Yes, it’s me. The guy that you obviously love insulting.
First, let me thank you sincerly for pointing out the obvious error in my blog post http://simonthorpesideas.blogspot.fr/2015/06/a-message-for-alexis-tsipras-tell-your.html
You are indeed correct that with the Basel Banking regulation stipulating that the risk-weighting for sovereign debt for a CCC country like Greece is set at 150%, the amount of capital required to hold €1 billion of Greek government debt is not €150 billion. I have thus corrected the figure on my blog to €150 million. However, your claim that I was “out in capital requirements by two, count them two, orders of magnitude” is actually wrong too. A billion is THREE orders of magnitude larger than a million.
Anything else that I got wrong?
Do you deny that when commercial banks buy sovereign debt for AAA to AA- countries (like the UK, France, Germany etc), they need no capital at all (because the risk weighting specifiied by the Basel rules is set at 0%?
Do you deny that this is likely to be one reason why Banks like
Société Généale can have assets worth over 1200 times their capital ($1.7 trillion vs $1.4 billion) – see
Do you deny that the increase in UK public sector debt from £975 billion to over £1600 billion in the period from end of 2009 to end of 2014 was financed by commercial banks using money that they didn’t actually have to by UK bonds?
Do you deny my claim in that post (that you neglected to include in your edited version) that UK taxpayers have been paying an average of 4.4% of GDP every year since 1694 in interest payments on public sector debt?
Do you deny that the money lent by the Rothschilds to finance the Napoleonic wars, and which meant that UK taxpayers were paying over 9.0% of GDP every year between 1815 to 1822 was money created out of thin air?
Do you deny that the money used to finance the 1st World War was also created out of thin air by Banks, and that this meant that UK taxpayers paid between 8.5% and 9.6% of GDP in interest payments to the banking sector every year from 1922 to 1933 – the roaring twenties for those close to the people with their hands on the money tree that David Cameron claims doesn’t exist?
(If you do want to deny this, please take the question up with the person responsible for the data set you can find herehttp://www.ukpublicspending.co.uk/spending_chart_1692_2016UKp_14c1li011lcn_97t#view
I’m looking forward to a real debate on this one, Tim. Like the other debate we had where you finally gave up – the one where you claimed that even a 0.01% tax on the UK’s £2 quadrillion a year in FInancial Transactions would make the sky fall in, and that it is far better to use Corporation Tax, VAT and Income Tax “because corporations don’t pay taxes, only people pay taxes”.
Come on Tim. Let’s have some real fun.
But here’s a warning to all the commentators on your Blog. I’m not stupid. I’ve read one hell of a lot in the last 4.5 years. And the detailed and carefully researched arguments on my blog now run to over 300,000 words. You can download the whole thing here http://bit.ly/1NzgKaf
With very best wishes to all your readers