Jim recently discussed the merits of officially cancelling the gilts bought back through QE, so I thought I would discuss another option that maintains the status quo through the Bank of England (BoE) simply rolling over the QE gilts into…
Tag Archives: quantitative easing
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What should Mervyn do with his QE gilts? Free finance.
- Topics
- Bank of England, gilts
Posted April 20th, 2012
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If the government simply cancelled the £300 bn+ of QE gilts held by the BoE, who would be unhappy?
- Topics
- AAA rated, Bank of England
Posted April 11th, 2012
The UK sits unhappily at the very boundary of what debt burden is acceptable for a AAA rated economy. If growth continues to disappoint, or if more austerity becomes socially impossible, the UK will be downgraded – and neither of…
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On Tuesday we hosted a conference to discuss the longer term outlook for inflation. Our guest speakers were Adam Fergusson, the author of the brilliant book “When Money Dies” about the Weimar Germany hyper-inflation, Andrew Sentance, the famously hawkish former…
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Journalists and financial commentators have been kept very busy this year. Market participants and investors have clamoured for information on debt ceilings, credit ratings, and restructurings. 2011 looks like a year that will go down in history as one of…
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Well the answer is probably no. Exxon Mobil for example made $19 bn last year, and its profits were over $40 bn in 2007. We can also debate whether the Bank of England is a company anyway (it says so…
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MPC Minutes – Rate hike becoming ever more likely
- Topics
- interest rates, MPC
Posted February 23rd, 2011
This morning, with the release of the MPC’s latest minutes, we discovered that a further member of the committee voted for a rate hike at the last meeting. Spencer Dale voted for an increase in the base rate of 25…
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We’ve just got hold of some copies of the newly reprinted book about the Weimar Republic’s hyper-inflation, When Money Dies by Adam Ferguson. In 1923 the German mark was trading at 4,200,000,000,000 to the dollar, and the population was impoverished and…
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UK money supply shrinks by most ever – QuitE a Dilemma
- Topics
- quantitative easing, UK
Posted January 21st, 2010
Today we have seen the preliminary release of M4 money supply (so-called ‘ broad money’), and it could potentially be a very important piece of economic data. December saw a 1.1% drop in the money supply, the largest monthly fall…
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"Fire, Fire in Noah's Flood’ – are we right to be scared about inflation?
- Topics
- Bank of England, inflation, News
Posted May 29th, 2009
Right now the most commonly submitted question to this blog is about the impact of QE, high budget deficits and zero rates on inflation. Most people are inclined to think that after a brief period of deflation, largely as a…
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