Why the Russian Oil Price Cap Won't Work

The 2020s appear to be a never-ending parade of global groupthink. The Russian Oil Price Cap is yet another stupid and self-destructive idea that should have been suffocated at birth. It cannot possibly achieve what its supporters claim, and it represents emotional value signalling from the Big Hug Club rather than any semblance of rational thought.

6 Dec 2022 05:45 +0000 · 6 min · NeilW

UK Employment Stats

The number of people in the UK without work that want it

15 Nov 2022 08:27 +0000 · 1 min · NeilW

Whole of Government Accounts: some juicy quotes

Once intra-government transactions are eliminated, QE represents an exchange of gilts (liabilities of the National Loans Fund) for central bank reserves (liabilities of the Bank of England)

28 Oct 2022 08:24 +0100 · 3 min · NeilW

Gilt issues considered harmful

The public debt markets add less value to national prosperity than their opportunity costs. A proper cost-benefit analysis would conclude that the market should be terminated.

28 Oct 2022 06:25 +0100 · 7 min · NeilW

How to fix the government's borrowing costs

The government borrows at a price of its choosing. Here’s how.

23 Oct 2022 08:12 +0100 · 2 min · NeilW

UK Sectoral Balances

Sectoral Financial Balances for the UK as a % of GDP, smoothed over a year

11 Oct 2022 13:42 +0100 · 1 min · NeilW

How Much Is Government Borrowing? A Critique

My favourite BBC article has been rewritten again and more inaccuracies added. Let’s go through them.

4 Oct 2022 12:22 +0100 · 5 min · NeilW

All Government Spending Is Borrowed, Every Day

When the HM Government buys anything, all the money to pay for it is automatically borrowed from the Bank of England, interest free and without limit

3 Oct 2022 07:07 +0100 · 3 min · NeilW

HM Treasury sets the price, not The Market

Today we discuss the errors of thinking in the article: ‘Trussonomics’ has put the PM on a collision course with the Bank of England

19 Sep 2022 14:52 +0100 · 4 min · NeilW

The Madness of Clowns

The failure of its leaders to understand how sovereign currencies work is now starting to cripple the West

3 Sep 2022 05:53 +0100 · 5 min · NeilW