Here's what this really means:
- UK cannot tax in a depression but it has lots of new demands for spending.
- UK cannot borrow the money. The gilt market is broken. They don't say how but if they could use gilt debt (UK bonds) it they would use it.
- Some say it could be the first signs of Jim Rickard's Ice 9, the global monetary freeze.
- In order to get new currency to spend they will simply tax the holders of it.
- Article says the amount of printing will be "unlimited". So, they have no limit, carte blanche to spend whatever they want. Half it of will be thus stolen. There is never any accountability for spending in a crisis.
- But don't worry, it's just temporary. And Nixon said the gold window was closed temporarily too. Believe what you want, this is not temporary. This is now policy.
- The UK promises to repay this loan to Bank of England so they can retire some of the newly printed fake pounds. If you believe this you need to seek psych help.
- IF they could repay it they wouldn't have to borrow it in the first place.
- What cannot be repaid will not be repaid.
- They say this was extraordinary step. I say it was inevitable.
- They say they never saw this coming. Just one month ago they said would be very unlikely to have to do. When people never see it coming, exponents are at work. Time between events is reduced.
- "Tony Yates, senior adviser at Fathom Consulting and a former BoE official, said the move was “an indication of the extraordinary pressures on government”. He added, however, that UK monetary financing of government deficits was unlikely to turn Britain into Zimbabwe because, once the crisis was over, the UK’s capacity to raise taxes again remained intact."
- Like Joe Isuzu, this fucker is lying. The UK will become Zimbabwe because it is already Zimbabwe, just pre-hyperinflation Zimbabwe; Zimbabwe prior to the collapse. Even Zimbabwe said it was doing things just like every other country. We are all Zimbabwe. We all accepted Mammon Money as if it were real.
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