ECB/BoE: Slippery money-printing river

The money-printing river has become more crowded. The Bank of England moved mid-stream on Thursday with the decision to buy another £50bn of UK government debt. On the same day, the European Central Bank dipped its toe in the water with a E60bn purchase, though carefully avoiding the slippery stones marked “government debt”. The BoE, like Macbeth, has gone in far and is keeping going. It’s too early to know whether the first £75bn in newly-printed money has worked. That money is buying governme...