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Hey, folks. Meet the economics 'genius' behind Jeremy Corbyn

I ain't Spartacus Gold badge

Your comment comes across as a bit of buzzword bingo - so I'm afraid you're going to have to say why you think Worstall's understanding of money mechanics is poor.

Worstall's understanding of the quantity theory of money and QE seems pretty mainstream to me. There's certainly plenty of debate about cause and effect though - I don't recall whether he's outed himself as a monetarist a Keynesian or somewhere in the middle.

But my understanding from studying economics, politics and history is that if you get large rises in the money supply you get inflation. The argument in economics is whether the rise in the money supply is the cause or the effect. If you print money, you raise the money supply. If you do it to buy things from foreigners then you get currency devaluation, leading to higher inflation and the need to either make cuts or the temptation to keep on printing, leading to a vicious inflationary cycle.

You can get away with it for a short while, or on a small scale. Particularly if no-one finds out. But not long term.

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