Yes the report ‘asked the wrong people the wrong questions and got the wrong answers‘, but also, remarkably, included among its members Dido Harding, so what on earth could we expect?
The Guardian article is headlined ‘Bank of England ‘addicted’ to creating money, say peers’.
That set me thinking – what would a Bank of England look like that wasn’t ‘addicted’ to creating money?
Every single bank exists in order to create money out of thin air so if the Bank of England weren’t ‘addicted’ to money creation they would have no purpose.
And the profitability of commercial banks would be considerably curtailed.
As a first step to cutting out the bogus complexity and jargon inherent in the usual descriptions of the money system, surely a start would be to endeavour to lodge in people’s minds the simple fact that all Banks exist in order to create money out of thin air.