Julian Cope presents Head Heritage

Why are our so-called leaders creating deflationary fears? As an excuse for grabbing monetary policy back off the Bank of England and nailing interest rates to the floor, while junking fiscal caution and borrowing in a fashion akin to that of a banana republic. Our historically ignorant politicians – and their pliable, time-serving technicians – have responded to the credit crunch by avoiding the real issues. Using "deflation" as an alibi, they've taken the line of least resistance. Now, in a final desperate throw of the dice, we're seeing "quantitative easing" – in other words, "printing money". How will this ridiculous policy help? Have we learnt nothing from Zimbabwe, Argentina or the Weimar Republic? The huge inflationary dangers of "QE" are obvious – in particular alongside massive government borrowing, a tumbling currency and repeated interest rate cuts.