Merryn Somerset-Webb

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103 appearances 2 recordings 1 series first heard Dec 2013 last heard Jan 2014

Merryn Somerset-Webb’s voice in public audio — every appearance, attributed to the second.

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More or Less · Numbers of the year · 27 Dec 2013 podcast

So maybe he goes and he buys an equity.

The guy who had the equity now has the money.

He goes and buys something else.

You've injected money into the economy and people are shifting it from person to person to person to person, buying new assets.

And eventually it ends up all over the place.

So you can look at the price of prime housing across the world.

You can look at the price of classic cars, another thing that's going completely berserk.

And you can look at art prices.

And then, of course, you can look at stock markets, again, all going completely berserk for no obvious fundamental reason.

It's doing a bit of both, but more of the helping the rich, I think, at this point.

You have to remember that without QE, we probably would have had very severe deflation in the end.

And I think at this point, you'd be hard pushed to find anyone who would say that the first little bit of QE wasn't a good idea.

It prevented a deflationary collapse.

But I think at this point, almost everybody would say that QE is effectively now a fiscal policy in that it's a redistribution policy.

It's shifting money from the not so well off to the well off.

and therefore it's no longer a policy that central banks should be following.

I don't think they're ever going to stop.

I think once you've let a genie like this out of the bottle, how do you stop?

How do you stop?

When you stop, you have to accept that markets around the world will fall.

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