“At 8:30 p.m. on 23 March 2020, then British Prime Minister Boris Johnson announced a stay-at-home order effective immediately, backed up by the subsequent regulation three days later. The stated aim was to “flatten the curve” of the rate of infections. So, he launched the slogan “Stay Home, Protect the NHS, Save Lives” and said that the lockdown would be reviewed every three weeks. This was unprecedented and came as a surprise to the public. But a week earlier, on March 17th, the Governor of the Bank of England, Andrew Bailey wrote to the chancellor Rishi Sunak outlining a similarly unprecedented measure, which would direct tens of billions of pounds directly to large corporations:
“The new Covid-19 Corporate Financing Facility (CCFF) will provide funding to businesses by purchasing commercial paper of up to one-year maturity, issued by firms making a material contribution to the UK economy. It will help businesses across a wide range of sectors to bridge across the economic disruption that is likely to be associated with Covid-19, supporting them in paying salaries, rents and suppliers, even while experiencing severe disruption to cashflows. The Bank will implement the facility on behalf of the Treasury and will put it into place as soon as possible.”
Continue reading “Evidence and theory for how monetary collapse has been made inevitable”
You must be logged in to post a comment.