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.
The number of people in the UK without work that want it
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)
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.
The government borrows at a price of its choosing. Here’s how.
Sectoral Financial Balances for the UK as a % of GDP, smoothed over a year
My favourite BBC article has been rewritten again and more inaccuracies added. Let’s go through them.
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
Today we discuss the errors of thinking in the article: ‘Trussonomics’ has put the PM on a collision course with the Bank of England
The failure of its leaders to understand how sovereign currencies work is now starting to cripple the West