From this morning’s Guardian on market reactions to the latest round of stimulus in Japan:

Central banks typically buy bonds and other assets in financial markets to generate growth and demand, but that would not be enough to ignite the global economy, investors warned. "Asset purchases will just increase liquidity, but there's already plenty of liquidity in the banking system. The problem is demand," the fund manager said. "It is not good enough to say we'll do everything we can, people are sceptical."

Too true they are.

And rightly so.

Without demand — and I mean deliberately managed demand aimed at specific goals such as greening the economy — another round of QE (quantitative easing) will not deliver the benefits the first rounds did.

But spend it into the economy on a Green New Deal and then see the benefits flow!

Even those in the markets are saying this now.

But Osborne sticks resolutely to the mantra that no one wants to lend to the state and state borrowing is squeezing the private sector out. He’s about as far removed from reality as it is possible to be.

And that’s why this is dogma driven — nothing else can explain it.It certainly is not rational. And yes — I do link this to right wing libertarian thinking that maintains the state must always be the wrong solution. Why else can he persist in a view that is so blatantly wrong?