QE at Work… Britons turn to food banks

24 Apr

Paul Krugman is thrilled!

More hard-up Britons turn to food banks

The Trust has launched food banks at a rate of three a week in recent months, and now operates 345 branches across the UK. Part of the rise in referrals can be attributed to the network’s rapid growth, but while food bank branches have risen by 76 per cent in a year, referrals have increased by 170 per cent. “It’s a more much intense use,” Mr Mould added. “The fundamental thing is that more and more people are living an increasingly precarious life financially.”

During the Great Depression, the desperation was graphically evident with long lines of families waiting for soup; in the new depression, the record levels of starving and needy are hidden by a blanket of EBT cards and direct transfers from government. The situation is no less terrible – no matter how hidden from view.

But hey – the Stock Market is up!…

FT, Zero Hedge, NBC

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