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Wednesday, March 11, 2009

Feel free to copy, there is no copyright on an Anoneumouse montage. (click on image to enlarge)

Is quantative easing legal?

The Bill of Rights is quite clear: “That levying money for or to the use of the Crown by pretence of prerogative, without grant of Parliament, for longer time, or in other manner than the same is or shall be granted, is illegal”.

The English courts have held that a resolution of the executive or just one House of Parliament does not change the law.

Stockdale v. Hansard (1839), 9 A. & E. 1, and Bowles v. Bank of England (No. 2) [1913] 1 Ch. 57.
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