Quote Originally Posted by BCram View Post
Since 2008 when Gordon Brown saved the financial sector with massive government injections of cash, interest rates have been very low, and much below trend rates. Some mumbo jumbo about Keynesian economics where governments were originally encouraged to borrow money to "invest" in infra-structure projects has been subverted to allow the financial sector to invest in stock markets around the world. The original idea of creating employment for manual workers who had money to spend in local shops and on local services has completely disappeared. Governments are bullying everyone because they are creating money. Needs a re-think IMO, but I would not go so far as to advocate state ownership or communism.
No-one battled an eyelid when Brown bailed out the banks. If it were covid he was dealing with, the right-wing press, the BBC and most especially the tories would be going mental at the sums being borrowed, even though the Bank of England has created it all by pushing a few buttons.