Who got the £375 billion?

SallyG

http://www.guardian.co.uk/business/2012/oct/10/quantitative-easing-inquiry-treasury-select-committee

"Leadsom said she was concerned that, because it was dominated by economists, the Bank of England had not got the best deal from spending the virtual new money, mostly on gilts, by allowing traders to raise prices ahead of its huge spending sprees, and putting some of the money into the hands of foreign banks – an issue the committee will specifically look at. Asking the bank to judge the effectiveness of the policy was "like asking Google to investigate their activities on the internet", said Leadsom.

Other concerns include the impact of low interest rates on savers and pensioners; that there is no evidence banks have used the money to lend to businesses; and that, compared to the early 1990s recession, unemployment and business start-ups and failures do not seem to be noticeably better as a result of QE, said Leadsom. The cost of "unwinding" the policy by reselling the gilts purchased was also prompting concern about who would bear the loss and future inflation."

JohnRo

Note the complete lack of concern about who is profiting from the billions of counterfeit electronic tokens the BoE invent, be absolutely sure of one thing though, the BoE pensioners won't be suffering.

* does anyone actually know exactly, as in properly audited, what it is the BoE are actually buying from the banks, at public expense, with their invented tokens anyway. Shouldn't that be "gilts" in quotation marks.

grey_gym_sock

JohnRo wrote: »

Shouldn't that be "gilts" in quotation marks.

far from it ... they are probably extracting the gilt from the edge of the securities they buy, and using it to replenish the BoE's gold reserves.

JohnRo

I read this the other week, it looks like the banksters are already making plans and lining up another golden pay day by engineering the next global financial collapse.

http://moneymorning.com/2012/09/17/banks-are-setting-us-up-again-this-time-the-fall-could-be-2-6-trillion-or-more/

grey_gym_sock

yes, it can happen again, because the banks have been bailed out but not reformed. which is a mistake, or would be if it wasn't deliberate.