In The Sunday Times today (22nd February 2009) we read of Mr. Brown’s intention to rubber stamp – “as part of a blitz of initiatives designed to save the banking system” measures including “Permission for the Bank of England to begin £100 billion of “quantitative easing” — in effect printing money — to encourage banks to resume lending.”
This is a marvelous idea, as long as all the new money printed is so radically different in design that it stands out a mile when it hits our wallets.
So, go on Gordon, print the stuff, print at least £100 billion of it, but print every note of it in vivid scarlet with a lovely funereal black border, decorated with illustrations of the Monopoly flat-iron, the scottie dog, the top hat, the old boot and (in a nod to current feeling towards politicians, banks and bankers) perhaps a nice roll of piano-wire.
That way, we’d all know which notes to stash into our mattresses and which red and black notes to use for our loan repayments; which notes to keep for our children’s future and which red and black notes to put by for them to pay their crippling tax bills; the bankers would also know which green, brown, purple or orange notes to issue themselves in loans or bonuses, wouldn’t they?
After all, it is “part of a blitz of initiatives designed to save the banking system”, isn’t it?