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re: Trust in Central Banks is Eroding Fast
Posted on 9/29/22 at 8:44 am to TigerTatorTots
Posted on 9/29/22 at 8:44 am to TigerTatorTots
At some point central banks will have to stop riding to the rescue. The reason for their intervention yesterday was a combination of an idiot policy announcement to cut taxes (and not decrease spending), borrow for both this and to pay for the energy cap the govt announced. And, to bail out pension funds who made bad bets on interest rate derivative hedges that collapsed because of an incompetent finance minister. Why these things are not outlawed is beyond me.
As Warren Buffet said derivatives are weapons of mass financial destruction.
UK central bank was faced with a choice of buy bonds to stabilize the market or allow large UK pension funds to become insolvent.
Incompetence everywhere.
As Warren Buffet said derivatives are weapons of mass financial destruction.
UK central bank was faced with a choice of buy bonds to stabilize the market or allow large UK pension funds to become insolvent.
Incompetence everywhere.
Posted on 9/29/22 at 10:05 am to biscuitsngravy
Keynesians can kiss my arse. Thanks for perpetuating the lies supporting government spending. While I'm at it, I would like to give a big F-U to Nixon for turning our currency into fiat. These dickheads don't know how to responsibly run the processes they've put in place. Guess who pays for their ignorance?
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