Thursday 14 May 2009

Who bought all the Gilts? BoE quarterly report 2009Q1

Looking at the chart of monthly changes of Gilt holdings in the Bank of England quarterly report (page 13 of 58), and homing in on the right-most column, it is clear that nobody but the Bank of England is buying the Treasury's Gilts any more, and in fact everyone else is a net seller all of a sudden.

This is *exactly* what Messers Mugabe and Gono did in Zimbabwe -- buy their own new debt, with freshly issued local currency.

If this does not stop, we will see the same results, clearly.

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