The Fed pays no interest on its banknotes and only 0.25% on electronic money (that is, the deposits that commercial banks have with it).

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They lend some of it right back to the Federal Reserve, which pays them interest, remember, on the money that was just created out of nothing and given to the banks for no interest.

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The Fed has little or no influence on the velocity of money short of raising short-term interest rates to a level that causes an economic slowdown or recession.

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There will be no ceiling on how much of this low-interest-rate money banks can borrow from the Bank of England.

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With inflation predicted to rise in coming months and to remain above the BoE's 2 per cent target for much of the next two years, the committee's forecasts gave no hint of a resumption of the bank's quantitative easing programme, which creates money to buy assets, but also no sign of a rise in interest rates on the horizon.

CNN: SHARE THIS

It needs a constant process of negotiation, communication and mutual help: help that may involve (as Mr Clinton, for all his faults, has understood) the putting of money and manpower into places where, on the face of it, America has no interest.

ECONOMIST: America��s world

Currently, your money sits in a bank, collects no materially interest profits, and gas and food costs are on the rise.

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