Professor Michael Woodford of Columbia University says governments shouldn't create money and give it to the banks as quantitative easing.
He's coming round to the idea that leaving the banks in control of wealth creation was what got us into this mess.
QE is meant to keep borrowing costs down and make it easier for banks to lend. But since banks are also being required to rebuild their balance sheets, that isn't happening.
Woodford says QE should be used instead to "eliminate government debt on the bloated balance sheet of central banks". Quite right: central banks should write off their debt instead of paying the interest via "austerity". The first politician to take up this idea and make it work is going to be very popular indeed.
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