lets the cat out of the bag prints money to fund spending lord turner the departing chairman of the financial services authority has defended finance and government spending by printing money arguing that within limits it absolutely definitively does not lead to inflation i read a story and the telegraph that gave a history of governments that have resorted to printing money to stimulate growth didn't lead to inflation they had five years examples in four out of five examples it led to the higher hyperinflation with the exception being the us after world war two but of course they had the world reserve currency that just won world war two when there was a gold standard so you can't even include that in the examples but in the all the other examples it most definitely did lead to higher inflation and in some cases hyperinflation we already see it here in the u.k. the real inflation airs now just around eight percent for people who are shopping in the high street for food and energy not the two point seven percent that the government it really is sleeve reports so now we go to the nor

lets the cat out of the bag prints money to fund spending lord turner the departing chairman of the financial services authority has defended finance and government spending by printing money arguing that within limits it absolutely definitively does not lead to inflation i read a story and the telegraph that gave a history of governments that have resorted to printing money to stimulate growth didn't lead to inflation they had five of the good samples in four out of the five examples it led to the higher hyperinflation with the exception being the us after world war two but of course they had the world reserve currency that just won world war two and there was a gold standard so you can't even include that in the examples but in the all the other examples it most definitely did lead to higher inflation and in some cases hyperinflation we already see it here in the u.k. the real inflationary is now just around eight percent for people who are shopping in the high street for food and energy not the two point seven percent that the government it really is sleeve reports so now we go t

lets the cat out of the bag prints money to fund spending lord turner the departing chairman of the financial services authority has defended financing government spending by printing money arguing that within limits it absolutely definitively does not lead to inflation i read a story and the telegraph that gave a history of governments that have resorted to printing money to stimulate growth didn't lead to inflation they had five years examples in four out of the five examples it led to the higher hyperinflation with the exception being the us after world war two but of course they had the world reserve currency that just won world war two and there was a gold standard so you can't even include that in the examples but in the all the other examples it most definitely did lead to higher inflation and in some cases hyperinflation we already see it here in the u.k. the real inflationary is now just around eight percent for people who are shopping in the high street for food and energy not the two point seven percent that the government erode is sleep reports so now we go to the normal

actually not tied to anything having to do with the real economy and here we have a headline from lord adair turner who is the outgoing head of the financial services authority so here's one headline on that level lord ter lets the cat out of the bag prints money to fund spending lord turner the departing chairman of the financial services authority has defended finance and government spending by printing money arguing that within limits it absolutely definitively does not lead to inflation i read a story and the telegraph that gave a history of governments that have resorted to printing money to stimulate growth didn't lead to inflation they had five years examples in four out of five examples it led to the higher hyperinflation with the exception being the us after world war two but of course they had the world reserve currency that just won world war two and there was a gold standard so you can't even include that in the examples but in the all the other examples it most definitely did lead to higher inflation and in some cases hyperinflation we already see it here in the u.k. the real inflation

actually not tied to anything having to do with the real economy and here we have a headline from lord adair turner who is the outgoing head of the financial services authority so here's one headline on that level lord ter let the cat out of the bag prints money to fund spending lord turner the departing chairman of the financial services authority has defended financing government spending by printing money arguing that within limits it absolutely definitively does not lead to inflation i read a story and the telegraph that gave a history of governments that have resorted to printing money to stimulate growth didn't lead to inflation they had five years examples in four out of the five examples it led to the higher hyperinflation with the exception being the us after world war two but of course they had the world reserve currency that just won world war two and there was a gold standard so you can't even include that in the examples but in the all the other examples it most definitely did lead to higher inflation and in some cases hyperinflation we already see it here in the u.k. the real inflatio

for more we're joined by lord adair turner, chairman of the financial services authority and a member thanks so much for joining us. >> good morning. or good afternoon just in london. >> yes, absolutely. good afternoon to you. we really want to talk about all the news that you have created in the last week, because you're talking about helicopter money. that we should remove the taboo of monetization, just a lot more printing, am i oversimplifying it? >> only slightly. i mean, the idea that governments and central banks should not finance deficits with money is one of the great taboos in economics. one of the interesting things about it is if you go back to what milton friedman wrote in 1948 or what henry simons, one of the founding fathers of the chicago school wrote in 1936, they believed that it was the obvious thing to do to get economies out of a recession. and indeed, of course, it is precisely what ben bernanke suggested in 2003 in respect to the japanese economy. he said, look, you've been trying all these other mechanisms to get your economy out of a deflationary low growth s