On Sunday the Bank of England said it would not fund the government and today it is going to do just that: welcome to the world where we realise that there isn’t taxpayer money because the government makes its own

At the weekend Andrew Bailey, the Governor of the Bank of England, said that the Bank would not engage in direct monetary funding (DMF) of government spending. He was adamant that this was the route to monetary hell. I admit that I was withering in my contempt for the crassness of his comments. This morning […]

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