Rick's b.log - entry 2012/09/12

Printing money has made us all £10,000 better off, says BoE

About two weeks ago, the BoE (Bank of England) came along to tell us that their measures of quantative easing (otherwise known as "printing a bunch on money") has - get this - made us all £10,000 better off.

You can stop laughing now.

Perhaps the bloke in the picture (the one who closely resembles a smug git) is better off. And the Tory cronies as well. However I'd like to hear Mr. Mervyn King explain how a pensioner in receipt of the Basic State Pension is now £10,000 better off when it is more than likely more than they'd expect to receive in a year? The Basic State Pension is £107.45/week which is £5587.40 a year (and divide by twelve, avg. £465.62/month). Yes, it is the laughing stock of Europe. Anyway, you can see there's no way a persion trying to survive (and I don't say "live", I say "survive") on five and a half grand a year is going to think "whee! I'm ten grand better off".

I think what the BoE means is its hardcore investers will rake in some extra millions and averaged across the population.....that's the thing, numbers are remarkably easy to fiddle to support practically any argument.

I heard a lovely quote that seems appropriate. I don't remember where, or who said it first, but I'll share it all the same:

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