Nothing, and I mean nothing, will ever convince me that printing money is the solution to our problems. There is absolutely no guarantee that the £75 billion quantitative easing will improve liquidity in the economy, and the big danger is that in the long term it could lead to an inflationary problem. No one has ever shown, to my knowledge, any instance where printing money has led to anything but a worsening economic situation. You can bet your bottom Deutschemark that the Germans will do all they can to prevent the European Central Bank from following suit. And they have very good reason.
What we are experiencing is Mugabanomics. And it can only end in tears.
The way to get confidence back into our economy is not to print money, but to encourage the return of sound money. This move has delayed that by a very long term. I'm horrified that Conservative politicians haven't spoken out against this potentially disastrous move. In fact, no one has. It's about time someone did.
UPDATE: A political friend of mine rang me this morning and defined quantitative easing as "what Nicholas Soames does at 7am each morning". Best not to think about it too much.