The Art of Inflation Newspeak
There is a lot of Newspeak and smoke screens to cover up the fact that some people think it is fair to be able to print money while others are not. How about this:
“Bank of England policy makers kept their stimulus program on hold as concern about dislocating inflation expectations overrode new freedoms given by a change to their remit.”
Translation: Too hard for me. Anyone?
This one is easier:
“The central bank today said its bond purchases aren’t intended to finance government spending, and emphasized the need for “a sustainable fiscal structure.” ”
Translation: “Let’s pretend the BoJ is not the printing house of the Japanese Government.”
” “If we are going to scare the horses, let’s scare them properly. Let’s go further and eliminate government debt on the bloated balance sheet of central banks,” he said. This could done with a flick of the fingers. The debt would vanish.”
Translation: “Let’s (keyboard) print but let’s hide it” or perhaps “Proper accounting are for vimps”.
Interesting times, and perhaps George Orwell would have agreed.
Bank of Japan Governor Haruhiko Kuroda began his campaign to end 15 years of deflation with a strengthened stimulus program that will see the central bank buy 7 trillion yen ($746 billion) of bonds a month.