[thread] incorporating this on World War 2
With a throw back to World War 1
And with a reminder of the current age and £350 million
No not the red bus lie and con of £350 million a week
But a figure that chimes through the ages (ironically perhaps?)
With a throw back to World War 1
And with a reminder of the current age and £350 million
No not the red bus lie and con of £350 million a week
But a figure that chimes through the ages (ironically perhaps?)
"Bank of England secretly plugged a multi-million-pound hole in Britain's finances during World War I, covering up the failure of one of the country's apparent patriotic triumphs"
livemint.com/Politics/CbDKd…
livemint.com/Politics/CbDKd…
"In the early days of the war in 1914, the government sought to raise £350 million—about £38 billion today—through the issuance of a war loans, with £250 million of that coming directly from the public. "
"The sale was heralded as a great success by the government and the press, with the reported over-subscription being hailed as a sign of patriotic fervour among Britons."
" the loan was in fact a spectacular failure, with only some creative accounting from the BOE preventing a financial, and a propaganda, disaster"
"Analysis of the ledgers of investors who purchased the 3.5% war loan showed that public demand only amounted to £91.1 million, a fact that, if disclosed, would have been “disastrous", according to John Osborne, a part-time secretary to governor Montagu Norman, writing in 1926."
"Instead, BOE officials hatched a plan to cover up the shortfall, with the chief cashier Gordon Nairn, and his deputy, Ernest Harvey, buying the securities in their own names. The bonds were then held by the BOE."
"The deception was hidden by classifying the holdings as “other securities" on the bank’s balance sheet rather than as holdings of government securities—a plan which John Maynard Keynes called a “masterful manipulation" in a secret 1915 memo to the treasury."
"To the oblivious public, the sale was painted as nothing but a success. The Financial Times reported on 23 November 1914 that the loan had been over-subscribed by £250 million, and “still the applications are pouring in"".
"For their part, government officials realized that patriotism alone was not enough to sell a bond, and upped the interest rates on future offerings."
Roll forward to 2020
And the "apparent success" of a deadly pandemic the UK was "well prepared" for
bankofengland.co.uk/coronavirus
And the "apparent success" of a deadly pandemic the UK was "well prepared" for
bankofengland.co.uk/coronavirus
"Bank of England runs out of ammo in its fight against coronavirus
UK moves closer to Zimbabwe-style finance"
thetimes.co.uk/edition/busine…
UK moves closer to Zimbabwe-style finance"
thetimes.co.uk/edition/busine…
1918
"In handling any crisis, it is absolutely crucial to retain credibility. Giving false reassurance is the worst thing one can do...almost as bad as outright lying is holding information so closely that people think officials know more than they say."
ncbi.nlm.nih.gov/books/NBK22148/
"In handling any crisis, it is absolutely crucial to retain credibility. Giving false reassurance is the worst thing one can do...almost as bad as outright lying is holding information so closely that people think officials know more than they say."
ncbi.nlm.nih.gov/books/NBK22148/
In the current age it doesn't even need to be secret
"The BOE cut interest rates to next to nothing on Thursday and unleashed billions of pounds of stimulus to cushion the economic shock from Britain’s vote to leave the European Union."
uk.reuters.com/article/uk-bri…
"The BOE cut interest rates to next to nothing on Thursday and unleashed billions of pounds of stimulus to cushion the economic shock from Britain’s vote to leave the European Union."
uk.reuters.com/article/uk-bri…
Dominic Cummings:
"Pundits and MPs kept saying ‘why isn’t Leave arguing about the economy and living standards’. They did not realise that for millions of people, £350m/NHS was about the economy and living standards – that’s why it was so effective. "
"Pundits and MPs kept saying ‘why isn’t Leave arguing about the economy and living standards’. They did not realise that for millions of people, £350m/NHS was about the economy and living standards – that’s why it was so effective. "
"Would we have won without immigration? No. Would we have won without £350m/NHS? All our research and the close result strongly suggests No. Would we have won by spending our time talking about trade and the Single Market? No way"
Oh yes and Dominic
"Creating an exit plan that makes sense and which all reasonable people could unite around seems an almost insuperable task. Eurosceptic groups have been divided for years about many of the basic policy and political questions"
"Creating an exit plan that makes sense and which all reasonable people could unite around seems an almost insuperable task. Eurosceptic groups have been divided for years about many of the basic policy and political questions"
14th June 2016 Daily Telegraph
"To that end, Boris Johnson and Michael Gove, the two leading figures in the Leave campaign, have drawn up a blueprint for implementing a Brexit. Sensibly, it calls for flexibility and a period of reflection."
"To that end, Boris Johnson and Michael Gove, the two leading figures in the Leave campaign, have drawn up a blueprint for implementing a Brexit. Sensibly, it calls for flexibility and a period of reflection."
Oh yes and in addition to the con of
TNUMTWNT
We have a plan
Many solutions to NI border
EU will collapse soon
EU will bang on our doors to gift us unicorns
Our £39 liabilities bill buys us a deal
The sunlit uplands
TNUMTWNT
We have a plan
Many solutions to NI border
EU will collapse soon
EU will bang on our doors to gift us unicorns
Our £39 liabilities bill buys us a deal
The sunlit uplands
"The study by UK economist Dan Hanson found Brexit has already cost the nation roughly £130 billion ($170 billion), and estimates Prime Minister Boris Johnson's expedited exit from the EU will add another £70 billion ($91 billion) by the end of 2020. "
markets.businessinsider.com/news/stocks/br…
markets.businessinsider.com/news/stocks/br…
And a reminder on those economists that were derided by cheats liars and racists prior to June 23rd 2016
Well those economists were correct
Well those economists were correct
Wrapping up with a thread on Michael Gove
A man at the heart of the con of cheats, liars, fantasists, nativisists and racists
A man at the heart of the con of cheats, liars, fantasists, nativisists and racists
@threadreaderapp unroll please
