{"id":12010,"date":"2015-09-09T06:23:35","date_gmt":"2015-09-09T11:23:35","guid":{"rendered":"http:\/\/olduvai.ca\/?p=12010"},"modified":"2015-09-09T06:23:35","modified_gmt":"2015-09-09T11:23:35","slug":"quantitative-easing-for-people-the-uk-labour-frontrunners-controversial-proposal","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=12010","title":{"rendered":"Quantitative Easing for People: The UK Labour Frontrunner\u2019s Controversial Proposal"},"content":{"rendered":"<h3><a title=\"Quantitative Easing for People:  The UK Labour Frontrunner\u2019s Controversial\u00a0Proposal\" href=\"http:\/\/ellenbrown.com\/2015\/09\/02\/quantitative-easing-for-people-the-uk-labour-frontrunners-controversial-proposal\/\" rel=\"bookmark\">Quantitative Easing for People: The UK Labour Frontrunner\u2019s Controversial\u00a0Proposal<\/a><\/h3>\n<div class=\"postinfo\"><em>British MP Jeremy Corbyn has proposed a \u201cPeople\u2019s QE\u201d that has critics crying hyperinflation and supporters saying it\u2019s about time.<\/em><\/div>\n<div class=\"entry\">\n<p>Dark horse candidate Jeremy Corbyn, who is currently leading in the polls for UK Labour Party leadership, has included in his platform \u201cquantitative easing for people.\u201d He said in a July 22nd presentation:<\/p>\n<blockquote><p>The \u2018rebalancing\u2019 I have talked about here today means rebalancing away from finance towards the high-growth, sustainable sectors of the future. How do we do this? One option would be for the Bank of England to be given a new mandate to upgrade our economy to invest in new large scale housing, energy, transport and digital projects: Quantitative easing for people instead of banks.<\/p><\/blockquote>\n<p><a href=\"http:\/\/ftalphaville.ft.com\/2015\/08\/06\/2136475\/corbyns-peoples-qe-could-actually-be-a-decent-idea\/\">As his economic advisor Richard Murphy further explains it<\/a>:<\/p>\n<blockquote><p>People\u2019s quantitative easing is . . . a highly directed process where the debt that is . . . repurchased has been deliberately created and issued either by a green investment bank or by local authorities, health trusts and other such agencies for the specific purpose of funding new investment in the economy at the time when big business and financial markets are completely failing to deliver the scale of investment that is needed to get the UK working again and to restore our financial prosperity.<\/p><\/blockquote>\n<p><a href=\"http:\/\/positivemoney.org\/2015\/08\/peoples-qe-goes-mainstream\/\">According to the\u00a0<em>Positive Money<\/em>\u00a0group<\/a>:<\/p>\n<blockquote><p>Ideas in a similar vein have been advocated or at least suggested by notable economists including J M Keynes\u00a0<em>(1)<\/em>, Milton Friedman\u00a0<em>(2)<\/em>, Ben Bernanke\u00a0<em>(3)<\/em>, William Buiter\u00a0<em>(4)<\/em>\u00a0and Martin Wolf\u00a0<em>(5)<\/em>. \u00a0Most recently, Lord Adair Turner\u00a0<em>(6)<\/em>\u00a0has proposed similar ideas, highlighting that\u00a0<em>\u2018there are no technical reasons to reject this option\u2019<\/em>.<\/p><\/blockquote>\n<p>Perhaps, but critics have found plenty to criticize.\u00a0<a href=\"http:\/\/www.telegraph.co.uk\/finance\/bank-of-england\/11804324\/Jeremy-Corbyns-Peoples-QE-would-force-Britain-into-three-year-battle-with-the-EU.html\">Peter Spence writes<\/a>\u00a0in the UK Telegraph:<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quantitative Easing for People: The UK Labour Frontrunner\u2019s Controversial\u00a0Proposal British MP Jeremy Corbyn has proposed a \u201cPeople\u2019s QE\u201d that has critics crying hyperinflation and supporters saying it\u2019s about time. Dark horse candidate Jeremy Corbyn, who is currently leading in the polls for UK Labour Party leadership, has included in his platform \u201cquantitative easing for people.\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[56,6716,413,8453,661,662,820,8820,7693],"class_list":["post-12010","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-england","tag-ellen-brown","tag-hyperinflation","tag-jeremy-corbyn","tag-qe","tag-quantitative-easing","tag-uk","tag-uk-labour-party","tag-web-of-debt"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12010"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12010\/revisions"}],"predecessor-version":[{"id":12011,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12010\/revisions\/12011"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}