GLOBAL MONEY: The Alchemists have taken over the laboratory

The Slog

Those whom the Gods would destroy, they first make mad.

Michael Saunders, the Chief UK economist at Citibank, was quoted by the Daily Telegraph this morning as saying that «the Government could use the accumulated profits from quantitative easing (QE) to finance a special temporary tax cut for a year or two”. When it comes to post Glass-Steagall bollocks, this one is a lulu that attended college in how to be an A1 extract of 100% pure and unadulterated testicles.

Listen up: here is the world according to Mr Saunders: according to official figures, the  profit by February 2013 from QE to the Bank is £20.7bn – more than enough to knock 2.5p off income tax for a year. But hark – hark and wait – the  real potential profit is even larger, as the QE programme has been extended by £50bn to £375bn since the official figures were compiled…

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