In the last few days we've been told that The Bank of England's Quantitative Easing programme (QE), where the bank has shoveled more than £325bn into government loans by buying government bonds, has meant that the wealthy do 240 times better out of the process than the poor.
'With 2.5 million households in the poorest 10 per cent and the same number in the wealthiest 10 per cent, that means the richest households gained by an average of £350,000 each from quantitative easing, while the poorest benefited by an average of £1,400 – more than 240 times less.' (Independent 24 August.)
Meanwhile the IMF and its 'advisors' have been issuing reports all summer about the possible nasty effects of government austerity - where is Keynes when you need him? (Last report,'Today' 22 August.) Britain for example, that model of good housekeeping, has seen an annual value of £37bn per year wiped off the value of its economy since the Coalition's policy started. No wonder that the Bullendon boys have doubled George Brown's national debt from £525bn (2008) to £1039bn (2012.) (www.ukpublicspending.co.uk/uk_national_debt)
Greece's right wing leadership are asking its paymasters for more time. More time for what? More time to turn a disaster into a tragedy ('Greece does not need a breathing space; it has stopped breathing' - Yanis Varoufakis, Professor of economics at Athens University, 21 August 2012.)
These latest facts and responses to them are hints of a new stage in the crisis. We'll turn to than next.
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