John Redwood
"I am less concerned about the immediate inflationary threat than I am about the debt threat. It is a strange idea that you can cure a crisis brought on by borrowing too much in the private sector, by borrowing too much in the public sector. The government has got away with its huge overborrowing so far by printing the money to raise the money for the borrowing. The Bank has decided to keep long term interest rates low,by printing money and buying government debt. At some point they have to stop doing this. Then we will discover what the true cost of government debt will be."
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