BoE money printers are on fire BoE money printers are on fire
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  1. #1

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    Default BoE money printers are on fire

    Bank of England, facing COVID and Brexit, ramps up stimulus again | Reuters

    The BoE raised the size of its asset-purchase programme to 895 billion pounds , 50 billion pounds more than expected by most economists in a Reuters poll.

    The central bank said that would give it enough firepower to stretch its buying of government bonds through to the end of 2021.

    The bank cut its forecasts for Britain’s economy, which it now expects to exceed its size before the COVID-19 pandemic only in the first quarter of 2022. Previously, the BoE had expected the recovery be complete by the end of next year.

    “The outlook for the economy remains unusually uncertain,” the BoE said.
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    Does this mean ScooterScot was right all along??
    Vote Corbyn ! Save this country !

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    Such loose money will stoke the FTSE and house prices. So no basically.
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    Since the start of the year you pound in you pocket has only lost value. Meanwhile Bitcoin is up 38%.
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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    Quote Originally Posted by scooterscot View Post
    Meanwhile Bitcoin is up 38%.
    Only in fiat

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    Next step universal income please, you can't keep bailing out the asset rich haves and ignore those in genuine dire need.
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    Quote Originally Posted by BlueSharp View Post
    Next step universal income please, you can't keep bailing out the asset rich haves and ignore those in genuine dire need.
    The asset rich will become richer, but some money should be diverted to building poor houses and soup kitchens for the majority of the UK population.

    Maybe universal blankets for the homeless.
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    Quote Originally Posted by BlueSharp View Post
    Next step universal income please, you can't keep bailing out the asset rich haves and ignore those in genuine dire need.
    That's why we have the furlough scheme and the mortgage holiday scheme. Glad you agree now
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    Quote Originally Posted by scooterscot View Post
    Since the start of the year you pound in you pocket has only lost value. Meanwhile Bitcoin is up 38%.
    cash is only worth anything relative to something else.
    When inflation is low/stagnant, printing money makes more money but doesn't actually devalue it against real goods. So it's not lost as much value as has been printed.

    The bitcoin speculative bubble is isolated from that to some degree by the fact that it's not a currency that can be used in normal day to day transactions due to the astronomical charges.
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    Quote Originally Posted by Whorty View Post
    That's why we have the furlough scheme and the mortgage holiday scheme. Glad you agree now
    Only good if you have a mortgage or have a job. Plenty of zero hour, recent redundancies, asset poor now falling through the cracks who are in much more need then the overstretched middle classes.
    Last edited by BlueSharp; 5th November 2020 at 10:11.
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