminal bonus going to be, Mr. King?....
On top of all that, I learn that the Royal Mint (with my government's approval) is to abandon the image of
Britannia on our coins of the realm.
"Shame on you," I say, "How very dare you?!"I wonder: what does the Queen have to say about this?
Rule Britannia! (But mind where you're putting that trident!)
