Quantitative Easing Vs Sovereign Money Creation
In 2010 the UK government cancelled a program to rebuild 715 schools, because they’d run out of money. But at the same time the Bank of England had created £375 billion of new money through a program called Quantitative Easing. Instead of this money being spent on something useful, it was pumped into the financial markets, benefitting the richest 5% but doing almost nothing to create jobs and stable economic recovery. Sovereign Money Creation (SMC) is far more powerful at creating jobs and boosting the real economy. Every £1 of QE adds just 8p to the economy, while every £1 from SMC boosts GDP by £2.80.
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Quantitative Easing Vs Sovereign Money Creation