Magazine
Latest Issue

The Great Money Mystery

The Bank of England has flooded our economy with £200bn of new money to help boost growth; now, the Fed is pumping in another $600bn to America's. But where is it? And who has benefited? Nobody seems to know

By Faisal Islam   November 2010

“Political Ravishment” by Gillray (1797): Prime Minister William Pitt loots the Bank of England by printing money to pay for a war

Many British schoolchildren will be familiar with the song “Magic Penny”: Hold it tight and you won’t have any Lend it, spend it, and you’ll have so many They’ll roll all over the floor

Though written by an American, its popularity in this country is unsurprising. It was here, after all, that David Hume and John Stuart Mill developed the quantity theory of money, the basis for modern monetarism. So it is entirely appropriate that Britain…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect