The Monetary Policy Committee is crowing that its existence, with an obligation to "maintain price stability", is the only thing standing between this country and the fate of Zimbabwe or of Weimar Germany.
Well, it has been 23 years since Tony Blair and Gordon Brown, only five days in office and having had nothing resembling it in their manifesto, did what no Conservative Government had ever done, and surrendered democratic political control over monetary policy. And in the last 23 years, how "stable" have prices remained?
The issuing of currency is an act of the State, which is literally the creator of all money. A sovereign state with its own free floating, fiat currency has as much of that currency as it chooses to issue to itself. The State also has the fiscal and monetary means to control inflation, means that therefore need to be under democratic political control in both cases. It is otherwise impossible to "maintain price stability".
Anneliese Dodds may blather on about "taxpayers' money" while Keir Starmer plots a full-scale Blairite restoration. But the Budget of March 2020 has ended the era that began with the Budget of December 1976. The Centre is the think tank for this new era. Please give generously.
The issuing of currency is an act of the State, which is literally the creator of all money. A sovereign state with its own free floating, fiat currency has as much of that currency as it chooses to issue to itself. The State also has the fiscal and monetary means to control inflation, means that therefore need to be under democratic political control in both cases. It is otherwise impossible to "maintain price stability".
Anneliese Dodds may blather on about "taxpayers' money" while Keir Starmer plots a full-scale Blairite restoration. But the Budget of March 2020 has ended the era that began with the Budget of December 1976. The Centre is the think tank for this new era. Please give generously.
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