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)
Bonds
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.
How to fix the government's borrowing costs
The government borrows at a price of its choosing. Here’s how.
The Russian Rouble Get Out Clause
Since 2018 Russia has had an alternative payment clause in its Eurobond contracts that allows it to pay principal and interest in Roubles
The Only Bonds We Need Are Granny Bonds
There is no justification for paying public funds on government securities. Welfare payments should be democratically targetted, not market purchasable.