Inflation is a hidden tax on monetary assets. Be assured that any government is quite happy about it.
The BoE’s Mervyn King cites all kinds of reasons for the rise in inflation, except that he is mainly responsible for it, like all the other central banksters around the world, that have resorted to quantitative easing, also known as the nuclear option or printing money.
Yes, ‘The Mervy King’ ‘nuked’ the UK with quantitative easing:
Just exchange the Fed with the BoE and ‘THE BEN BERNANK’ with ‘THE MERVY KING’ and watch this:
Quantitative easing = printing money = creating money out of thin air = increasing the money supply = inflation = hidden tax on monetary assets = theft!
At least ‘The Mervy King’ apologized for destroying the people:
Wake up Britain! NOW!
Mervyn King is a criminal and an elite puppet.
– Shock rise in unemployment as workers hit by wage cuts (Telegraph):
Workers have been hit by an unexpected rise in unemployment and effective pay cuts as they face inflation at a two-year high and a weak economy, official figures show today.
• Those out of work and claiming unemployment benefits rose by 2,400 in January, against forecasts of a fall.
• Wages have fallen to a five-month low
• Wider measure of joblessness also rose
• Women claimants rose, while men fell
• Youth unemployment hit a fresh record of 965,000
• Highest number of vacancies since three months to Jan 2009
Wages have fallen to a five-month low, the Office for National Statistics said. Average weekly earnings stood at just 1.8pc in December 2010, down from 2.1pc the month before. Workers were typically paid £456 a week in total in December.
Unemployment also rose by 44,000 in the three months to December 2010 to reach 2.49m, the figures revealed. The claimant count grew unexpectedly by 2,400 between December and January, to reach 1.46m, the ONS said.
Mervyn King, the Governor of the Bank of England, insisted prices are being driven higher by “temporary” forces as the official inflation rate surged to double the target, increasing pressure to raise interest rates.
Mervyn King repeated his warning that the government’s measure of how fast prices are rising, the consumer prices index (CPI), could hit 5pc “over the next few months”, after figures showed it climbed 4pc in the year to January.
Nontheless, the UK’s foremost central banker said the Bank’s Monetary Policy Committee (MPC) thinks that trying to bring inflation back to the 2pc target quickly risks “undesirable volatility in output”. A hit to growth could even see the target undershot in the future, he said.
Mr King continued to blame the over-target inflation on “temporary effects”, citing the increase in VAT to 20pc at the start of the month, the fall in the pound and soaring commodity prices.