RBS misleads children
Mrs F&W picked up the Summer 2011 issue of
Pocket Money, a Royal Bank publication that seems to be aimed at children. Nothing wrong with that of course, but then we spotted this:
When the price of goods goes up over a period of time it's known as inflation.
That's true. Increasing prices
are now known as inflation. However, I prefer the original definition: inflation is an increase in the money supply, which (other things being equal)
leads to price rises.
Perhaps RBS does employ at least one person who gets this simple point.
Perhaps.
More worrying were the next two sentences:
When goods go up in price, it also gets more expensive to borrow money. A good time to save!
Well, perhaps in the good old days that would have been a good time to save. Not now! The political class is bailing out its banker friends by keeping interest rates below the rate of inflation and savers are being ripped off. Royally ripped off perhaps...
posted by David Farrer at 16:32
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