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My Interview with GB News on the Bank of England
April 17, 2024 44 Comments
Please find below my interview with GB News on the Bank of England’s losses:
April 17, 2024 44 Comments
44 Comments
Lynn Atkinson April 17, 2024
Moneytrists, the spokesperson for whom is the indomitable Sir John Redwood, balance the BOE perfectly. Just as the BOE is desperate to perfect its record of being wrong so the Monetarists are invariably right.
Such a pity that the unelected BOE wield the power.
RDM April 17, 2024
@Lynn Atkinson
By “Monetarists”, You seem to be implying one over the other (The other being Keynes-ain Demand management)!
The answer will always be BOTH, minimum, with one accommodating the other!
But, the point; not at the cost of selling off Gilts, cheap! All at the expense to the Tax Payers, currently ÂŁ50bn per year!
Every other Central Bank would push that cost into the future?
If that is not enough;
The issue I have, and is not being discussed, is the lack of a functioning Price Mechanism, needed for the control of Broad Money to have it’s effect. We have left, but are still aligned to, the EU Customs Union and Single Market Rules.
A Customs Union being a structured/rigid Economy!
For Example; The Universal Credit systems imposes low wages onto the Poor, and Working Poor, and even the, Middle class! It stop’s the People withdraw their Labour and bidding up wages, an important Price Signal!
Also; Energy Costs, Fuel Costs, and the Rate of Tax, both Central and Local Government.
But, John still needs to keep the behaviour of the BoE on the mind of the People, whenever he can!
Regards,
RDM
Lynn Atkinson April 17, 2024
Surely the powers that be over the centuries have proven to you that they canât predict reman and therefore canât satisfy it? The BOE canât even predict the inflation rate. So the evidence is 100% solid that Keynes was wrong. We have proven that in every condition repeatedly at unimaginable cost.
Wages in the U.K. canât be âincreased by the withdrawal of Labour while the French navy escorts rubber boats into British waters as was reported by a British captain today.
Price rises are not the same as inflation.
JR takes every opportunity to explain why we are electively poor. We choose to be poor by tolerating Keynes and much else. We will lost the City of London if we donât wake up and smell the TRUTH, FACTS, EMPIRICAL EVIDENCE.
RDM April 18, 2024
Not too sure what you are reading?
“Prove to you”, ? Monetarists or Keynesian Economics (As favoured by technocrats/Treasury/EUcrats) are just different ways at looking at the same thing! They can’t prove anything, and I certainly did not suggest they did!
They are just used to gain an understanding, as a language to talk about the Economy, and how we should/could manage it!
“Predict Inflation”? You can’t predict the future, only measure the past! Which is why you have to take as many perspectives as you can, challenging any or all theory’s made! We know Keynes was not correct, but he had some important idea’s, so did Milton Friedman! But, none as wish as von Mises, or even von Hayak!
But, we haven’t got an Economy based on a Hard Currency and real Value, so we are left at where we are! Largely aligned to a rigid block; the EU Customs Union and Single Market Rules (% Debt Rules for the BoE to follow)!
Do you realise that as far as the EU/France are concerned, the UK WILL take it’s ‘Fair Share’ of Migrates crossing into the Europe?
And, the Remainers within the HoL are going to try to stop the Rwanda Principle from being established!
It’s long been time to repeal the ECHR from British Law, and start Reforming (Freeing up) the British Economy! Reforming Banking, as well as, but more importantly, the Supply-side of the Economy!
It will take more then 6 months, and a Bill to be passed in Parliament! When is the GE?
“City of London”, we can’t relay on it as a financial centre any more, anyway! Too many other, competing centres! All with Geopolitical Interests from China, India, USA, and the EU! It’s not going to fail, it’s just not as lucrative as it was! Well, only for some!
We have to have an Economy that serves everyone, or we will end up in a Marxist State, and not an unfettered, open economy, serving the rich! Which is where “Monetarism”, on it’s own, will get you!
The British Economy needs to be managed in the British Interest, in everyone’s interest!
Do you know what “smelling the TRUTH, FACTS, EMPIRICAL EVIDENCE” will mean for a rigid Economy aligned to the EU will mean? We’ve ended up here because “Trickle Down” Economics does not work, not at all, and no one seems to what to challenge their thinking, and ask what the alternatives are! It’s easier for our MP’s to just accept the EU (Especially, with Biden as President), and do what everyone else in Europe is doing!
Javelin April 17, 2024
I thought you were very good.
However you could have kept repeating the question why do we keep buying bonds? And reminded the presenters to ask politicians.
You could have suggested the reasons. I think we are buying bonds is so that there is (1) still a demand for new bonds we are issuing and (2) to feed money to the civil service pension funds.
You are pointing out a crime but not giving the motive.
Peter Wood April 17, 2024
BoE were buying Gilts to have money to spend, for:
(1) cover the budget deficit,
(2) waste on HS2 and other vanity projects,
(3) employ many more civil servants,
(4) pretend the economy wasn’t in recession to stay in office
Now the BoE is destroying money, see Money Supply is now negative, we’re getting inflation down. But interest rates are largely dependent on what happens in the US. We should note how many companies are moving their primary listing to NY.
BoE losses, just accelerated reduction of Money Supply.
PS, we are assured that Mr Sunak is a free-market, small government conservative. And then he wastes time on a Bill that does the opposite…..
Lynn Atkinson April 17, 2024
We were NOT in recession. We were CLOSED DOWN for the first time in history. They had nothing to âhideâ. They have nearly broken wealth creating Britain. For example everyone who loses their job in the Corporate world will face 20% VAT on energy on their start up. Yes thatâs 20% tax on their âclimate changeâ subsidy tooâŠ
For example the Government âownsâ a substantial percentage of my home. When I sell it they are paid out but retain the ownership of that percentage. It called âstamp dutyâ.
Much needs to be stamped out!
formula57 April 17, 2024
@ Javelin – has the bond buying not now ceased, with switching from QE to QT?
DOM April 17, 2024
Johnson had a majority to disband and destroy the OBR and other Keynesian quangos. He didn’t. In fact the bullshitter that he is didn’t actually do anything of note to roll back Blair’s legacy.
I am bored of Tory bullshitters. At least they have a platform, we don’t
Lifelogic April 17, 2024
Indeed Boris was wrong on immigration levels legal and illegal, on the net harm lockdowns, on the net harm Covid âvaccinesâ, on HS2, on net zero. His 80 seat majority given to him by Farage was totally wasted he did nothing to undo the vast damage done by Blair.
Lynn Atkinson April 17, 2024
âNow I have the French warship passing under my stern, passing another boat-load of immigrants across the Channel. There is also another [French] vessel to the west of us which is escorting a third boat of migrants.
‘This is not search and rescue â this is illegal trafficking of humans.’
French assets in the U.K. should be ceased to defray the damage they have done by this criminal scam.
Scrap Rwanda! Ship the whole lot back to France.
Ian wragg April 17, 2024
Never mind DOM they’ll soon be gone only to be replaced by the genuine article.
Hopefully Reform will ensure a complete wipeout for the not a conservative party and it can be rebuilt as a true right wing party.
Lifelogic April 17, 2024
Alas I will be nearly dead by the time we get rid of what will be an appalling Starmer (or perhaps even worse) disaster of another but even worse socialist government.
Everhopeful April 17, 2024
+++
Oh donât!
That wasted majority. Makes me weep. Or is a majority any good if made up of LibDems?
( Still puzzled why he and Trump did such U turns on a sixpence over the Plague)
I see there is a film about Borisâ rise and fall. I canât bear to watch it.
Rod Evans April 17, 2024
Hey Dom, how come your comments get past the moderation process being as irreverent as they are and mine which are far less scathing, just linger in the moderators to do tray all day?
What’s the secret?
Original Richard April 17, 2024
Dom :
Mr. Johnson at the UN 22/09/2021 vilified the UK proclaiming to the World :
âWe were the first to send the great puffs of acrid smoke to the heavens on a scale to derange the natural orderâ.
And then created the unilateral Net Zero Strategy, a program for national suicide.
Lifelogic April 17, 2024
Indeed incompetence from the BoE for most of your adult lifetime and mine. The ERM fiasco and desire to join the EURO, the banking crash, the 40% for al personal overdraft rules, the pushing of green crap and restrictions on fossil fuel investmentsâŠ
Also vast incompetence from the UK governments too. The ERM, botched devolution, pointless & damaging wars, taxes slowly increasing to absurd levels, the absurd NHS structure, joining the âCommon Marketâ, an absurd energy and net zero agenda, lack of fair competition in schools, energy, banking, transport, housing,.. daft employment laws, endless payments to encourage the feckless, open borders, the criminal justice system the vast size of the largely parasitic state sectorâŠ
Liz Truss today in the Telegraph âBlair trashed the constitution. Weâre paying the price
Elected politicians cannot control the borders thanks to the power of the Left-wing legal establishmentâ
Well yes but Sunak has not really tried at all has he? Legal and illegal immigration is out of control and actively encouraged using nice hotels and vast sums of tax payers money and surely more corny capitalism.
Lifelogic April 17, 2024
A good podcast on Unherd âInside the disinformation industryâ. Surely this is pure evil and largely wrong headed propaganda being pushed and often funded by governments and with financial attacks on companies that do not tow the line on their largely evil and deluded agenda.
People who merely point out things life the clear Lab Origins of Covid (after gain for function experimentation), the net harms done by the âunequivocally save vaccinesâ and the net harm lockdowns. Or that people cannot change sex or that there is no CO2 manmade climate emergency. The truth is now âdisinformationâ to be strangled and defunded – often using your taxes it seems.
See also the Death of Science Book.
Everhopeful April 17, 2024
Some people I guess will benefit from these bonds since they are being sold off cheaply.
The Bank must have the Treasuryâs support to do such an unnecessary thing.
Or maybe this all proves BoE independence to be a total fiction?
So there is a cunning plan?
(I have read but do not understand in the slightest that the aim is to cut funding to local councils and thus bankrupt them).
Do they think it will reduce inflation or are they angling for a recession?
I suppose that selling bonds cheaply helps the markets? Could smooth the job pathway for politicians leaving office soon? Back scratching etc.
The whole affair has an air of something not quite right.
Since we are payingâŠcould it be called looting?
formula57 April 17, 2024
Alongside the Bank selling c. ÂŁ100 billion of bonds the DMO expects to sell ÂŁ265 billion of new issues, itself a record high saving the 2020/21 figure of ÂŁ486 billion to fund the Covid response. Will there be sufficient demand at these still historically modest interest rates? Should not the Bank make way for the DMO?
Everhopeful April 17, 2024
Well there!
The BoE has been busily MODELLING something to do with bond prices and a severe geopolitical shock.
No wonder it doesnât understand the economy!
( Or have a single care for our pockets).
Everhopeful April 17, 2024
In common with my money..my comments keep vanishing.
Roy Grainger April 17, 2024
There is a simple test which would prove John is correct. Could you develop a correlation between broad money and inflation based on historic data which would have done a better job than the BoE models in predicting recent inflation ? The answer seems to be “yes” based on work I’ve seen from monetarist economists.
OT but I see Sunak continues to focus on issues which were not in the Conservative election manifesto and for which therefore he has no mandate. Replacing A Levels was one and now banning smoking (albeit in the long term) is another – only about 50% of Conservative MPs voted in favour but Labour and the LibDems en masse voted it through. Meanwhile things that were in past manifestos such as a British Bill of Rights (to pave the way for leaving ECHR) have been explicitly killed by him. So we see his next Conservative manifesto promises will be worthless and we’ll get Labour friendly policies instead – so why not have Labour implement them ?
Lynn Atkinson April 17, 2024
Done ad nausium!
Everhopeful April 17, 2024
Oh Ho!
Apparently QE increased inequality by pushing up house prices and stock markets for more than ten years.
So the BoE is âunwindingâ QE ( by having a bond fire sale?) to reverse all this!
Surely not??
And WE pay!
And who blinking well thought up QE in the first place? Most people are thoroughly shocked by the notion of printing money because they know what it does to the economy.
beresford April 17, 2024
I have returned from holiday to find that the House of ‘Lords’ are again blocking the Rwanda bill. Since the will of the Commons is by now clear this is pure obstructionism by those with globalist sympathies. Do you now agree with many of your correspondents that the HoL should be abolished?
Lynn Atkinson April 17, 2024
You want to pay ÂŁ150k to Rwanda to take each migrant – 500 pa? If they prove dangerous (and they will!) they, but not the money, will be returned.
Dave Andrews April 17, 2024
Very good interviewer is Camilla Tominey. She gave you space to say your piece without constantly trying to talk over you as others seem to do. Neither did she attempt to ride over your interview with her own or an editorial view, nor try to get you to say things according to their presumption of what you believe.
The Prangwizard April 17, 2024
For Goodness sake, why do you not call for the removal of the Bailey, and others? Why? As long as he is in position the gross waste will continue, and by tolerating him you will not get the urgent change which is needed. They know they can hide behind ‘the system’. Why are you so afraid of naming names?
Dare you not take a risk?
The Prangwizard April 17, 2024
And I forgot to say by naming names you and your strong and valid case will receive more attention and by more sources.
Reply My disagreement with the Bank of England is with their institutional model making, forecasting and bond management. I do not personalise it to one person as it needs institutional reform. You could change Governor and end up with the same answer . A new Governor would inherit current policy and would be advised to change little.
majorfrustration April 17, 2024
Why this action by the BoE and who gains?
Original Richard April 17, 2024
Itâs not a âgross policy errorâ by the BoE but a deliberate policy to impoverish the UK by the same Marxist and WEF/Feudalist saboteurs and their useful idiots and grifters that are intent upon ending social and national cohesion with massive immigration and destroying the economy with unilateral Net Zero.
The only way out of this hole is through referendums as all existing Parliamentary parties, the Civil Service, quangos, the 90+ regulatory bodies, the Educational Establishment with 120,000 Chinese âstudentsâ and the judiciary have all been captured.
It was a good interview Sir John, but I’m afraid it has NO impact or influence on YOUR Government who use you as lobby fodder with no further purpose. We know from other sources CCHQ are not recruiting conservatives any more so its now a full fledged Liberal Party. It just disingenuously hides its true identity under a Tory flag, exposed by policy and actions/inactions e.g. like higher taxation, all types of immigration without deportation, ECHR, EU, Northern Ireland Protocol, Human Rights except English people, Non Equality laws, EDI, ESG, woke everywhere in our institutions and refusal to remove the Supreme Court and its self fulfilling Judge appointments by the hard left, Diversity appointments everywhere at huge costs like my own Council BANES doubling its number in two years to cost millions, why? etc. etc ….. and on and on.
Lifelogic April 17, 2024
Truss yesterday said she accepts the government make better decisions than under 18s. This just after the government and their experts coerced dangerous net harm Covid Vaccines into them when they never needed them as never at risk due to age. Many had already had covid too. Gross even criminal government negligence in my view. What does Chris Whitty have to say?
Good podcast on UNHERD on the evil âdisinformationâ industry.
Clough April 17, 2024
LL, I think you’ll find Liz Truss was saying the Government should continue to ban socially dangerous drugs. Whereas adults should be able to make their own decisions about tobacco smoking. That seems fine to me. I don’t know whether she would still uphold the government promoting experimental vaccines – I suspect like many other politicians in Johnson’s government, she would now prefer to put as much distance between herself and that subject as possible.
Lynn Atkinson April 17, 2024
When are we going to discuss cocaine and ban anyone who took it from Office based on the damage they gave done to their brains?
I am sorry I could not hear the interview – the sound with my computer is very poor – plus my reduced hearing ; nevertheless I am sure Sir John was able to rubbish the record of the BoE and its direction and management . I look forward to any follow up .
Lifelogic April 17, 2024
Use some nice headphones, some come with amplifiers if needed my elderly father always used them for tv etc. also so as to keep my mother sane. The sound from the headphone socket is usually fine it is just duff speakers usually.
miami.mode April 17, 2024
A cheap set of earphones or headphones will probably solve the problem Bert.
Sakara Gold April 17, 2024
It’s an interesting interview and Sir John puts his points across well. However, the 11% inflation that we have recently suffered was not caused by BoE quantitative easing, as he repeatedly claims.
Soaring food and energy bills were the main causes of the UK’s recent high inflation.
Oil and gas were in greater demand after the Covid pandemic and the energy companies were keen to recover lost profits as people had to stay at home during the lockdowns. So the fossil fuel cartel quardupled prices, which affected food distribution costs. Prices surged again when Russia invaded Ukraine, cutting global energy supplies and Ukraine exports of grain.
Lifelogic April 17, 2024
“Soaring food and energy bills were the main causes of the UKâs recent high inflation.”
Well soaring when measured in the Sunak and Bailey QE debased ÂŁ rather less so measured in Yen, Swiss Francs or Gold! Energy prices driven up by the lunacy of net zero and so called “renewables”, the mad lockdowns restricted supply, the vaccines did net harm and we have 20%+ more people long terms sick it seems.
Not just transport for the food but food is energy it needs fertilizers, packaging, drying, freezing, cooking, butchering… all these need loads of energy.
Reply China Japan and Switzerland faced same world food and energy prices but kept their inflation rate low
RDM April 17, 2024
@Sakara Gold
Rubbish! Without the MS accommodation, allowing the growth in demand, and there would have been no inflation! Why? Because, these prices were already raising, before the Russian invasion!
The Oil&Gas prices are are still ahead, $91 DB.
We are Taxing (75%) home grow supply in the North-sea!
We have blocked Fracking, as a contribution!
We have Net Zero policy’s forcing Farmers to switch production, and start growing Trees!
Still not enough Trawler’s to compete with the France (etc,…), in our waters,…
But, none of these has the same effect as the BoE is having! It’s costing us ÂŁ50bn per year!
Our biggest problem is the Remainers playing games, especially within the HoL, in the hope of getting us to agree to re-enter!
But, as you say; The MS accommodation came from the QE program, long before the Geopolitics! And, on top of the 2008/9 QE.
April 17, 2024
Moneytrists, the spokesperson for whom is the indomitable Sir John Redwood, balance the BOE perfectly. Just as the BOE is desperate to perfect its record of being wrong so the Monetarists are invariably right.
Such a pity that the unelected BOE wield the power.
April 17, 2024
@Lynn Atkinson
By “Monetarists”, You seem to be implying one over the other (The other being Keynes-ain Demand management)!
The answer will always be BOTH, minimum, with one accommodating the other!
But, the point; not at the cost of selling off Gilts, cheap! All at the expense to the Tax Payers, currently ÂŁ50bn per year!
Every other Central Bank would push that cost into the future?
If that is not enough;
The issue I have, and is not being discussed, is the lack of a functioning Price Mechanism, needed for the control of Broad Money to have it’s effect. We have left, but are still aligned to, the EU Customs Union and Single Market Rules.
A Customs Union being a structured/rigid Economy!
For Example; The Universal Credit systems imposes low wages onto the Poor, and Working Poor, and even the, Middle class! It stop’s the People withdraw their Labour and bidding up wages, an important Price Signal!
Also; Energy Costs, Fuel Costs, and the Rate of Tax, both Central and Local Government.
But, John still needs to keep the behaviour of the BoE on the mind of the People, whenever he can!
Regards,
RDM
April 17, 2024
Surely the powers that be over the centuries have proven to you that they canât predict reman and therefore canât satisfy it? The BOE canât even predict the inflation rate. So the evidence is 100% solid that Keynes was wrong. We have proven that in every condition repeatedly at unimaginable cost.
Wages in the U.K. canât be âincreased by the withdrawal of Labour while the French navy escorts rubber boats into British waters as was reported by a British captain today.
Price rises are not the same as inflation.
JR takes every opportunity to explain why we are electively poor. We choose to be poor by tolerating Keynes and much else. We will lost the City of London if we donât wake up and smell the TRUTH, FACTS, EMPIRICAL EVIDENCE.
April 18, 2024
Not too sure what you are reading?
“Prove to you”, ? Monetarists or Keynesian Economics (As favoured by technocrats/Treasury/EUcrats) are just different ways at looking at the same thing! They can’t prove anything, and I certainly did not suggest they did!
They are just used to gain an understanding, as a language to talk about the Economy, and how we should/could manage it!
“Predict Inflation”? You can’t predict the future, only measure the past! Which is why you have to take as many perspectives as you can, challenging any or all theory’s made! We know Keynes was not correct, but he had some important idea’s, so did Milton Friedman! But, none as wish as von Mises, or even von Hayak!
But, we haven’t got an Economy based on a Hard Currency and real Value, so we are left at where we are! Largely aligned to a rigid block; the EU Customs Union and Single Market Rules (% Debt Rules for the BoE to follow)!
Do you realise that as far as the EU/France are concerned, the UK WILL take it’s ‘Fair Share’ of Migrates crossing into the Europe?
And, the Remainers within the HoL are going to try to stop the Rwanda Principle from being established!
It’s long been time to repeal the ECHR from British Law, and start Reforming (Freeing up) the British Economy! Reforming Banking, as well as, but more importantly, the Supply-side of the Economy!
It will take more then 6 months, and a Bill to be passed in Parliament! When is the GE?
“City of London”, we can’t relay on it as a financial centre any more, anyway! Too many other, competing centres! All with Geopolitical Interests from China, India, USA, and the EU! It’s not going to fail, it’s just not as lucrative as it was! Well, only for some!
We have to have an Economy that serves everyone, or we will end up in a Marxist State, and not an unfettered, open economy, serving the rich! Which is where “Monetarism”, on it’s own, will get you!
The British Economy needs to be managed in the British Interest, in everyone’s interest!
Do you know what “smelling the TRUTH, FACTS, EMPIRICAL EVIDENCE” will mean for a rigid Economy aligned to the EU will mean? We’ve ended up here because “Trickle Down” Economics does not work, not at all, and no one seems to what to challenge their thinking, and ask what the alternatives are! It’s easier for our MP’s to just accept the EU (Especially, with Biden as President), and do what everyone else in Europe is doing!
April 17, 2024
I thought you were very good.
However you could have kept repeating the question why do we keep buying bonds? And reminded the presenters to ask politicians.
You could have suggested the reasons. I think we are buying bonds is so that there is (1) still a demand for new bonds we are issuing and (2) to feed money to the civil service pension funds.
You are pointing out a crime but not giving the motive.
April 17, 2024
BoE were buying Gilts to have money to spend, for:
(1) cover the budget deficit,
(2) waste on HS2 and other vanity projects,
(3) employ many more civil servants,
(4) pretend the economy wasn’t in recession to stay in office
Now the BoE is destroying money, see Money Supply is now negative, we’re getting inflation down. But interest rates are largely dependent on what happens in the US. We should note how many companies are moving their primary listing to NY.
BoE losses, just accelerated reduction of Money Supply.
PS, we are assured that Mr Sunak is a free-market, small government conservative. And then he wastes time on a Bill that does the opposite…..
April 17, 2024
We were NOT in recession. We were CLOSED DOWN for the first time in history. They had nothing to âhideâ. They have nearly broken wealth creating Britain. For example everyone who loses their job in the Corporate world will face 20% VAT on energy on their start up. Yes thatâs 20% tax on their âclimate changeâ subsidy tooâŠ
For example the Government âownsâ a substantial percentage of my home. When I sell it they are paid out but retain the ownership of that percentage. It called âstamp dutyâ.
Much needs to be stamped out!
April 17, 2024
@ Javelin – has the bond buying not now ceased, with switching from QE to QT?
April 17, 2024
Johnson had a majority to disband and destroy the OBR and other Keynesian quangos. He didn’t. In fact the bullshitter that he is didn’t actually do anything of note to roll back Blair’s legacy.
I am bored of Tory bullshitters. At least they have a platform, we don’t
April 17, 2024
Indeed Boris was wrong on immigration levels legal and illegal, on the net harm lockdowns, on the net harm Covid âvaccinesâ, on HS2, on net zero. His 80 seat majority given to him by Farage was totally wasted he did nothing to undo the vast damage done by Blair.
April 17, 2024
âNow I have the French warship passing under my stern, passing another boat-load of immigrants across the Channel. There is also another [French] vessel to the west of us which is escorting a third boat of migrants.
‘This is not search and rescue â this is illegal trafficking of humans.’
https://www.dailymail.co.uk/news/article-13315509/French-warship-escorting-boat-migrants-English-ship-captains-damning-radio-messages-accuse-French-Navy-illegal-human-trafficking-Dover.html
French assets in the U.K. should be ceased to defray the damage they have done by this criminal scam.
Scrap Rwanda! Ship the whole lot back to France.
April 17, 2024
Never mind DOM they’ll soon be gone only to be replaced by the genuine article.
Hopefully Reform will ensure a complete wipeout for the not a conservative party and it can be rebuilt as a true right wing party.
April 17, 2024
Alas I will be nearly dead by the time we get rid of what will be an appalling Starmer (or perhaps even worse) disaster of another but even worse socialist government.
April 17, 2024
+++
Oh donât!
That wasted majority. Makes me weep. Or is a majority any good if made up of LibDems?
( Still puzzled why he and Trump did such U turns on a sixpence over the Plague)
I see there is a film about Borisâ rise and fall. I canât bear to watch it.
April 17, 2024
Hey Dom, how come your comments get past the moderation process being as irreverent as they are and mine which are far less scathing, just linger in the moderators to do tray all day?
What’s the secret?
April 17, 2024
Dom :
Mr. Johnson at the UN 22/09/2021 vilified the UK proclaiming to the World :
âWe were the first to send the great puffs of acrid smoke to the heavens on a scale to derange the natural orderâ.
And then created the unilateral Net Zero Strategy, a program for national suicide.
April 17, 2024
Indeed incompetence from the BoE for most of your adult lifetime and mine. The ERM fiasco and desire to join the EURO, the banking crash, the 40% for al personal overdraft rules, the pushing of green crap and restrictions on fossil fuel investmentsâŠ
Also vast incompetence from the UK governments too. The ERM, botched devolution, pointless & damaging wars, taxes slowly increasing to absurd levels, the absurd NHS structure, joining the âCommon Marketâ, an absurd energy and net zero agenda, lack of fair competition in schools, energy, banking, transport, housing,.. daft employment laws, endless payments to encourage the feckless, open borders, the criminal justice system the vast size of the largely parasitic state sectorâŠ
Liz Truss today in the Telegraph âBlair trashed the constitution. Weâre paying the price
Elected politicians cannot control the borders thanks to the power of the Left-wing legal establishmentâ
Well yes but Sunak has not really tried at all has he? Legal and illegal immigration is out of control and actively encouraged using nice hotels and vast sums of tax payers money and surely more corny capitalism.
April 17, 2024
A good podcast on Unherd âInside the disinformation industryâ. Surely this is pure evil and largely wrong headed propaganda being pushed and often funded by governments and with financial attacks on companies that do not tow the line on their largely evil and deluded agenda.
People who merely point out things life the clear Lab Origins of Covid (after gain for function experimentation), the net harms done by the âunequivocally save vaccinesâ and the net harm lockdowns. Or that people cannot change sex or that there is no CO2 manmade climate emergency. The truth is now âdisinformationâ to be strangled and defunded – often using your taxes it seems.
See also the Death of Science Book.
April 17, 2024
Some people I guess will benefit from these bonds since they are being sold off cheaply.
The Bank must have the Treasuryâs support to do such an unnecessary thing.
Or maybe this all proves BoE independence to be a total fiction?
So there is a cunning plan?
(I have read but do not understand in the slightest that the aim is to cut funding to local councils and thus bankrupt them).
Do they think it will reduce inflation or are they angling for a recession?
I suppose that selling bonds cheaply helps the markets? Could smooth the job pathway for politicians leaving office soon? Back scratching etc.
The whole affair has an air of something not quite right.
Since we are payingâŠcould it be called looting?
April 17, 2024
Alongside the Bank selling c. ÂŁ100 billion of bonds the DMO expects to sell ÂŁ265 billion of new issues, itself a record high saving the 2020/21 figure of ÂŁ486 billion to fund the Covid response. Will there be sufficient demand at these still historically modest interest rates? Should not the Bank make way for the DMO?
April 17, 2024
Well there!
The BoE has been busily MODELLING something to do with bond prices and a severe geopolitical shock.
No wonder it doesnât understand the economy!
( Or have a single care for our pockets).
April 17, 2024
In common with my money..my comments keep vanishing.
April 17, 2024
There is a simple test which would prove John is correct. Could you develop a correlation between broad money and inflation based on historic data which would have done a better job than the BoE models in predicting recent inflation ? The answer seems to be “yes” based on work I’ve seen from monetarist economists.
OT but I see Sunak continues to focus on issues which were not in the Conservative election manifesto and for which therefore he has no mandate. Replacing A Levels was one and now banning smoking (albeit in the long term) is another – only about 50% of Conservative MPs voted in favour but Labour and the LibDems en masse voted it through. Meanwhile things that were in past manifestos such as a British Bill of Rights (to pave the way for leaving ECHR) have been explicitly killed by him. So we see his next Conservative manifesto promises will be worthless and we’ll get Labour friendly policies instead – so why not have Labour implement them ?
April 17, 2024
Done ad nausium!
April 17, 2024
Oh Ho!
Apparently QE increased inequality by pushing up house prices and stock markets for more than ten years.
So the BoE is âunwindingâ QE ( by having a bond fire sale?) to reverse all this!
Surely not??
And WE pay!
And who blinking well thought up QE in the first place? Most people are thoroughly shocked by the notion of printing money because they know what it does to the economy.
April 17, 2024
I have returned from holiday to find that the House of ‘Lords’ are again blocking the Rwanda bill. Since the will of the Commons is by now clear this is pure obstructionism by those with globalist sympathies. Do you now agree with many of your correspondents that the HoL should be abolished?
April 17, 2024
You want to pay ÂŁ150k to Rwanda to take each migrant – 500 pa? If they prove dangerous (and they will!) they, but not the money, will be returned.
April 17, 2024
Very good interviewer is Camilla Tominey. She gave you space to say your piece without constantly trying to talk over you as others seem to do. Neither did she attempt to ride over your interview with her own or an editorial view, nor try to get you to say things according to their presumption of what you believe.
April 17, 2024
For Goodness sake, why do you not call for the removal of the Bailey, and others? Why? As long as he is in position the gross waste will continue, and by tolerating him you will not get the urgent change which is needed. They know they can hide behind ‘the system’. Why are you so afraid of naming names?
Dare you not take a risk?
April 17, 2024
And I forgot to say by naming names you and your strong and valid case will receive more attention and by more sources.
Reply My disagreement with the Bank of England is with their institutional model making, forecasting and bond management. I do not personalise it to one person as it needs institutional reform. You could change Governor and end up with the same answer . A new Governor would inherit current policy and would be advised to change little.
April 17, 2024
Why this action by the BoE and who gains?
April 17, 2024
Itâs not a âgross policy errorâ by the BoE but a deliberate policy to impoverish the UK by the same Marxist and WEF/Feudalist saboteurs and their useful idiots and grifters that are intent upon ending social and national cohesion with massive immigration and destroying the economy with unilateral Net Zero.
The only way out of this hole is through referendums as all existing Parliamentary parties, the Civil Service, quangos, the 90+ regulatory bodies, the Educational Establishment with 120,000 Chinese âstudentsâ and the judiciary have all been captured.
April 17, 2024
To Original Richard,
Well said, I give my futile plus one.
April 17, 2024
It was a good interview Sir John, but I’m afraid it has NO impact or influence on YOUR Government who use you as lobby fodder with no further purpose. We know from other sources CCHQ are not recruiting conservatives any more so its now a full fledged Liberal Party. It just disingenuously hides its true identity under a Tory flag, exposed by policy and actions/inactions e.g. like higher taxation, all types of immigration without deportation, ECHR, EU, Northern Ireland Protocol, Human Rights except English people, Non Equality laws, EDI, ESG, woke everywhere in our institutions and refusal to remove the Supreme Court and its self fulfilling Judge appointments by the hard left, Diversity appointments everywhere at huge costs like my own Council BANES doubling its number in two years to cost millions, why? etc. etc ….. and on and on.
April 17, 2024
Truss yesterday said she accepts the government make better decisions than under 18s. This just after the government and their experts coerced dangerous net harm Covid Vaccines into them when they never needed them as never at risk due to age. Many had already had covid too. Gross even criminal government negligence in my view. What does Chris Whitty have to say?
Good podcast on UNHERD on the evil âdisinformationâ industry.
April 17, 2024
LL, I think you’ll find Liz Truss was saying the Government should continue to ban socially dangerous drugs. Whereas adults should be able to make their own decisions about tobacco smoking. That seems fine to me. I don’t know whether she would still uphold the government promoting experimental vaccines – I suspect like many other politicians in Johnson’s government, she would now prefer to put as much distance between herself and that subject as possible.
April 17, 2024
When are we going to discuss cocaine and ban anyone who took it from Office based on the damage they gave done to their brains?
April 17, 2024
I am sorry I could not hear the interview – the sound with my computer is very poor – plus my reduced hearing ; nevertheless I am sure Sir John was able to rubbish the record of the BoE and its direction and management . I look forward to any follow up .
April 17, 2024
Use some nice headphones, some come with amplifiers if needed my elderly father always used them for tv etc. also so as to keep my mother sane. The sound from the headphone socket is usually fine it is just duff speakers usually.
April 17, 2024
A cheap set of earphones or headphones will probably solve the problem Bert.
April 17, 2024
It’s an interesting interview and Sir John puts his points across well. However, the 11% inflation that we have recently suffered was not caused by BoE quantitative easing, as he repeatedly claims.
Soaring food and energy bills were the main causes of the UK’s recent high inflation.
Oil and gas were in greater demand after the Covid pandemic and the energy companies were keen to recover lost profits as people had to stay at home during the lockdowns. So the fossil fuel cartel quardupled prices, which affected food distribution costs. Prices surged again when Russia invaded Ukraine, cutting global energy supplies and Ukraine exports of grain.
April 17, 2024
“Soaring food and energy bills were the main causes of the UKâs recent high inflation.”
Well soaring when measured in the Sunak and Bailey QE debased ÂŁ rather less so measured in Yen, Swiss Francs or Gold! Energy prices driven up by the lunacy of net zero and so called “renewables”, the mad lockdowns restricted supply, the vaccines did net harm and we have 20%+ more people long terms sick it seems.
Not just transport for the food but food is energy it needs fertilizers, packaging, drying, freezing, cooking, butchering… all these need loads of energy.
Reply China Japan and Switzerland faced same world food and energy prices but kept their inflation rate low
April 17, 2024
@Sakara Gold
Rubbish! Without the MS accommodation, allowing the growth in demand, and there would have been no inflation! Why? Because, these prices were already raising, before the Russian invasion!
The Oil&Gas prices are are still ahead, $91 DB.
We are Taxing (75%) home grow supply in the North-sea!
We have blocked Fracking, as a contribution!
We have Net Zero policy’s forcing Farmers to switch production, and start growing Trees!
Still not enough Trawler’s to compete with the France (etc,…), in our waters,…
But, none of these has the same effect as the BoE is having! It’s costing us ÂŁ50bn per year!
Our biggest problem is the Remainers playing games, especially within the HoL, in the hope of getting us to agree to re-enter!
But, as you say; The MS accommodation came from the QE program, long before the Geopolitics! And, on top of the 2008/9 QE.
April 17, 2024
+1