Is it just me or does quantitative easing (QE) make little sense? I mean I can understand stimulating the death economy if that's your thing. But aren't plans like quantitative easing and direct bailouts merely further lining the pockets of the rich?
In the UK today they announced QE of 75 billion pounds. The idea as far as I can tell is to pump imaginary money into the death economy which will encourage the banks to start lending again. But is there any incentive for them to do so? Why don't they just take the money on offer and lend it to blue chippers (like oil and gas companies who are such a 'good' bet and put the death in death economy) or just sit on the cash and collect the interest?
That same interest and those profits then get channeled to their shareholders also known as the super rich.
To most of us plebs, this is exactly what is going on. Governments, in our name, are printing money to enrich the super rich. And then they cut services for all of us because they can't afford them. But don't worry! Some private company will offer those services back to you. You'll just have to pay this time. Maybe you'll need a loan.
It's nice to see people occupying Wall Street and making a stink. Some of them are even calling for a revolution. But it feels more like a party than a serious revolution. Lots of hacky sacks and beans. We need some tactics.
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