The electioneering has begun. In a campaign set to be dominated by economic issues, the Coalition and Labor are locking horns over who can best manage our finances, protect jobs and make housing more affordable. The Greens predictably decry the major parties, including their cavalier climate change policies.
The biggest barrier to the rational economic policies of Jeremy Corbyn, the socialist leader of the British labour Party, is the huge profits the super-rich are making from irrational ones.
The Bank of England has shelled out £375 billion in “quantitative easing” since the 2008 crash. It has, quite literally, created electronic money out of nowhere and used it to buy up financial assets held by the banks. The idea has been to pump “liquidity” — lendable money — into the economy.