Not good, not good. This article by Simon English is a sad reflection on professional business and economics journalism. As an extreme right wing (or even red-top!) polemic it’s brilliant – and brilliantly sickening. (I remember why I read the Independent.)
QE has caused a disproportionate effect on people with private pensions – ‘money purchase’ schemes. Middle aged now, as they approach and enter retirement they will be poorer. Why? Because gilts have fallen in value and the pension pot managers look to the future – rely on the long term. QE has kicked the rug from under them.
English’s impoverished argument is that ‘…effect of QE is to make…equities more attractive…”. So – the assets of the richest 10% of the population get richer – by 300 times more than the poorest! Who was QE designed to protect?
I just hope that the Government look closely at the B of E report. Then ask just which, if any, of their social policies has QE helped? Ordinary people matter more than corporates. Where has the money gone?
And back to Simon English. Please, Simon, analyse, be objective, fight bias; cheap shots and a green-eyed monster attitude belittle. Your predecessors worked damned hard for what they have.
Young people are great…Posted: August 25, 2012 in Posts on life and stuff
Tags: equities, Independent, pensions, QE, SARCOPHAGUS