PaddockLad

“Panic at the Bank of England? On 22 July, the same day when the agreement between the government of Ukraine and the “ad hoc committee” of her private creditors was announced, the Bank of England also announced a seminar titled "The Future Bank of England Balance Sheet – managing its transition towards a new system for supplying reserves." The seminar took place the same day (a bit of a short notice for most people) and featured a speech by Victoria Saporta, Executive Director of the bank’s Markets Directorate. In the announcement, the BOE explained that its “balance sheet plays a key role in helping [the bank] achieve its financial stability and monetary policy objectives.” Saporta’s speech, titled “Let’s Get Ready to Repo!” laid out the Bank’s latest thinking on the future of its balance sheet which would transition towards a demand-driven system for supplying reserves. Saporta suggested that the bank would need to accept a “broader range of assets” as collateral to make the system “usable for the widest range of firm business models.” She added that, “The single punchline is that both we, the Bank and you, the market, need to prepare ourselves for increased usage of both our short term and long term repo operations. Or in short, let’s get ready to repo!” “Here’s how Bloomberg’s macro strategist Simon White put it: in a demand-led system, “what banks use to settle balances each day *must* be ‘shiftable’ on to the central bank’s balance sheet in a crisis. If they are not, liquidity is at risk of seizing up altogether. Thus, in a crisis, potentially no asset under this scheme will be turned away.” That could include even Ukraine’s bonds. What is clear from this and from the BOE’s language is that the bank is now anxious about Britain’s financial system collapsing and it has resolved to avert the collapse in the worst possible way: by loosening its credit standards and accepting junk quality collateral in exchange for cash. This is the clearest possible sign that the system came to the verge of collapsing. Not so long ago, we had a glimpse of just how fragile Britain’s financial system is.” He then goes on to use the Truss/Kwarteng budget debacle as evidence of what happens when things go tits up on the markets and the BoE has to intervene, and the UK taxpayer has to cough up to reimburse the BoE.

This is the Substack from the guest on the pod Alex Krainer. There is a lot of unconnected and irrelevant shit to wade through to get to “Panic at the Bank of England” … https://alexkrainer.substack.com/p/the-coming-collapse-of-britain

This is interesting in a really bad way…. https://archive.is/mh8Jx And it’s apparently going to go up due how exposed to Ukranian national debt the BoE are due to the restructuring of the debt this summer https://amp.theguardian.com/world/article/2024/jul/07/ukraine-legal-action-uk-courts-bondholders-debt-default https://www.whitecase.com/insight-alert/ukraine-concludes-historic-restructuring-us205-billion-international-bonds This was brought to my attention today by my lovely conspiracy theory obsessed colleague who I have a lot of time for but I don’t take very seriously. He’s highly intelligent but easily led. He listened to this podcast at the weekend where a pair of wackos talk about this. So I did a bit of digging and the basic outline of what they’re saying appears to me to have some substance (they talk load of shit too, obvs) But is this the real reason “pensioners are being robbed” etc etc? Is this why Reeves is issuing dire warnings about what she’s going to announce next month?… Over to those with a far better understanding of these things than me. Is this happening?.. podcast for those interested: https://www.podbean.com/media/share/dir-erktw-20a07071

With that number I think it’s a 70s or 80s re issue. Still worth a bit mind…

Stand by dear friend, am on it…

Discogs is a free for all in a way. Most are just chancing their arm. I’m sat on a fuckin fortune according to them; but if a dude such as you’re describing came round to value it I’d be lucky to get half what various things are being priced at on that fuckin robbers coven. Second hand prices have predictably rocketed for buyers but not for private sellers since lockdown 🫤

You’ve got a jukebox?…

“Scotty”… pal, mate, buddy…. Let’s talk 😀

With a minute…Trump tweets this then someone tries to shoot him…. @Gemmill can you provide conclusive proof that you’re not in Florida this weekend?

Somebody has “apparently” tried to shoot the cunt again

Yeah we haven’t often played with two dedicated fullbacks since 2022. Interesting today that as soon as Fab was available after suspension Eddie went straight back to it. The same people shouting for Tripps to be back in were complaining about us being found out last season for our reliance on the KT/Miggy right side attack thing. Now they’re calling for KT to play 😭 Maybe if Sandro plays regularly in midfield instead of JL or Longy it might gel into something really good attacking wise and rigid defensively…

That was maybe the key change. We were huffing and puffing before that…

Willock gave him the ball…made a nice change…

Hes hardly featured all season, he’s a peripheral figure in most games. Half the time he appears (to me) to be hiding from the ball and half the time he’s in space and his teammates take a different option. Fuck knows why. I keep watching him and he looks half arsed. He’s also getting in the neck for his Brazil performances too apparently. There. I said it. (again 😆) Hes a brilliant player but he’s not showing it enough…

https://www.newcastleunited.com/en/how-to-transfer-your-ticket-to-family-and-friends

You should try selling your jokes, good money as a writer. Don’t give the day job up just yet though

I think I saw the DJ one, broadcasting from a car park of retail park? “Chorley FM…. coming in your ears” Wasn’t aware there were more, they’ll likely be on All 4?

No… what was it?…

Just watching MOTD… think this may be Gemmill if Everton stay up again this season

Yeah Ritual DLH is class but Farrell is a boring nasal cunt. I think they were here in the UK earlier in the summer but I wasn’t that arsed 😏