Fair point. QE is one of those slippery and trojan terms. Perhaps I have not been careful enough when using it.

A bit more on this story here:

http://blogs.ft.com/gavyndavies/2012/10/14/will-central-banks-cancel-government-debt/?#axzz29Mdb5VE1

You have to register for ft blogs, but they are otherwise free access.

QE requires central banks to sell back into the market at a future point in time but the sheet scale of the money created means this can never happen in any meaningful way.

The MSM accept this lie, and that should surprise no one but when questioning the perceived wisdom of the ruling elite, it seems strange to accept a term specifically designed to disguise the truth.

http://rowans-blog.blogspot.co.uk/2012/10/why-we-should-have-absolutely-no.html

Kate ~

Regarding your point to Iceland upthread, here are 3-(relatively) recent mainstream articles to update you …

Icelandic Anger Brings Debt Forgiveness in Best Recovery Story
By Omar R. Valdimarsson – Feb 19, 2012 7:01 PM ET

==> http://www.bloomberg.com/news/2012-02-20/icelandic-anger-brings-record-debt-relief-in-best-crisis-recovery-story.html

===============================================

Iceland News
by Bara Kristinsdottir for The New York Times
Updated: April 24, 2012
===> http://topics.nytimes.com/top/news/international/countriesandterritories/iceland/index.html

===============================================

Iceland’s Economy Is Mending Amid Europe’s Malaise
By Sarah Lyall

While much of Europe is struggling to pull itself out of the recessionary swamp, Iceland’s economy is expected to grow by 2.4 percent this year.
July 08, 2012, Sunday
===> http://www.nytimes.com/2012/07/08/world/europe/icelands-economy-is-mending-amid-europes-malaise.html?ref=iceland&_r=0

Those were the days. We had a wonderful business for 30 years surrounded by wonderful people – maybe it doesn’t get any better than that. Must be thankful. We’re ok – under sunny skies and warm weather with no money. could be worse.

Here’s the link again:
http://www.amazon.com/Whats-Mayfair-Got-Recording-financial/dp/1449977731/ref=sr_1_1?s=books&ie=UTF8&qid=1350250082&sr=1-1&keywords=what%27s+mayfair+got+to+do+with+it

The relationship between small businesses and banks is fascinating. We could never have built our business without them, and there were some very good bankers involved in our early years. But somewhere in those 30 years they turned from being careful thoughtful and helpful people to predatory monsters and the whole culture turned toxic. Dreadful shame because there must have been thousands of good vibrant businesses like ours which got needlessly killed.

Strangely enough it wasn’t a bank which killed us – although one halved our overdraft overnight (because we were not using the full facility) and another charged us £97,500 penalty fees because of a paperwork mess which was their fault.

It was the accountants and lawyers that did us in the end. They are almost as bad if not worse than the banks.

Thanks backwardsrevolution for that. I’ll be reposting that to the Slog where quite a few ‘Libertarians’ hang out. Ruth Porter and Mark Littlewood at the Institute of Economic Affairs might get a copy too. I do like to stay in touch with them.

Sorry JB, but that’s nonsense. How can there be any correlation between the Conservatives and the Socialist Workers’ Party? They are quite obviously not all the ‘far left’. You’re talking of course about socialising losses but since when has that been about Socialism (that the means of production are held in common)? Socialising the banks’ losses has benefited only a tiny minority – which is exactly what I would expect Conservatives at the very top to do. The Left believes in equality, the Right believes in inequality. A bit simplistic but true. Our banking friends then are very much on the Right.