Originally posted by Jeff Maginty
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Reply to: Inflation here we come
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Previously on "Inflation here we come"
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Originally posted by Jeff Maginty View PostCall me a thick 'effing kn0bhead, but...
...if they really believe they can just magic up billions of new £££ out of nothing with no negative consequences, then why don't they just add three extra zeros to everyone's income, savings & house price, so that the average wage becomes 26million instead of 26grand? That way the UK would become the richest country in the world overnight.
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What an appalling article.
Now assume the government switches to a nominal GDP target of 4.5%. The Bank would have to adopt a more expansionary monetary policy – perhaps by increasing the size or scope of its quantitative easing programme – in order to boost the value of economic output. Crucially, the split between inflation and real output would not matter: in theory the whole of the 4.5% increase in nominal GDP could be the result of higher prices.
If the BoE switched to a nominative target, i'd be seriously worried if there reaction to that would be to print a load more money. In fact, how on earth is the Bank of England supposed to increase the nominal GDP of the nation anyway? Obviously it's not going to switch to such a system as it would be exposed as being the completely pointless institution it is.
At least we'd be out of a triple dip recession though.
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Inflation here we come
Beaten to it by DP
My fault - please post replies here - http://forums.contractoruk.com/gener...-way-then.htmlLast edited by BrilloPad; 12 December 2012, 13:28.Tags: None
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