TELEGRAPH – BLOGS – NORMAN TEBBIT: Extract: … There is not much doubt that QE will help the economy to grow, but it will be at the expense of a further rise in inflation. That will cut the value of wages, but also reduce the value of savings and the burden of debts. Borrowers will be winners, and savers will be the mugs again. I am not sure that is either compassionate, or very modern. It is a cruel deception that has been played at the expense of the vulnerable too often in the past. – Norman Tebbit … Read the complete blog here » | Norman Tebbit | Friday, October 07, 2011
My comment:
Excellent blog, Mr. Tebbit. As a lifelong Conservative voter, I feel alienated by Mr. Cameron's version of Conservatism. I feel particularly alienated by his government's lack of concern for savers. I also feel very concerned about the Bank of England's propensity to print money whenever there's a problem. Turning on the printing press is no sound solution to anything. Haven't any of these people ever studied any economic history? Have they not heard of the disaster of hyperinflation in the Weimar Republic, caused in no small part by turning on the printing press?
I wish someone could tell me why this country has for many years paid such scant regard to saving and savers. It seems to me that in any sound, well-run economy, it is a great advantage to have a well-to-do, cushioned populace. For some inexplicable reason, successive governments in this country seem not to have thought so. The current government is no exception.
I thought that having a Conservative government again (albeit tempered by the LibDems) would usher in a period of economic sanity after the foolhardy years of Labour control, or lack of it. I have been sorely disappointed. – © Mark
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