You can find my interview starting at 5:00:00. I gave a talk to Legatum setting out the need for change at the Bank of England. I highlighted their wrong models, poor forecasting of inflation, excessive money creation and their more recent wrongly conceived Quantitative tightening. They have taken over fiscal policy with their huge cash demands on taxpayers to pay their losses.
May 22, 2024
Well said Sir John.
Losses of Ā£179 Billion or Ā£7,000 per household. Still far cheaper than net zero which is at least 10 times more than this figure (with zero in fact negative benefits) and the totally misguided Covid policies (lock downs, net harm vaccines…) We are clearly run by crooks, morons indeed by both.
An excellent video by Dr John Campbell on the many parallels between the Blood Contamination Scandal and the Covid vaccines scandal will we have to wait 40 years for this one too. Also see the Joe Rogan Malhotra interview. The vaccine scandal is far larger plus in this case the younger “patients” and those who had had Covid already never even need a vaccine. This even had they been safe and effective. They were not remotely safe or effective as is now very clear indeed.
May 22, 2024
EV cars have a pedestrian casualty rate of 5.16 per 100 million miles driven, more than twice as high petrol or diesel cars. Presumably due to them not being heard, often rapid acceleration and heavier so poorer breaking distances. The first is easy to solve with a Ā£10 loudspeaker noise generator law. So how many will die or be injured before we get this?
Did I mention they increase CO2 compared to keeping you old car anyway? Not that a bit more CO2 is a negative anyway.
May 22, 2024
Also they tend to be used mainly city cars where there are more pedestrians and cyclists. Also mainly wealthy virtue signalling dopes who buy them. Perhaps they are less safe drivers too.
Would be assassins will just have to disable to noise generators I suppose.
May 22, 2024
Ban them.
May 22, 2024
Excellent summary. The NHS has again failed the nation at huge cost over the blood issue. Who will be held to account, will NHS have the money taken from the trusts who were responsible, Will Ken Clarke loose his title? Sunak says the victims will be paidā¦. Clearly this is not the answer or solution to stop another NHS scandal. It lost Ā£30 billion over a failed computer system, Ā£30 odd billion to test and trace and Osborneās mate lost Ā£11 million for a NHS app, his qualification for the app being Osborneās mate, what could go wrong! Loads of money as Harry Enfield would say. Just keep shovelling NHS loads of money. Top quartile for funding bottom quartile for outcomes, hhmmmm I would think someone in govt. ought to have been having a word in the CEOs ear or sacking her and her useless quota board!
NHS Productivity JR?
May 22, 2024
+1
May 22, 2024
Yesterday our ghastly hybrid let us down again ( flat battery!š)
With a feeling of taking my life in my hands I got the bus home while husband waited for breakdown āserviceā.
A truly āTwilight Zoneā experience for me. Not jolly, not friendly, not nice.
And this time in the daylight at school āhome timeā so all was visible in the place I once knew.
I always hated itā¦but Dear Godā¦look now!
We have lost so much more than just money.
They have created a hostile world for us.
Overcrowded with new, shoe-horned-in slums.
Yes, squeezed onto those grassy spaces that boasted the ānewā bright lives of the 1950s and 60s ( for the dragged-out-of-slums poor)
But thenā¦we are so bloody TOLERANTā¦or stupidā¦or drugged ( now that would work!) š¤
May 22, 2024
+1
May 22, 2024
The World has, after all, had several ice ages with CO2 levels at over 15 times the current & rather low in historical terms 0.04% level.
May 22, 2024
…but there’s has only ever been one period in time when our society went woke
May 22, 2024
The BoE (treasury scantioned) losses are so mind-boggling, its almost unbelieveable
May 22, 2024
Sunak. āI will stop the boatsā
The cumulative number of arrivals by small boats in 2024 is now circa 10,000 so far this year. 41% higher than at this point in 2023. Now backtracking on restricting graduate entry too.
āI have cut taxes, will repay the debt and reduce NHS waiting listsā
No Sunak they are still rising Sunak very significantly.
āThe Covid Vaccine are unequivocally safe.ā
Alas the statistics do not remotely show they were/are safe nor even were they effective. Plus they were never even required by most people even had they been so.
So is he going to sign the evil WHO treaty too – I assume so.
May 22, 2024
When you and a few mature and experienced economist can identify the fault lines in the Bank of England, Treasury, and Office of Budget Responsibility, why do the government fail to do so. They only have to listen too you. These three organisations are suposedly the lubricant of a thriving and entrepreneurial UK, but in reality they are a damp cloth. For far too many years they have been allowed to waterboard the economy. This poses yet another question. What is their political and financial purpose in doing so. What phylosophy has captured them. As with the application of law, why are they left to follow their own script outside the democratic control of Parliament. The sanction of removal is missing, as it is with so many malign influences on our governance.
What are the provisions for compartmentalising our national debt, as previously done with war debt. Doing so over the next 75 years would allow us a less onerous annual payback and inflation to reduce its significance. Covid was effectively a war. It would remove the mental pressure of being a debtor and allow more positive business and tax decisions, providing government spending was kept in check. We need an office of red flag wavers against government spending led by the Taxpayers Alliance. Taxpayers always pick up the tab.
May 22, 2024
āwhy do the government fail to do soā. They surely deliberately do so as this suits their big state agenda and personal interests.
May 22, 2024
So Oliver Dowden wants us all to prepare for emergencies such as flooding, fires and power cuts can affect us all. There are simple and effective steps you can take to be more prepared. Tins of food a bottle opener, wind up radio and bottles of water it seems. Not sure I would want to drink bottled water when it was a many years old when any emergency finally arrives!
Well I suppose this government is planning to cause all these emergencies with the lunacy of net zero, deliberate failure to dredge, building on flood planes, poor flood and forestry management, EV bike, scooter and car battery firesā¦ Dowden is, I assume, reasonably bright as he managed to get into Trinity Camb to read law.
In the Times today.
May 22, 2024
Agricola – You’re right that those three institutions have been ‘captured’, but not by a philosophy, as you seem to think. The members of the OBR’s so-called oversight committee have their eyes on what the IMF wants them to do, not on the national interests of this country. Just look at how they describe themselves: one is a ‘global financial economist’, another worked for the IMF for years before joining the Treasury and then the OBR, and another also worked for the IMF. Another is an American banker, and the last one has no background in economics at all, but was in media for many years. With people like this focused on globalist concerns when they ‘advise’ government what to do, it’s no surprise to see decisions being taken that don’t seem in our national interest.
May 22, 2024
Agree – why hasn’t Sunak disbanded the OBR
May 22, 2024
+++ Why indeed. The failure to listen to experience never ends well.
May 22, 2024
OBR forecast models aren’t wrong. That’s a naive misunderstanding or at best obtuseness. The purpose of these models is therefore political in nature not economic. Their aim is to create a Socialist bureaucracy (high spending, high taxes, BIG state) that is in step with the EU. If that aim is aided and abetted by producing forecasts filtered through an ideological prism then that’s a win win for the OBR and to hell with accurate forecasting
The solution is simple. Abolish the OBR but then the Tories are so stupid and spineless then doing the obvious and correct thing has become an anathema to them
Reply My talk was about the Bank of England model!
May 22, 2024
Reply to reply.
Problem was, first I did not wish to wake my partner playing it. Second when I could it would not play. Result I posted on the written word.
May 22, 2024
The ONS and OBR will be synonymous with BoE thinking JR. The Govt. As Dom suggests should scrap and radically change all three. They will all support and point to each other as their group think is correct.
May 22, 2024
Correct DOM
May 22, 2024
So Sunak has caved in on the graduate visa scheme. This after pressure from Foreign Secretary Lord (to the tens of thousands) Cameron of Greensill, Chancellor Jeremy (tax to death) Hunt, Education Secretary Gillian Keegan and Home Secretary James (satirically named) Cleverly, who are all said to have raised concerns on the impact on universities and the economy if the rules were changed.
These universities are often in the immigration business not the education business.
May 22, 2024
Does Gillian Keagan still think she is doing āan f****** good jobā as education Secretary?
May 22, 2024
I suspect so yes, English schools have risen up the independent PISA rankings in Maths, which when you consider those tested now missed a lot of schooling during covid.
In maths, England actually moving from 17th in 2018 to 11th in the new ratings, according to the Department for Education. This is up from 27th in 2009. England ranked 13th for both reading and science, little change from the 14th and 13th respectively in 2018. 5 Dec 2023 Schools week.
May 22, 2024
My son is doing a masters degree in cinematography. 90% of the students are Chinese and not really interested.
Dad appears to be paying for them to get a visa on the cheap.
May 22, 2024
Good money for our country, whereās the problem?
May 22, 2024
all those leftie Lecturers making handsome salaries and pensions, while at the same time denying British students the best places to excel and be of future benefit to all of us!
May 22, 2024
not merely assisting immigration, but providing safe, agile spying and theft of Intellectual copyrights.
May 22, 2024
Foreign student university courses = the third immigration route/service
May 22, 2024
According to HESA total university enrolment figures for the top 10 sending countries to the UK in 2021-22 were: China (151,690), India (126,535), Nigeria (44,195), Pakistan (23,075), United States (22,990), Hong Kong (17,630), Bangladesh (12,700), Malaysia (12,135) ā¦.x3 for accompanied families ….and those figures were during covid !
May 22, 2024
Nigeria, the seat of learning, the pinnacle of academia
May 22, 2024
151,000 Chinese ‘studying’ what exactly? I’d love to know.
May 22, 2024
Alongside Migration Advisory Committee, who I believe Labour will be heavily aligning their immigration policies with. That is as it stands at present, but there seems little flesh on any bones on any of their policies as yet, and no one especially the media seems in a hurry to push them on anything concrete.
Having people come here to study is not an issue, it is the fact they can then stay and everything being based around ‘the economy’ when there are other elements to consider.
Migration Watch points out the flaws in this close alliance and how it could become a one sided advisory shop.
I’ve seen the arguments stating how the economy benefits from the International students regarding the knock on effects for surrounding business etc. No one seems willing to make the same case for Independent schools if many of them lose pupils under Labour.
May 22, 2024
+1
May 22, 2024
A very interesting interview from Sir John. Once central banks start printing money to pay the interest on their debts, you know we are in trouble
Once again the price of gold has reached new highs – now over Ā£61,000/kg. Silver is also on a tear, up 25% this year and silver has broken the Ā£800/kg barrier.
JPMorgan CEO Jamie Dimon and Ray Dalio, founder of the worldās biggest hedge fund, have both weighed in with concerns about Americaās debt pile.
In an interview with Sky News last week, Dimon said he hoped the US government would focus on reducing its budget deficit – before financial markets force it to. And last month, the IMF said the high and rising level of US government debt risked driving up borrowing costs around the world, which is undermining global financial stability.
The world’s financial institutions are starting to put large amounts of money into hard assets. Once they decide that global governments are unable to service their debt levels without excessive money printing, watch out – as Johnson observed, when the herd moves, it moves.
May 22, 2024
Sir John, I watched and listened to your speech. I agree with your overview, who wouldn’t? The sad part is, the views you expressed are not being followed or practiced by this administration. Why not?
I continued to listen to the next speaker Sir Brandon Lewis. His delivery was polished and again relevant. The main point being laboured (excuse the pun) was too much red tape. Too much regulation by too many regulators, thus too many controls on what should be a practical matter of building houses.
If only the voices of these sane members of the Tory party were listened to.
If only Tory principles were actually being advanced, i.e. small government, low taxes and practical policy delivery, enabling economic growth. If those things were actually on offer, maybe the Tory Party would not be looking at wipe out in the next general election?
This administration has advanced bureaucracy, it has not reduced or repealed it. The Net Zero movement is a prime case in point. Net Zero has been encouraged by this administration. It is a disaster. A complete negative for the UK with no upside, and I do mean no upside, zero. It is pointless, Net Zero provides no upside. Nothing for the UK, or for the World climate and more importantly, nothing for the advancement of civilisation..
May 22, 2024
On BBC R4 this morning, our economic woes could be alleviated by the UK rejoining the single market (the BBC man pressed this point with determination), were caused by the Truss mini-budget and our energy problems are caused by insufficient investment in renewable energy.
No push-back from interviewer or interviewee. And they say GB News is biased.
May 22, 2024
‘Free Market Roadshow’ – that term is so far removed from the current tory government & parliamentary party …its a joke
May 22, 2024
Have just heard the “economics” reporter on BBC state that recent high inflation was caused by Russian invasion of Ukraine. Our host is ploughing a lone furrow.
May 22, 2024
Thank you for posting that SJR.
I hadn’t intended to watch the whole presentation due to time, but found it all so very good and thought provoking that I did so.
I don’t think I’d ever really seen or heard much from Jenrick other than quotes in the media.
I thought him very articulate and sincere in his defence of at least trying to alter immigration. Proof being he resigned.
Good to see SJR exploding in a fit of frustration at the end of the presentation.
There seemed to be an overlapping of red tape/planning and expansion of quango/regulator industry that hinders us all.
May 22, 2024
The first problem is that in the land of the blind, the one eyed man is King.
So the independent body can be one-eyed and untouchable, firstly because it’s independent and secondly because it’s only overseer, the government, is either blind – or in denial-to the consequences of what it’s involved in.
The second problem is that when Sunak demands 400 odd billion is printed to cover a slightly enhanced flu episode, it ill behoves him to complain about the odd Ā£179 bn lost to the bond market.
On the bright side, gilt buyers with cash are at least reaping the rewards of government/BOE CGT-free largesse, along the lines of homeowners enjoying the Help to Buy ride etc. in the past. As usual taxpayer loses.
May 22, 2024
The problems being discussed arenāt problems that we hadā¦
They are problems that have been caused by govt.
Do those jolly chappies know how many newcomers the govt. has imported?
Still trying to find JRās speech.
My comments keep disappearing again.šŖ
May 22, 2024
The real problem in the way our country is run, is the Civil Service.
In every department and at every level within them, we see the tail wagging the dog. Ministers are not in charge, the civil servants deploy every tactic to defeat them on any policy area they don’t like and if they find a minister too resistant, they get them removed by fair means or foul. Think Raab, Patel and Braveman and the B of E/Treasury coup that finished Liz Truss.
See Ben Wallaces devastating critique of the Foreign Office in Today’s Telegraph.
I fear that things will only get worse, far worse, if Labour take over.
Lammy will fit right in at the Foreign Office, won’t he…
May 22, 2024
What might have been the start of a solution – ah yes…Dom somebody?
May 22, 2024
The purpose of the false models, whether they be the BoEās or the IPCC/CCCās, is to give the fifth column Communists arguments to destroy the Westās wealth and economies.
Even if the false IPCC/CCCās models that increasing CO2 from burning hydrocarbon fuels brings a climate emergency/crisis/breakdown are believed there is no doubt that following Net Zero to eliminate the UKās 1% contribution to global emissions will bring impoverishment and enormous lifestyle changes to the UK citizens as outlined in the government funded UK FIRES report :
https://api.repository.cam.ac.uk/server/api/core/bitstreams/75916920-51f6-4f9c-ade5-52cbf55d5e73/content
De-industrialisation will not only destroy our economy but also our ability to defend ourselves militarily.
Furthermore our PM, when Chancellor at COP26 declared āSo our third action is to rewire the entire global financial system for Net Zero.ā One use of this declaration is for Western banks to refuse loans to developing nations, particularly those in Africa, to build hydrocarbon fuelled electricity plants, thus keeping these nations poor and with the ultimate aim of encouraging mass migration to Europe.
May 22, 2024
The sighting of temperature equipment placement has a 10%+ error and the actual measurement calibration & maintenance has a 5%+ error ā¦..but some how the forecast modelling of IPCC/CCC are perfect & accurate and are the basis for government policy
May 22, 2024
Tbe problems were well and courageously described.
All the failures occurred and continue though because no-one was and is punished.
The bureaucratic and legal establishments protect themselves against victims.
Unless there is punishment and major personnel removement, problems will continue.
There is corruption, there is institutional offensiveness, instutional criminality. A good question was asked in tbe House yesterday about breaches of the Helsinki agreement.
Individuals must be named and punished urgently, now. We cannot wait years on more reports.
The report and the speech on the infected blood scandal is, as said, extremely welcome.
But where is the action by NHS and Blood Service, for example, to remove people who were part of the horrors. There will still be many at work.
Where is legal action against people who are responsible? Why, as I heard, this must be done only by victims? This is unacceptable.
Unless that changes, nothing will change. Horrors and delays will continue.
It is for all MPs, whether it is their subject or not, to get involved.
May 22, 2024
I sincerely trust someone will sit up and do something about the poor direction and management of the BoE . Sir John has been public and right about this mayhem for a considerable period of time ; so far correction and change there has not happened and the public continue to suffer as a consequence . Sunak does have a brain and enough time with his feet under the table to correct this problem so why has this not happened ?. I put it down to his lack of positive leadership skills and the comfort of his family wealth . He really must go .
May 22, 2024
Agreed. Very good.
May 22, 2024
Trumpeting the deregulation of .the High Street !!
For Goodness Sake.
They were wrong. It was wrong.
They have UTTERLY destroyed High Streets.
May 22, 2024
A āGoldilocks Economyā.
Sounds like a very good idea.
Steady, smooth and unalarming.
How lovely that would be!
Mind you, unlike Goldilocks it might be better to make our own porridge rather than rely on The Three Bears?
May 22, 2024
Cogent and, for the Bank of England, a devastating critique.
May 22, 2024
What ‘Free Market’ it has been sidelined hidden away.
Media reports today
āThe deficit stood at Ā£20.5bn in April, according to the Office for National Statistics (ONS).
This is Ā£1.2bn more than the Ā£19.3bn forecast just two months agoā !!!
Spoiler alert, the election is nearly here?
Ministers have been told not to travel today, and Sunak is holding a rare Wednesday afternoon cabinet meeting
A Sunak and Hunt media blitz combined with Tory peer Danny Finkelsteinās remarks last night that he āpicked up a bit of talk in government circlesā that Tories are thinking they might as well give the go ahead now given things are unlikely to get much better this autumn.
Canāt get much worse – though Starmer will try to out do Sunak for daring to steal the Socialist crown. An election not for a good and great MP, but for which Socialist left-wing leader of the Country do you want in power. Even the centre ground where most of the UK sits is now to right-wing for the Parliament.
Sorry Sir John, goodbye to all good Conservatives, they must thank CCHQ and the Leadership for their demise they will be hiding with the ‘free market’
May 22, 2024
Ian B : āSpoiler alert, the election is nearly here?…… Canāt get much worseā¦.ā
Perhaps the PM has seen the predictions for the weather this summer and hence the number of small boat crossings? Or how the Net Zero legislation is going to start impacting us in the Autumn?
May 22, 2024
Sir John will be returned, none of us can do without him. Iām certain Wokingham understands that. I wish he was my MP. It would be lovely to go in and cast an honest vote.
Good luck Sir John. Lots of work ahead I know. Many of us will be out of circulation for the duration.
May 22, 2024
The arrogance of the elite impoverishes us all. Wouldn’t it be nice if Sunak fired Hunt and appointed Sir John as Chancellor?
It seems Siri John and others at the meeting talk sense but nobody in Government listens.
May 22, 2024
Please, please tell me that Sunakās not about to call an early election, where the choice is between two centre left parties; the new-new-labour and the new-green-tory-labour
May 22, 2024
Right guys, make up your mind time.
4th July. Itās like a sick joke. There is no independence option for us.
May 22, 2024
All good points that you have made many times before John, and I see at last there are about 40 Mp’s who are starting to believe you.
In the meantime our Prime Minister has chosen to stand out in the pouring rain, trying to make a speech and being drowned out by “Things can only get better” being played by some Labour clown within ear shot, whilst being allowed by the Police to do so.
Just about sums up his premiership, with nothing under control..
You really would have thought he should have at least checked the weather forecast, or made the speech from inside No 10 to the Nation.
It’s Labours to lose now.
May 22, 2024
Heās not allowed to call an election or resign inside.
They sure are āWetsā and God emphasised that today. It not called Drowning Street for nothing.
May 22, 2024
On the video it says āThis video is privateā. So, not viewable.
May 22, 2024
The GE is to be on Independence Day, quite appropriate, a day to cast off the oppressive shackles of the pretence Conservative Government. Good luck Sir John, you may not need it, but perhaps a couple of hundred MPs of you Party will be collecting severance and checking out their next parachute.
May 23, 2024
Unfortunately the video is now unavailable (0700 23-May-2024) .