Exploring the role of taxation in the UK’s monetary system, this article examines HMRC’s enforcement powers, and the physical limits of tax collection
UK Sectoral Balances
Sectoral Financial Balances for the UK as a % of GDP, smoothed over a year
The Hidden Power of Sovereign Wealth Funds
Sovereign wealth funds let states quietly wield currency power—disguised as prudent investment
Some Uncomfortable Truths About Banking
Understanding deposits, reserves, and capital reveals some uncomfortable truths
UK Employment Stats
The number of people in the UK without work that want it
The Loan Lock Paradox
The banking system throws up many surprises — one of them is how savers inadvertently trap borrowers
Time for a Change
After 30 years, a long-planned milestone has arrived
Zero Interest Rate Policy (ZIRP) Primer
Here’s an executive summary for a potential primer on ZIRP. I invite you to share any thoughts or suggestions on Discord if there are areas that need further detail or clarification
The Tyranny of Zero: How Nothing Controls Everything
How a simple numerical concept exerts outsized influence over institutional operations and economic thought.
Beyond the 'Bonanza': Unseen Dimensions of the De Grauwe/Ji Reserve Policies
A critique of De Grauwe and Ji’s analysis of the UK reserve system, highlighting aspects of the UK’s fiscal framework they have overlooked