The QE programme has come to an end. The total government cash requirement is to be funded by financial markets. And, in addition, QE may begin to be unwound.
But this is the man who has spent a decade telling us that QE will never be unwound. That the debt, because it is owned by the BoE, does not in fact exist and is not part of that national debt.
What, possibly, could have changed?
The requirements of his argument, obviously.
Summarise this, and the massive reversal of economic policy that the end of QE, rising interest rates, and QE reversal simultaneously represent look likely to create a significant fall in assets values, across the board in the UK, with the US looking likely to do much the same.
Given that the man whines incessantly about wealth inequality why is he complaining about this?