PaulM

Tottenham, politics, econ, markets, a bit of running and some nonsense.

[PaulM @GammaForex]

@SangitaMyska @Daniel_Sugarman You linked his criticisms of Zeteo to your skin colour, which is an abhorrent thing to do.

[PaulM @GammaForex]

@66Steph82

[PaulM @GammaForex]

@66Steph82 I've opted for this approach, but yours might be a good one

[PaulM @GammaForex]

@66Steph82 That's the spirit. Seize the moment and all that.

[PaulM @GammaForex]

@DavidPGCSE In a roundabout way, MBD does both

[PaulM @GammaForex]

@babybeginner What a journey to get to this point. How wonderful for you both

[PaulM @GammaForex]

@enyacollins This is great. Thank you

[PaulM @GammaForex]

@hellothisisivan Thank you. The irritation of seeing a snake-like queue to the bar is nearly as bad as sitting near people watching videos on their phone without earbuds or having a video call with their mate that cannot wait.

[PaulM @GammaForex]

@66Steph82 @ifellonithonest The night is still young

[PaulM @GammaForex]

@66Steph82 @ifellonithonest 4?!!?? Not worth opening the packet for that. Disappointed

[PaulM @GammaForex]

@EmSilverwood91 That's pretty amazing. You should be so proud x

[PaulM @GammaForex]

@ChristinaZandes You're a beautful woman. It's mad to see all these anon acccounts, who are too scared to show their faces, sniping.

[PaulM @GammaForex]

@ProfHall1955 @malcolm_reavell @litewhisperer @homebuynowuk I don't think anyone here mentioned a solvency risk for the BoE. But a growing negative equity position would be eventually be dealt with, through an recapitalisation from the Treasury. This discussion is on the accounting and monetary effects of cancelling over £800bn of gilts.

[PaulM @GammaForex]

@malcolm_reavell @litewhisperer @homebuynowuk The Bank can definitely be in negative equity. The question is how much it matters and the effect(s) policy choices to rectify that.

[PaulM @GammaForex]

@litewhisperer @malcolm_reavell @homebuynowuk No one mentioned "end of days", but what would the effect be on the value of sterling, business and investor confidence. Fwiw.... With an ageing population, I envisage the Bank holding massive portions of our debt in the coming decades.

[PaulM @GammaForex]

@litewhisperer @malcolm_reavell @homebuynowuk So the Bank would be in negative equity, would need recapitalising by Parliament. What effects do you envisage from such a large cancellation of debt, leaving the Bank with nearly a trillion (which it would surpass from paying out interest on reserves) in negative equity?

[PaulM @GammaForex]

@ProfSteveKeen @worstall @petrock @DLRogKingston @bankofengland This is basic accounting. Banks have to balance their balance sheet each day. Deposits - be they interbank, institutional or retail - are crucial for this.

[PaulM @GammaForex]

@malcolm_reavell @homebuynowuk @litewhisperer And that "cash" that the former bondholders now hold is a liability for the BoE, which is matched by the (assets) gilts it now holds. If you simply cancel the debt, then the BoE will have a massive asset/liability mismatch.

[PaulM @GammaForex]

@JohnPotts29300 @DerbyChrisW @AndyBurnhamGM @BBCr4today Jim O'Neill is definitely an economist, whether you agree with him or not

[PaulM @GammaForex]

@PigeonFeatherz Fuckin hell.... Too much going on in that image. I pity the person who eventually has to do that hard drive check.