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this post was submitted on 17 Jul 2023
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Asklemmy
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Andrew Bailey, governer of the bank of England, actually has this super power and why inflation is running away in the UK. Turns out spawning lots of money has ramifications elsewhere. Can I argue the Bitcoin creator had this super power too? No, fair enough
A bit, yes, definitely, but that's been going on since 2008, and inflation is running away now because the energy generators got heavily on the iTs wArTimE bandwagon and saw that they were getting away with it. Other companies got in on the same act and corporate profits have never been so high, ever.
Quantitative Easing is why the stock market didn't crash early and often and the gap between rich and poor got much, much wider.
So the Bank of England in my view enabled crisis inflation a bit, but it was the energy generators that really pushed the economy into maximum fleece the little guy mode. Raising interest rates won't fix it because disposable income isn't the problem. It's rampant profiteering that's the problem.