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<p>[QUOTE=&quot;EWC3, post: 7842226, member: 93416&quot;]I am certainly no expert – but that is not my understanding of QE. My understanding is that the bonds are not being in the main being bought by “people” at all, central banks are essentially buying them from themselves.</p><p><br /></p><p>Back on Yahoo groups – I discussed the situation with Richard Werner – reputedly the guy who invented the term QE</p><p><br /></p><p><a href="https://www.bbc.co.uk/news/business-24614016" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.bbc.co.uk/news/business-24614016" rel="nofollow">https://www.bbc.co.uk/news/business-24614016</a></p><p><br /></p><p>Like Baker his fears were more for democracy itself. QE started in Japan and Werner’s analysis was that the Japanese central bank had become a secretive state within a state. I can probably dig out his papers on this if anyone wants to check. This seem to tally with what is happening in the UK. The Bank of England is now “independent” which if true means it is operated by “experts” under no democratic control. And the chief economist at the bank, Haldane, has already floated the idea of abolishing paper cash so that all currency is digital. Specifically so that BofE can directly apply a negative interest rate to it.</p><p><br /></p><p>That looks to me a lot like taxation without representation – which I would hope might ring a few bells in the US (or just one big one?)</p><p><br /></p><p>Anyhow – all that a bit of a digression – as the main thrust of my first mail concerned the way top history professors seem to re-writing economic history to meet contemporary economic fashions. Has anyone read eg Miskimin on seigniorage?</p><p><br /></p><p>Rob T[/QUOTE]</p><p><br /></p>

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