Ahahaha, aha, aha

Steve Groves says:
September 29 2017 at 9:50 am
You appear to totally misunderstand how ‘repo’ works and which parties are borrowing / lending gilts!

Reply
Richard Murphy says:
September 29 2017 at 9:52 am
So you’re saying gilts have no part in it?

And you;’re saying they’re not sold and repurchased under contract

Really?

Reply
Steve Groves says:
September 29 2017 at 9:56 am
No, I’m claiming that your comments about which party is lending and which party is borrowing doesn’t stick up to your previous claims about the gilt market!

Richard Murphy says:
September 29 2017 at 10:02 am
Then respectfully it seems to be you who does not understand

Your time here is over

It is the Sage of Ely who does indeed have it the wrong way around of course:

As for Worstall, I am a little surprised by his comment. He should know how the repo market works and that this involves the technical sale to banks of gilts overnight and their repurchase with what appears to be interest credited in the morning, in this way providing the large customers making use of this facility for their cash piles with the deposit guarantee that they crave and which the government will not itself supply.

16 comments on “Ahahaha, aha, aha

  1. Then respectfully it seems to be you who does not understand

    Your time here is over

    Translation: Dammit, caught out again. Better get rid of this bloke before he makes me look like even more of a bullshitter.

  2. It is a bizarre attitude. “You don’t understand, I’m not going to try explaining why you are wrong I’m just going to ban you”.

  3. Hang on, his first response bears absolutely no relation to the comment.

    He needs to seek professional help if he can read that comment and come to that conclusion…

  4. Comment: “You’ve got the borrower/lender of the gilts backasswards”
    Reply: “Are you saying there’s no gilts involved at all? And that nobody is buying or selling gilts?”

    WTF. Seriously.

  5. Anything is possible and correct in the Looking Glass world of our very own Humpty Dumpty, he just has to say it is.

  6. Steve groves is the real name of someone who is either, I can’t recall, a CRO or Head of Treasury for a company I know. Either way Groves is spot on as we’re other commentators.

    Alas my reverse/repo comment got paused on my iPad as I was getting ready for work this morning so I can’t claim credit. I will say once again the info by commentators here is a great source of knowledge.

    There is a chap with a movie villain name (Zoltan Pozsar) who has a Fed paper on the flow of funds through corporates and shadow banks and money market funds and banks and back to the real world. It has a map and amounts on it.

    I have no earthly reason to know this but met the chap at an FT event and he is the exact opposite of “Spud” as Zoltan is smart and eminently likeable.

    Link. https://www.newyorkfed.org/newsevents/news/research/2013/rp130718

  7. The server his blog runs on is gong to need a bigger hard disk if he keeps on banning people at this rate. At what point will he have banned more than half of the adult U.K. population?

  8. He has banned me about 10 times and it must be the same for Ironman, Noel Scoper, Andrew C and various other people. I can imagine the list of banned Ids runs to the 100s of thousands by now

  9. I can assure you that the Steve Groves who posted that comments is not the Steve Groves that are thinking of!

  10. Bill Bailey

    I saw you at the Queens Hall Edinburgh once. The piano playing was good but, as we say here, your jokes were fvckin’ boggin. Could have been worse though, at least you weren’t Marcus Fvcking Cuntstocke

  11. @BraveFart

    there was a time when comedy was ‘new wave’.

    Now it seems to consist of different ways of saying Tories are toffs.

  12. “Now it seems to consist of different ways of saying Tories are toffs.”

    While being a fully paid up member of the 1% yourself………..and solidly middle class to boot.

    Are there any actual working class comedians these days, in the manner of Billy Connolly, or are they all middle class university boys?

  13. @Bill Bailey – was it you then? Ho ho ho. Lots of laughs but the underlying fear is that people like this might overthrow the system they don’t understand for one they don’t understand but we know if much worse. Amazing how self righteous some people are.

  14. Diogenes
    I’m struggling to get it to print larger on to A3 paper. My middle-aged eyes can’t make out the detail on A4, though admittedly it looks like a pretty cool print on the corkboard right now……

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