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Lol, it's like whack-a-mole. I'm going to have some lunch now, might come back later.

There's a little job for you. Why don't you create a 'centrist' political party.

Never never? I'd have some sympathy for that argument if UK govt were 'borrowing' in a foreign currency, but they aren't. Can you clarify: When you say 'fractional reserve banking' are you referring capital requirements for banks or are you referring to the amount of reserves (central bank...

What's your understanding of how fiat economies work?

Lol, mention the dunces and dunso pops up! Quality!!!

Here's something for the dunces to ponder. The only times I've owned $ and Eu are prior to, during and sometimes after I've been visiting areas which use those currencies. I've bought and sold USD/EU in many, many orders of magnitude greater than anything I've swapped at Asda. So have many...

A currency issuing govt doesn't need an 'income' to spend. The various sell offs were ideological, nothing to do with revenue.

I agree. It's a huge gamble. An awful lot of people will be hurt by the mortgage tax. If they fail, at the next election we can always vote for the alternat.... oh, wait.

Maybe. The plan seems to be: . take action that 'forces' the BoE to raise interest rates - they could simply instruct the BoE to raise rates but that would give the game away . let the £ fall until the necessary interest rate has been reached (probably around 5% seems to be the level they...

Thatcher didn't need North Sea oil,or anything else to 'fund' her plans, she had the capacity of a currency issuing govt. She took the baton from Callaghan/Healey and established 40+ years of neoliberalism which guaranteed a wealth transfer we'd never seen before. This lot are continuing in that...

The whole point of the exercise is to raise interest rates. BoE isn't independent in any way. The illusion of independence allows govt to set out a mini budget like they just have and point to BoE (who will raise rates and inflict pain) and say "it was them wot did it".

Osborne was right to laugh. BoE has as much independence as a toddler in a playpen.

1. Check post #253 along with all the subsequent q&a's in the thread. 2. If you still have questions, refer to 1 above. Good luck.

Oh dear.

Yeah, lots of people will be made unemployed. Govt will point at BoE and say 'it was them'.

Well done, not that difficult, is it?

I'll indulge you this once. Here's the explanation: Leverage.

That's right, you don't need to explain it to me. I advise you to take your own advice

Hey, Pat ex, Come and tell us you know absolutely nothing about fx trading without directly stating you know absolutely nothing about fx trading. Lol.

Lol. I don't think anyone should be taking lectures from someone who has 'worked in investment banking for a decade' but doesn't understand leverage or how FX trading works. Away to Asda and sell some £s for your holidays?