I don’t think quantitative easing (QE) is fit for purpose. Never mind the weak correlations between money spent and grass-roots economic recovery, I’m struggling to see it as a cure for a viral epidemic.

What is its purpose? It may well have the effect of lowering interest rates, but I’m not convinced that alone will get economic growth going. Something else is required: confidence. Confidence in the real economy. Confidence of ordinary people, not financial market wizards...

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