“Quantitative easing”, i.e. literally the printing of money to increase the money supply and thereby to reflate the economy, seems the only policy left to the bourgeois in these times of severe economic crisis. Tax the rich, fight tax evasion, etc., is also popular among the reformist left today. But there is nothing new in all this. It has been tried before and it has failed. In 1978 Ted Grant answered the then left reformist wing of the Labour Party gathered around the journal Tribune, showing how none of these measures addressed the root cause of the problem.

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