…if Britain does opt for some form of “fiscal QE” in due course, for example via the monetisation of an infrastructure stimulus, there would be a certain irony. This is because the politician who first proposed such a policy in the British political context was widely ridiculed for his efforts at the time. GREED & fear refers to Labour Party leader Jeremy Corbyn’s championing of “People’s QE” in his successful campaign to become Labour leader last year.
Corbyn remains a figure of derision amongst the establishment commentariat even though GREED & fear read this week that he is still the favourite to win the forthcoming leadership contest in September where only party members can vote. GREED & fear wishes Corbyn well. GREED & fear has a soft spot for him because he actually believes in something, even though most of his beliefs are the opposite of GREED & fear’s. But the interesting point to note is that the Davos mob is now on the point of embracing the sort of policies which only last year Corbyn was being ridiculed for suggesting (i.e. “People’s QEs”).
That was from Christopher Wood of CLSA in his latest ‘Greed & fear’ missive dated July 21, 2016. It is this ability to state the politically incorrect stuff that makes Chris Wood an interesting read.
This paragraph reminded me of what I wrote in MINT two weeks earlier, on Bernie Sanders:
One could have made a case for Bernie Sanders. Regardless of whether one agreed with him, at least he stood for something. [Link]