PS_RalphW wrote:QE is not real money. It is simply a financial trick to increase the nominal value of assets owned by the rich without increasing resource consumption of the 99%. If Greece prints 200B and gives it to the 99% it would increase real consumption for as long as it takes for hyperinflation to kick in.
We have hit growth limits. Wealth is now a zero sum game, and the 1% are winning.
SourceImagine what could have been done with these enormous sums of money had they been used for directly creating jobs, or simply by giving it directly to working people, who would have gone out and spent it. Or by putting the money to productive use, such as rebuilding crumbling infrastructure.
Instead, what is planned is more austerity — that is, more punishment. The other component of the European Central Bank’s January 22 announcement is that favorite term, “structural adjustment.” A euphemism used by the World Bank and International Monetary Fund when ordering an end to job security and social safety nets as a condition for granting loans to developing countries, this is now being applied to the global North.
What's more, many bondholders don't reside in the Eurozone, so much of this QEandFU will add a zero or two to the bank accounts of faceless, foreign and very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very, very rich people.
