A 賭事 to keep the genie in the 瓶／封じ込める
Mervyn King is making sure that if Britain does 崩壊（する） 支援する into 後退，不況 it will not be the Bank of England that gets the 非難する.
The 開始する，打ち上げる of a new £75billion programme of quantitative 緩和 is designed to 確実にする 利益／興味 率s remain low for the foreseeable 未来, cash machines do not 乾燥した，日照りの up and banks have plenty of mone y to lend.
Under the 計画（する）, the Bank of England, 効果的に prints new money. It uses its cash-rich balance sheet to buy British 政府 社債s or 負債 ? known as gilt-辛勝する／優位d 在庫／株 ? from 存在するing 支えるもの／所有者s.
Sir Mervyn King - 知事 of the bank of England is taking a 賭事 with his £75 billion 計画（する）.
Most of these 支えるもの／所有者s will be banks, 保険 companies and 年金 基金s. The Bank’s 購入（する）s in turn 許すs banks and companies to cash in on 投資s that will not 円熟した for five, ten or anything up to 30 years.
This new money can then be reinvested, or be used to make 貸付金s to 消費者s, big 会社／団体s and small 商売／仕事s. During the last 一連の会議、交渉／完成する of QE in 2009 some of the money held by 保険会社s and 年金 基金s was used to buy new 株 問題／発行するd by our biggest companies.
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This 許すd 会社／堅いs such as house 建設業者s and engineers to 強化する balance sheets and keep people in work.
The surprise is that the Bank of England has been so bold. The 規模 of its 操作／手術s is much larger than 財政上の markets had been 推定する／予想するing and the 介入 has come much sooner.?
Sir Mervyn and the Bank are 事実上の／代理 now rather than later because they 恐れる the prospects of 支えるing the 回復 could be killed by the より悪くするing 危機 and 不決断 in the eurozone.
It is the first time that the Bank of England has turned on the printing 圧力（をかける）s since Novem ber 2009, when in 協定 with Gordon Brown’s 政府, the Old Lady of Threadneedle Street 注ぐd £200billion into the economy.
A 最近の 熟考する／考慮する by 主要な 分析家s at the Bank 設立する that the programme worked during the 簡潔な／要約する 経済的な 回復 that took place in 2010.
It 追加するd between 1.5 per cent to 2 per cent to growth but at the cost of a 1.5 per cent 引き上げ（る） in 消費者 price インフレーション.
This 示唆するs, however, that printing more money can be as 効果的な in kick-starting 商売／仕事 as the 増加するd spending 存在 需要・要求するd by 労働 and the 貿易（する） unions.
America already has 乗る，着手するd on two major 一連の会議、交渉／完成するs of printing money, to keep its economy moving.?
The U.S. is also using a 一連の other 対策 ? 含むing credit 緩和 計画／陰謀s for companies (類似の to the one 提案するd by George Osborne earlier this week) ? to keep its economy moving.
賭事: like all 過激な 経済的な 政策s it comes at a cost, he biggest 危険 comes from higher インフレーション.
The technique was first tried by Japan in the 1990s and is 広範囲にわたって credited with helping it pull out of its １０年間 of 拒絶する／低下する.
But like all 過激な 経済的な 政策s it comes at a cost. If the banks choose to hoard the cash, rather than spend it, then the 利益 will never reach 世帯s and 商売／仕事s.
There is also the 恐れる banks will use the cheap money to 改善する their 利益（をあげる） 利ざやs rather than pass the 利益s on.
The biggest 危険, however, comes from higher インフレーション. All the 証拠 示唆するs that printing money on both 味方するs of the 大西洋 after the 2008 banking 危機 押し進めるd up 物価s as 投資家s preferred real 資産s ? 範囲ing from foodstuffs to gold? to 株, 社債s and other forms of saving.
QE2 will be harshest on those who have spent their lives saving. Not only does it keep 利益／興味 率s low ? the return on UK 政府 社債s fell to its lowest level in a century in 最新の 貿易（する）ing ? it also eats away at nest eggs eroded by インフレーション.
Pensioners are penalised because the gilt-辛勝する／優位d or 社債 利益／興味 率 is used by actuaries and 保険会社s to 始める，決める 退職 and 貯金 支払う／賃金-outs. When 公式の／役人 産する／生じるs or 利益／興味 率s 落ちる, as they are now, returns are punished.
Hard times call for 緊急 解答s. And with the 政府 決定するd to keep the 負債 genie in the 瓶／封じ込める by 辞退するing to engage in extra spending or 税金 削減（する）s it is to the Bank of England that the country must look for help.
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