Robert Pearson

@GitaGopinath if somebody is running a $ surplus because they wish to accumulate $, somebody somewhere has to be running a $ deficit. Whilst that could be an entity outside the US it is more likely to be the US domestic private sector or the US public sector. Far better it is the public setcor

The view that the dollar’s reserve currency status is responsible for its deficits is a terribly flawed view.

@Norma_FGoesAWOL @MirabelTweets1 @earthygirl011 had you heard of the St John's Ambulance service, though....and private security firms?

@MirabelTweets1 @earthygirl011 I honestly truly had no idea there were such things as Jewish ambulances and special police forces 🤷🏻‍♀️

The false flag attack on the Jewish ambulances in Golders Green, London has backfired massively. Because now people are asking why Jews in London have separate ambulances. And once they start digging they’ll find out they have special police vehicles too Dear oh dear.

@WorldByWolf @PeterMcCormack @AcademicAgent_X ahem....St John's Ambulance service?

@PeterMcCormack @AcademicAgent_X They’re not allowed to. It’s against the law for natives to do this.

Obviously all acts of violence should be condemned. But why does the Jewish community have their own ambulance service? They also have their own schools, police service, courts, security service, etc. Native Brits aren’t allowed their own exclusive services so why are Jews?

Why do Christians require their own ambulance service just for them?

@lukas_ohl @AscendedYield @BearJFK how much oil and oil based products are they exporting right now?

@AscendedYield @BearJFK Isn’t this offset somewhat by the higher oil price, which means Gulf countries can afford to buy more stuff in the first place?

We all understand the inflationary effects of this conflict, but another angle that isn't being discussed is Gulf sovereign capital repatriation. Gulf SWFs are some of the largest single holders of UK assets. Major stakes in banks, airports, supermarkets, real estate, infrastructure and exchanges. Decades of patient capital have been deployed into London. Gulf sovereigns flipping from net buyers to net sellers exactly when the domestic economy is weakening. GBP and gilts under more pressure.

"You can't make this stuff up" - @cpgrabow #EndTheJonesAct

@adam_tooze To be clear the Fed is not going to be giving banks $200bn of capital. There is to be a change in the regulations that determine how much equity capital banks must fund assets with, as opposed to funding with debt, such as deposits. The amount of equity capital doesn’t alter

Find out more here: adamtooze.substack.com/p/texas-energy…

The $200bn capital boost to US banks. More on this in the Chartbook Top Links of today.

@LukeMikic21 @ProfSteveKeen what does the state having more or less control over social media posts have to do with MMT?

I don’t need to be taken seriously, your ideas fail from first principles. Every time we’ve given the state complete control, it ends horribly. MMT is a slippery slope. You really think it’s a good idea to give the state even more control at a time when 15,000 British people are being thrown in jail for social media posts? 😂🤷‍♂️

Imagine calling yourself a "top economist," all while supporting money printing and MMT?🤡 🇦🇺Cmon mate, it's bad enough no one takes our country seriously, this non sense doesn't help.😂 @ProfSteveKeen

@jbhearn why does one person not understanding something make that thing wrong?

The reason MMT is dangerously wrong is that a political party (Greens) will pick up the populist idea that governments can spend spend spend and do not need to raise tax to finance it. jbhearn.wordpress.com/2021/02/04/mis…

@DavidPintoD @ZackPolanski Here’s a serious economist explaining MMT (not a paid puppet like @PJTheEconomist) or a politician who doesn’t understand economics but thinks that “mainstream” economics will deliver anything different to the disastrous economy we have suffered over the last 40 years.

Prof Jiang - The fact that government can print infinite money doesn’t mean it should. MMT says this explicitly -the limit on money creation is inflation. The entire point is money can & should be issued to mobilize idle resources & create things necessary for society to thrive.

@philippilk what exactly would the UK govt need, that it doesn't already have, that the IMF has and could supply to the UK govt?

Britain is going to be the hardest hit country by this crisis. It may provoke an IMF bailout. 🇬🇧📉

@MrsLocke5 @widespreadhaze @RossKempsell @GuidoFawkes yield on Gilts doesn't really impart much information other than the expected future path of Bank Rate, which is itself a policy rate set by the same monopoly supplier.

@MrsLocke5 @widespreadhaze @RossKempsell @GuidoFawkes the thing that best indicates whether 'Sterling is under pressure' is the value of Sterling. Preferably as measured against a basket of goods and services it is commonly used to purchase. Given that Gilts have a monopoly supplier, and one that doesn't even need to sell any, the

Gilts getting absolutely smoked as markets turn Wonder what Reeves up to today… Anyway cancel ur weekend plans

@RossKempsell @GuidoFawkes Higher ‘borrowing costs’ do not mean the state is at risk of insolvency. They mean the government is choosing to pay a higher rate of interest on sterling savings held in the form of gilts. That is a policy and institutional outcome, not a funding crisis.

@scepticalists @archer_rs services business), there was little in the way of property assets on NCP's books. The sale and leaseback had started under the Gosling and Hobson ownership. By the time Macquarie acquired it, NCP operated car parks, but didn't own car parks

@scepticalists @archer_rs really? By all accounts Macquarie took a bath on their involvement in NCP. They had to write off debts, inject more equity before finally selling at a price lower than they paid. If you look at the balance sheet just before 3i sold the car park business (retaining the parking

The bankruptcy of NCP carparks in the UK is a classic example of listening to management consultants who will talk about "unlocking value", in NCP's case selling properties and leasing them back only to discover that lack of ownership has unforeseen consequences. Always own land

@archer_rs @scepticalists except it was Cinven, not Macquarie

@scepticalists They ripped the heart out of the company, they saw assets and stripped it bare until nothing was left.

@johnredwood The £s just move from account to another. Do you honestly believe that if the recipient is based outside our borders, those £s simply disappear, never to be spent again? Higher oil prices are nothing like a tax. Taxes really do destroy money and spending power

Higher energy prices put up inflation at first but they are deflationary, like big tax rises. They take large sums out of the UK to pay foreign suppliers. The Bank of England should not tighten policy into an energy led downturn.