Professor Victoria Chick, Emeritus Professor of Economics at University College, London, a disciple of Keynes, true to his monetary policies, and whose advice and wisdom I lean on, has written in with some apposite comments. She writes:
” QE is not new, only the name is. It used to be called expansionary open market operations, and was routine.
“And why does the press refer to QE as printing money when the BoE does it – but not when banks do it – as they do every day? ”
She is incensed by the misleading media coverage of QE – and I assume she includes the Financial Times’ analysis in that.