Back in August, the Bank of England claimed more quantitative easing was necessary for the sake of the economy. Detractors said that was just an excuse to offer more subsidy to a corporate cartel. Who do you think was right?
Yesterday, the Telegraph reported that corporate borrowing under the Bank's latest QE is far higher than expected. The Bank has bought £5 billion in corporate bonds in just three months.
So a few big corporations have taken advantage of ultra-cheap borrowing. What about the rest of us?
The Bank's Governor, Mark Carney, has taken credit for preventing the post-referendum slump that has never even looked like materialising. That's fantasy, to put it mildly.
There was no sign of a slowdown when he announced the measure, as I wrote at the time. It was based on nothing but Project Fear propaganda.
But QE and ultra-low interest rates do have long-term effects – and they're extremely damaging. Asset bubbles. Zombie banks. Too much credit. Too few savings.
A systematic transfer of wealth from the asset-poor to the asset-rich.
To manipulate the price of capital is to misallocate it. Central bankers may be hubristic enough to believe that they are managing the economy, but, in reality, they are merely stoking the next financial crisis.
When public bureaucrats set the price of capital – offering handouts to Big Business in the process – free-market capitalism has been seriously corroded.
Beating the corporate oligarchy requires breaking the monetary monopoly.
"A revolutionary text ... right up there with the Communist manifesto" - Dominic Lawson, Sunday Times
Printed by Douglas Carswell of 61 Station Road, Clacton-on-Sea, Essex