He seems to be coming out with economic nonsense about QE and other stuff. Thankfully, rather than having to write about it myself, Paul Cotterill (so many apologies I wrote Paul Sagar first time! What a wally!)has written a forthright post on LibCon (‘In setting out a line on economic policy which is absolutely out of the Tory mismanagement manual, Field is setting his face directly against the government’s electoral strategy’)
and Chris Dillow has added some technical education for Frank.
In this sense, the increase in central bank money has merely offset a decrease in private sector money creation. This is not inflationary, so much as a prevention of deflation. Now, this is not a Dillowesque eccentricity. It’s the conventional view.
(last night, even the Tory Ex Minister recognised that tripling Narrow money may do NOTHING to boost inflation. And look at today’s money figures. Work it out, Frank).