The Changing Ownership Of Government Debt
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In 2004 around 75% of Uk government debt was owned by insurance and pension companies. The rest was almost entirely owned by overseas interests, Banks held almost none, and nor did the government.
Now the Bank of England is the biggest owner:
The trend will continue. By the end of 2021 the Bank of England is set to own £895 billion of UK debt.
For those who say that there has been no such thing as direct monetary funding, or that the government cannot fund itself, or that there is no magic money tree, the evidence to the contrary is very clear.
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Government Bonds Owned By The Bank Of England Are Not A Debt Burden, Even When They re Repaid
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I received this email very recently, and share it with the author’s permission:
Hi Richard,
Hope you re well. After reading some of your articles and watching one of your videos, I m left with a question that I hoped you could answer.
The Bank of England holds lots of government debt. What happens when the bonds they hold mature? Doesn t the treasury need to pay the bank?
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If U.S. Sen. Dick Durbin knows anything, itâs how to count votes.
As the Senate majority whip, itâs Durbinâs job to ensure that members of his party vote the party line. But last week, there was a different set of elected officials Durbin was whipping: the Illinois Democratic State Central Committeepeople.
On March 3, with no votes to spare, Durbinâs endorsed candidate, U.S. Rep. Robin Kelly, D-Matteson, was elected chairperson of the Democratic Party of Illinois, beating out Chicago Ald. Michelle Harris in the race to succeed former chairman Michael Madigan.
It was a major win for Durbin, who has long sought more control over the state party, and a major loss for Gov. J.B. Pritzker, who endorsed and lobbied heavily for Harris.