The Chancellor Jeremy Hunt has admitted for the first time that the massive money printing in the pandemic – more than in the whole previous decade – contributed to the current sky-high inflation.
Speaking at the Centre for Policy Studies fringe event at Conservative Party Conference this afternoon, Hunt explained that it is the impact of inflation on debt interest payments that means there can be no tax cuts. The Spectator‘s Kate Andrews has more.
As inflation tends to be a monetary phenomenon, it makes sense that quantitative easing had a direct impact on price spirals, and some are willing to point this out.
Former Chief Economist to the Bank Andy Haldane was warning about the effects of money-printing on prices back in June 2021, when the rate of inflation was just starting to rise. Former Bank Governor Mervyn King has been saying since last year that ‘too much money’ contributed to the inflation spiral. Economist Julian Jessop wrote on this topic for Coffee House last month, noting how the annual rate of inflation has roughly followed the growth rate of broad money. Yet it’s been in the interest of both ministers and central bankers to avoid addressing the role of money-printing directly: better for the crisis to be something they’ve been forced to respond to, rather than something they helped to cause.
But this afternoon Jeremy Hunt cautiously added his name to the list. Asked what he thought had contributed most to the inflation crisis – the war in Ukraine, money printing or a wage spiral – he said:
I hate ducking questions. I don’t think it’s quite as straightforward as ranking them one, two, three. I’d definitely put Russia’s war in Ukraine at the top of that list. I think that quantitative easing… I think it is reasonable to say we collectively underestimated the impact of that. Although in fairness to the Bank of England they did start to raise interest rates before everyone else.
Threadneedle Street did move first to raise rates, but once other central banks like the Federal Reserve followed suit, they did so faster and more aggressively than the Bank of England: a move which is now thought to have helped get America’s inflation rate down to almost half that of Britain’s. Indeed one of Hunt’s predecessors – and now boss – Rishi Sunak was well aware of the possibility that QE could trigger an inflation surge: long before Russia’s invasion, Chancellor Sunak was working to protect the U.K.’s finances from the prospect of even a small hike in the rate of inflation back in spring 2021.
Worth reading in full.
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Clown World. A fake flying virus, a scamdemic and 2 years later fired for having a brain. Why aren’t these unstabbed officers dead? I thought pedo-criminal-Biden promised a ‘winter of unvaxxed death’.
And of course the Rona Fascism was ‘legal’ and ‘necessary’ to save WA state from the terrifying IFR of 0.03%. The courts are useless, suborned, totalitarian. Laws don’t exist. Just state opinions and control.
a Supreme Court ruling that then-WA Police Commissioner Chris Dawson’s Covid vaccination directive was “valid and lawful” brought an end to the injunction in April
They will be back.
Yr point about opinions and control is right but it’s now rule of law by identity. So if yr a “far right” white male the law will be fully applied but less so if a leftist BLM/climate rioter.
Two years on and the overwhelming evidence – continuing to mount daily – confirms that the C1984 injections are beyond dangerous and were brewed, as I have stated many times, to maim, sterilise and kill. Ongoing investigations and research now confirm that not only are the C1984’s deadly so to is the mRNA platform they are built on.
The case outlined above is an absolute mockery of justice. If this wasn’t 2024 the correct descriptor would be ‘unbelievable.’
Thanks Freddy
The headline would be “murder”.
The unstabbed officers should have been promoted as they’re clearly far smarter than the average plod. Braver too, for defying a nonsense order. The Deputy Commissioner has clearly acted out of spite, along the lines of ‘I was numb enough to take the risk of the jab, why weren’t you?
Terrific
Another fabulous example of western democracy. As with anything the left will never willingly kill their sacred cow. Anyone who didn’t get the jab is a nazi just like ppl who deny the earth is boiling are also. Btw they don’t care about disease or the environment they are just useful props to achieve Marx 10 point manifesto which strangely all senior socialist operatives know by heart.
During the second World War the Nazi’s forcibly carried out health experiments on some prisoners. Draw your own conclusions as what our future holds unless we fight back.
Very Depressing , good men persecuted while people like Danazi Andrews gets an award for being a Tyrant , let’s hope they can appeal & the 50 Firemen should picket their headquarters !!
Chilling. Tyranny is now ‘valid and lawful’. even though there is proof that the untested vaccine was dangerous. Where do we go from here? Courts and judges are no longer to be trusted.
“There is no crueller tyranny than that which is perpetuated under the shield of law and in the name of justice” Baron de Montesquieu (1689-1755).
T’was ever thus …
And safety. Don’t forget safety.
Don’t forget Benjamin Franklin on Liberty. The Aussies with their ‘Tall Poppy’ syndrome has grown into something dark & nasty. It was a Prisoner & Prison guard country after all.
Can’t have police not agreeing with everything the system says and does, now can we? Imagine the chaos that would cause! He should be burned at the stake!
Our own Junior doctors need to wake up and add to their list of demands the right to refuse to take experimental jabs and the right to refuse to inject others with experimental jabs.
Before we get carried away with what everyone knows now about the jabs, it is my understanding that these policemen were fired for disobeying “a valid and lawful directive”. This therefore has nothing directly to do with the jabs and in a way is a much more harmful finding. As far as I can see, this case means that a Police Commissioner in Aus can now pretty much issue any directive s/he likes and it must be obeyed as long as it is done in a “valid and lawful” way. Maybe there is some wriggle room in the word “valid”, but not in “lawful”.
The Nuremberg “I was just following orders” defence just got a boost imo.
A valid and lawful directive maybe. The purpose behind the directive – to accept an untested medical product was NOT legally sound.
I would argue that the Nuremberg code is still sacrosanct.
.
Yet another reason to Abolish All Supreme Courts.
The sheer brass neck of them claiming to have “jurisdiction” over an individual’s own physical body! It’s just jaw-dropping madness.
In 1983 Stanislav Yevgrafovich Petrov was the duty officer at the command center for the Oko nuclear early-warning system when the system reported that a missile had been launched from the United States, followed by up to five more. Petrov judged the reports to be a false alarm.
His subsequent decision to disobey orders, against Soviet military protocol, is credited with having prevented an erroneous retaliatory nuclear attack on the United States and its NATO allies that would have resulted in a large-scale nuclear war.
It would appear that the old Soviet Union responded significantly better to Petrov than the current WA Police force and Union have done to the unvaccinated officers?
I always thought the Ozzies had the edge on us for common sense but no, they are even more stupid than I thought. Hoax vaccine and my daughter who is a lead skin cancer nurse refused to get jabbed but told me she’d sooner stack shelves in Aldi. She held out and recently got promoted.
One word…..France.
A very worrying development for the Australian people.