Don’t tell the boffins, but matter can be created after all. What’s more, doing so ensures that confidence will not be destroyed. The Slog offers a Dummies’ guide to the mathematics of conjuring something from nothing.
A couple of days ago, the Bank of England did nothing. I don’t mean that everyone turned up for work and played backgammon. I mean the Bank kept both the interest rate and QE programme level completely unchanged: the rate stayed at 0.5% (almost nothing in the first place) and the level at £375bn (untold riches to you and me, but the efficacy equivalent of trying to revive a dead rhino by fanning it with a stickleback).
So with everything at close to nothing, the Bank did nothing; and within 27 minutes, the FTSE had risen 0.1%.
A proposed future role for central banks
Extrapolate that market rise forward for a given day, and…
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