Quantitative Easing - the beginning of the end

Telegraph
"Think of it rather like an extra invisible interest rate cut. Indeed some economists estimate that the effective interest rate, when QE is borne in mind, is actually around minus 2pc .....But – and it’s a big but – this clearly is something of a watershed moment, inasmuch as the Bank has now gone from talking about an “exit strategy” to actually getting closer to carrying one out."
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Comment: "Quantitative Easing" is devaluation in all but name.