British politician (born 1943)
PC MP (born 9 May 1943) is a former British politician, who was the for from 1997 until 2015, and from 2017 until 2019. He was the from 2010 to 2015. He has been called 'The Sage of Twickenham'.
From: Wikiquote (CC BY-SA 4.0)
Alternative Names:
John Vincent Cable
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Vincent Cable
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Sir John Vincent Cable
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Vincent "Vince" Cable
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I understand how angry people are on both sides. There are some angry Leavers and there are some very angry Remainers too, particularly young people who feel their future has been taken away from them on the basis of a very narrow majority, where a significant majority of the electorate did not vote and many young people did not get an opportunity to vote.
The big, looming, monetary issue is "quantitative easing": that is, printing money. What happens is that the government borrows from the Bank of England, not from the markets. It expands the money supply to keep the economy going and also to counter deflation without simultaneously increasing government debt. The attractions are obvious, as are the dangers. The Robert Mugabe school of economics provides a salutary warning about uncontrolled monetary expansion in generating hyper-inflation. The road to Harare is not as long as we might hope. Monetary easing may prove to be necessary but will have to be managed with great skill and care: Too little easing and the crisis drags on – as in Japan. If there is too much, the authorities face the messy task of mopping-up liquidity by issuing bonds which add to the burden of borrowing or else we lurch back from deflation to inflation. So interest rates may soon become yesterday's story.