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Today’s announcement of quantitative easing¬† – lowering UK’s interest rates to 0.5% accompanied by the decision to print more money – is widely acknowledged to be a total untried gamble and an admission of failure of all previously announced rescue-the-economy¬†measures by the present UK government. It appears it’s the first time this is being tried in the UK, so we don’t know whether this will be successful or a total disaster.

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