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So my understanding is that NHS trust debt HASN’T been written off

It has been converted to Public Dividend Capital, which has a higher interest rate of 3.5%

I hear Trust finance directors not happy. Not quite what the headlines are saying is it?
I mean that’s just what I’m hearing, please correct me if I’m wrong if you are more knowledgable
HSJ describes it as:

‘PDC is treated as a kind of equity investment in indebted trusts, but with an annual charge attached’

Take from that what you will 🤷🏽‍♀️
ITs complicated; I’ve had a good explainer. Will update after my daily exercise 🏃🏽‍♀️
UPDATE

See explainer thread here:

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Roshana Mehdian-Staffell
@RoshanaMN
So I’ve had a few trust finance people offer explainers.

Just to be clear I have no background in finance this is just what I’ve read and reflection of conversations with people that do

THREAD
One trust finance director described it thus (I paraphrase, but the ‘f’ word is part of the original description):

‘Its the equivalent of someone paying off your mortgage but then reducing ur income by the same amount. It makes F all difference. Worse still they’ve ignored PFI’
Another ex-finance Director has broken it down for me (brace yourselves):

‘In accounting you have to balance the sheets. The debt has to go somewhere, and PDC is the only choice’ /2
Read 9 tweets

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Andy
@AndyKhalil1
THREAD (no quants)
So far, we’ve looked at this crisis from a monetary and financial perspective. There are less obvious channels through which mismanaged policy has harmed economic growth and stability.

Major channels are income and wealth inequality.
The fact that income and wealth inequality have been accelerating shouldn’t come as a surprise. While it’s true that our prevalent economic system naturally leads to inequality, policy has complemented this tendency instead of mitigating it.
It’s worth noting at first that a thorough quantitative analysis of the topic is quite difficult given the lack of transparency and specific data. In this thread, I will follow a more intuitive and comprehensive approach.
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Rachel Clarke
@doctor_oxford
Incredibly, an NHS trust has told staff they can’t take part in “debates, activites & events that may be politically controversial” during the election campaign.

To be crystal clear. This is a democracy. We can & will speak out as loudly as we fit 💪 #NHS
mirror.co.uk/news/politics/…
Please @NHSEngland can you ensure all trusts desist from sending out these threatening & wholly inaccurate statements to staff? Candour is a cardinal NHS value & no trust should seek to curb our free speech.
@NHSEngland Same applies to @NHSScotland where, according to this piece, some NHS trusts are also threatening staff inappropriately.
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EHSANI2
@EHSANI22
When analyzing #Lebanon ‘s Financial Crisis, important to separate issue in two parts:

1- Conduct of the Sovereign (Government & Central Bank). Topics here are Reserves, trade imbalance, budget deficits and the national debt

2-Commercial banks & how they managed risks ==>More
Remember that #Lebanon 's Govt only issues debt because it needs the money that it doesn't have. Debt is needed to plug the hole between spending and tax collection. It would be one thing to borrow in local currency. Things get more complicated when you borrow in Dollars
Why are Dollars in demand #Lebanon ?

1- You need Dollars to import
2- You need Dollars to be able to use them & buy your local currency if you want this currency to stay strong and pegged at an artificial rate you picked nearly 22y ago
3- You need Dollars to service your debt
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Shivaji Lokam
@ShivajiLokam
1. As the daily hysteria about the decline of Indian economic growth continues , I'll share few unorthodox theories and interesting data trends about everything economic development and...
theprint.in/national-inter…
2...and some of the many fixes—some straightforward and obvious to everyone and some not so much—India can pull to prevent going down the road of low growth rates and start imitating the growth pattern of China, South Korea and Taiwan. #indianeconomy #economicdevelopment #india
3. Most economists earn their living working in sectors that are free of market forces and end user criticism. So time to time we have to dunk on the economists worldwide for being so inept at what they do and for making the subject crude, out-of-touch with reality and...
Read 139 tweets
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Scott Fullwiler
@stf18
1. Quick(?) MMT 101 lesson:

From the very beginning in the 1990s, MMT has NEVER argued that 'printing money' was necessary. Anyone saying MMT = "print money," even if they (correctly) incorporate an inflation constraint, is getting MMT dead wrong.
2. The argument from the earliest days--@wbmosler 's "Soft Currency Economics," Wray's "Understanding Modern Money," or @StephanieKelton 's "Can Taxes & Bonds Finance Govt Spending?"--the MMT argument is that ALL govt deficits are 'printing money' ALREADY (!).
3. These and other foundational, early MMT pieces argue that the choice to issue bonds or not is about monetary policy how to set the CB's interest rate target, not whether to 'finance' a deficit or 'print money.'
Read 25 tweets
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David Jensen
@RealDavidJensen
@Halsrethink @RemainSovereign @TFMetals @BullionStar @jameshenryand @michaellebowitz @dlacalle_IA @DA_Stockman @RonPaul @RonPaulInstitut @MarkTOByrne @MarkYusko @ErikSTownsend @AndrewBellBNN @realDonaldTrump @LouDobbs @Varneyco @MariaBartiromo @gatewaypundit @JeffSnider_AIP @TruthGundlach @epomboy @PaulCraigRobert @LanceRoberts @TheBubbleBubble @POTUS @TayTayLLP @ronanmanly @jimiuorio @MoneyMetals @stranahan BRICS nations for years openly discussing trade w/ "parallel" monetary system including gold trade settlement.
Saudi put in place RippleNet alt. to SWIFT that allows bank-to-bank real-time settlement in any medium of trade.
Italy signalling ready to go.
@Halsrethink @RemainSovereign @TFMetals @BullionStar @jameshenryand @michaellebowitz @dlacalle_IA @DA_Stockman @RonPaul @RonPaulInstitut @MarkTOByrne @MarkYusko @ErikSTownsend @AndrewBellBNN @realDonaldTrump @LouDobbs @Varneyco @MariaBartiromo @gatewaypundit @JeffSnider_AIP @TruthGundlach @epomboy @PaulCraigRobert @LanceRoberts @TheBubbleBubble @POTUS @TayTayLLP @ronanmanly @jimiuorio @MoneyMetals @stranahan More to the point - #gold seems to be the focal point of new trade settlement system.

“Fiat money, in extremis, is accepted by nobody. Gold is always accepted." Alan Greenspan.

realnoevremya.com/articles/2075-…
@Halsrethink @RemainSovereign @TFMetals @BullionStar @jameshenryand @michaellebowitz @dlacalle_IA @DA_Stockman @RonPaul @RonPaulInstitut @MarkTOByrne @MarkYusko @ErikSTownsend @AndrewBellBNN @realDonaldTrump @LouDobbs @Varneyco @MariaBartiromo @gatewaypundit @JeffSnider_AIP @TruthGundlach @epomboy @PaulCraigRobert @LanceRoberts @TheBubbleBubble @POTUS @TayTayLLP @ronanmanly @jimiuorio @MoneyMetals @stranahan When a central banker or economist mentions 'stimulus', they are talking about diluting the currency through debt currency issuance - to create REAL GROWTH.

This is the insanity & silly talk promoted by central bankers globally.

Nobody asks the question.

#centralbanking #gold
Read 55 tweets

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