Just a few weeks ago it would have been inconceivable, and considered bad practice, for us to be borrowing as a country at 10%, more than twenty times our national base rate. It would have been inconceivable, and considered bad practice, for interest rates to be at 0.5% providing no incentive for people to deposit money in banks that need to be better financed. And it certainly would be inconceivable, and considered bad practice, for the Bank of England to be printing £75billion of new money to buy questionable assets.
To make printing of money more palatable it is given a fancy name - quantitative easing! Sounds okay, means little to most people, but if we get this wrong the risks to every single one of us are massive.
If the additional money in our economy is too much, or the assets it buys prove to be worthless, we risk massive devaluation of Sterling on the international money markets, which in turn could lead to hyper inflation. Imagine the difficulties ordinary families would face in the midst of a recession if the cost of goods starts to shoot up because we import so much and our currency devalues every day. That is the threat posed by quantitative easing if it goes wrong in any way and yet no one is talking about this and warning the public of the risks Labour are taking with their way of life.
The United Kingdom is no Zimbabwe and yet that is exactly what Labour are turning us into, minus land grabs and police brutality. Labour are taking huge risks in the hope of saving their own political skins and what they are doing to us all is delivering an economic policy that is simply too risky and irresponsible to make any sort of sense.