Inflation and Quantitative Easing

Dear Editors
I have read many of your economics publications and note that your explanation of inflation may be summarised as – the excess issue of an inconvertible paper currency. Now, I thought that this is exactly
what is being done (21st century style) with quantitative easing. However, in the Socialist Standard
January 2010 in the article ‘Financial Alchemy’ you appear to be saying that this is not happening and that quantitative easing will not result in inflation. Please could you clarify this point for me and for other readers.

GRAHAM WILDRIDGE (by email)