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RIO DE JANEIRO, BRAZIL - Historically, this sort of thing was actually reserved for times of war. If governments were no longer able to finance their spending on the market, they would force the central bank into printing money for them.

As hyperinflation was the most frequent outcome, public monetary financing has since been officially taboo.

However, shortly before Easter, the British central bank unexpectedly announced that it would grant the government the option of withdrawing funds in any amount from its own bank. In doing so, it intends to ensure the functioning of the markets.

The Bank of England stresses . . .

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