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<p>[QUOTE=&quot;EWC3, post: 7857101, member: 93416&quot;]Many thanks - that is exactly my understanding too.&nbsp; And its troubling to me.</p><p><br /></p><p>Here are some further thoughts.&nbsp; Bishop Berkeley wrote &quot;The Querist&quot; in the 1730&#039;s - (it should be easy enough to find on line.)&nbsp; He was promoting a version of the money supply which he saw in China and wanted for Britain – it would have two components</p><p><br /></p><p>1) Low value base metal coins</p><p><br /></p><p>2) High value mortgage backed paper banknotes</p><p><br /></p><p>This seems to me to broadly resemble what the UK actually got over 200 years later in 1947, and in fact was spreading worldwide at around that time.</p><p><br /></p><p>He made one specific proviso – care must be taken to avoid bubbles in mortgage values.</p><p><br /></p><p>So something that was completely obvious to an 18th century clergyman somehow eluded most of the world’s banking elites in 2008.</p><p><br /></p><p>Personally – a decade on - if we want to understand the fundamental anti-democratic problem with QE - I think we can go back further still – to the things Juan de Mariana (1536–1624) said on the question</p><p><br /></p><p>“Does the king own his subjects goods?”</p><p><br /></p><p><a href="https://www.marketsandmorality.com/index.php/mandm/article/viewFile/550/541" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.marketsandmorality.com/index.php/mandm/article/viewFile/550/541" rel="nofollow">https://www.marketsandmorality.com/index.php/mandm/article/viewFile/550/541</a></p><p><br /></p><p>Anyhow – my general point is a rise in dangerous monetary practices over recent decades seems to be inversely proportional to a fall in critical inclination in the general population over the same period, as is frequently instanced on this group. Where I get tarred as a naughty boy while pointing out that professors of history (and archaeology) are frequently engaged in spreading political propaganda rather than objective analysis.</p><p><br /></p><p>Rob T[/QUOTE]</p><p><br /></p>

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