David McWilliams mentioned (15th November) that advisers to UK Labour leader Jeremy Corbyn and US presidential candidate Bernie Sanders had suggested at Kilkenomics that the ECB should switch its massive quantitative easing programme from buying financial assets to gifting cash directly to citizens.
If the ECB adopted this suggestion, about €60 billion of 'free' money could be distributed each month till late 2016 to all EU citizens at minimal cost via tax and social welfare credits. A tax-free gift of €1,400 per person would quickly transform Dr Draghi's problem into one of moderating growth and curtailing inflation.
Letter published in the Sunday Business Post on 22nd November 2015.
