"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Wednesday, 6 January 2010

Apocalyptic Gilts

Following my post yesterday evening on the second reading of the Fiscal Responsibility Bill Burning Our Money has an excellent piece (A postcard from Newport Beach) explaining the ins and outs of UK govt gilts - well worth reading but have a stiff brandy beside you.

Not only does BOM put the problem into perspective and provide clear graphs but:
"Pimco's head honcho in London is one Andrew Balls. Andrew Balls, brother to Balls Balls - Sorcerer's Apprentice to the Great Gordo himself."


  1. I love the smell of nepotism in the morning.


  2. Quite a few of them seem to have brothers/sisters; aunts/uncles; wives/husbands; sons/daughters with fingers in pies - a cosy socio-political dynasty.


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