Have central banks been breaking the law?
By GCRU Gold News on Wednesday, July 23 2014, 02:46 - Permalink
Like common brigands, central banks have been acting outside the law – their only real excuse being the supposedly higher purpose of economic necessity, a sort of Robin Hood-type operation where the ends justify the means, only with a slight flaw; by driving up the value of financial assets and real estate, QE further skews the distribution of wealth towards those with already large holdings of it. It robs from the poor and gives to the rich.
No central bank will admit the unpalatable truth – that it is backdoor monetisation of government debt – certainly illegal under European law and possibly English law, too.