Mervyn King has turned our leaders into zombie puppets

[joebloggs]

It must be the biggest confidence trick of all time. It is a cheat, a scam, a fiddle, a bankers' ramp, a revenge of big money against an ungrateful world.

http://www.guardian.co.uk/commentisf...quidity-crisis

[RickyR]

Q.E. is just one big confidence trick, and eventually the trick is exposed for what it really is.

[CBM]

Looking at this another way, if QE consists of the Bank of England buying illiquid securities from the banks, what are those illiquid securities?

One assumes that they are gilts, of course, because gilts are the only things that the Bank can buy without a thought for its own balance sheet.

So the Bank of England is printing money to buy chunks of the National Debt with.

Seems fair enough, but if gilts are illiquid that means that the commercial banks are in very bad shape, being unable to buy them themselves.