Mervin King, director of the Bank of England, is pushing for a £50 billion money printing QE round, but is in the minority.
The fear is that it would spark off mass inflation, as £375 billion have already been printed since 2008 in QE.
Could we be heading for a tax-the-rich move instead?
If the eurozone economy improves fallowing any further moves such as in Cyprus, masses of people here will call on the Government to tax the rich here in Britain, but not the small savings.
Perhaps just those starting with ten million pounds in private assets.
In Britain, 1% of the population owns 25% of the financial wealth of the economy.
But 25%, me among them, own only 1% of the wealth.
Is this a "commonwealth"??? Nope!
So yes, we will need a tax on the wealth of the super rich, but by the time it happens, most European countries will have already introduced it, so the super rich will not be able to "transfer all our financial wealth abroad", as Barry has suggested, because if they did, it would be promptly confiscated!
Now that's what I call international collaboration!
Makes my day just to think of it!!
