Book Review: Rupal Patel and Jack Meaning, ‘Can’t we just print more money – Economics in ten simple questions’, Cornerstone Press, London, May 2022.
The Bank of England is the first central bank to carry out the set of functions which are today associated with a central bank. It is not the oldest, an honour which goes to the Riksbank established in 1668. After its establishment in 1694 as an issuer of currency and as a government bank, the Bank of England started adding functions over the years. It was only in the second half of the 19th century, when it became a lender of last resort, that the Bank of England came to be acknowledged and regarded as a central bank. Continue reading “Can’t we just print more money?”
In the October/November 2020 issue of Foreign Affairs, Carmen Reinhart of the World Bank and Vincent Reinhart, Chief Economist for BNY Mellon Asset Management, have this article on “The Pandemic Depression: The Global Economy Will Never Be the Same.” They cite various data to justify the expression. Bank of England had predicted the steepest decline for UK since 1706. The unemployment figures in the US are the worst since the Bureau of Labor Statistics has had data on it. The World Trade Organization estimated that global trade is poised to fall by between 13 and 32 percent in 2020. And the World Bank had predicted that the global economy would shrink by 5.2 per cent in 2020, and that 60 million people will be pushed into extreme poverty as a result of the pandemic. Continue reading ““Pandemic depression”: The way ahead”