1000 times more damage than Hitler could do
1942-1945: Operation Bernhard seeks to undermine the UK economy.
2009: Bank of England does likewise, but with 1000 times more money. And that’s just a couple of months: how far will they go with another year before an election?
Of course that figure of 1000 times neglects the devaluation of money in the meantime, and therefore grossly exaggerates the difference. But there’s a serious point: Germans in the 1940s remembered the devastation that printing money had brought to the Weimar Republic. In more recent times we’ve seen it only from afar, in Zimbabwe. While the Irish government pulled back from the brink with an austerity budget, we’re just plunging headlong forward from our budget for denial.
The irony now is that this is really no more (or little more) than a partial acknowledgement of inflation that has already happened. The inflation took the form of banks printing money in the form of mortgages, driving up property prices and transferring massive wealth from the highly-taxed productive economy to rich and low-taxed property owners.
Oh lookee, is it time to start saying I told you so?