From Ethical Politics
Quantitative easing is a central bankers' euphemism for printing money. Since the financial collapse of 2008-2009, US, British, European and other central bankers have printed trillions worth of their currencies to try to pay off the mountains of debt accumulated by financial speculators in credit derivatives and other illusory financial products. These illusory financial gains and losses must simply be wiped off the slate. Printing money for this purpose just ends up sparking inflation.
There is nothing intrinsically wrong with printing money, as long as it is done constitutionally by democratic governments to support the creation of new productive assets, e.g., investing in creating new green energy-based economies. Thus, using models like the US Bank of North Dakota, which is owned by the state and issues bonds and loans for taxpayer-approved public works without charging interest, is the correct way to print money. But when such quantitative easing floods our un-reformed global casino, it immediately flows into the hands of speculators and today's unstable financial system.
- The Web of Debt, Ellen H. Brown, 2007.
Author: Hazel Henderson