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Bank Governor Mervyn King defeated in bid to print even more money

Posted By admin On August 19, 2009 @ 3:09 am In Money Watch | Comments Disabled

UK Daily Mail [1]
Wednesday, August 19, 2009

Bank of England Governor Mervyn King wanted to pump even more money into the economy ahead of this month’s shock decision to boost money supply by £50 billion, it was revealed today.

The Governor was one of three policymakers who were keen to increase the Bank’s so-called Quantitative Easing (QE) programme by £75 billion – to £200 billion, according to minutes of the monthly meeting.

The decision to instead increase QE by £50 billion was passed after six members voted in favour, but Mr King and the dissenters argued that there was less harm in boosting money supply by too much than there would be by too little.

Today’s minutes also revealed the Bank’s Monetary Policy Committee was unanimous in voting to keep interest rates at their historic low of 0.5%.

Mr King and the two MPC colleagues who preferred a £75 billion expansion – David Miles and Tim Besley – said they believed there were fewer risks in such a move.

Full article here [1]

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URLs in this post:

[1] UK Daily Mail: http://www.dailymail.co.uk/news/article-1207609/Bank-Governor-King-defeated-attempt-pump-money-economy.html

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] Bank of England Chief Mervyn King Proposes Eliminating Fractional Reserve Banking: http://www.prisonplanet.com/bank-of-england-chief-mervyn-king-proposes-eliminating-fractional-reserve-banking.html

[4] Crunch far from over, warns Bank of England chief Mervyn King: http://www.prisonplanet.com/crunch-far-from-over-warns-bank-of-england-chief-mervyn-king.html

[5] Bank’s King says two banks almost collapsed last Oct: http://www.prisonplanet.com/banks-king-says-two-banks-almost-collapsed-last-oct.html

[6] The IMF Can Print Money Like a Central Bank: http://www.prisonplanet.com/the-imf-can-print-money-like-a-central-bank.html

[7] Accelerating Deposit Flight In Ireland Forces Irish Central Bank To Print Money Independent Of ECB: http://www.prisonplanet.com/accelerating-deposit-flight-in-ireland-forces-irish-central-bank-to-print-money-independent-of-ecb.html

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