So therefore I am remarking:
All those who now suggest that people would not want to save in the Green New Deal bonds that Colin Hines and I have promoted have this uncomfortable evidence that there is massive demand f0r green savings products to contend with.
£10 billion of green gilts sold. But one should never reason from a manipulated price:
The Bank of England said on Friday that it intended to buy new green gilts which will be issued by Britain’s government later this year as part of its asset purchase programme, treating them similarly to other government debt.
Britain’s government plans to issue at least 15 billion pounds ($20.6 billion) of new debt this financial year which is specifically designed to capitalise on investor demand for bonds whose proceeds are ring-fenced for environmental investments.
“In response to questions from market participants, the Bank of England confirms that green gilts will have equivalent eligibility to existing gilts in its market operations,” it said in a statement.
The Bank of England buying green gilts is not great evidence of wider market desire for green gilts.
More evidence of Spud’s knowledge is displayed in his preening blog about him starting work for the Copenhagen Business School.
“Contingent liabilities are not tax allowable”
He lectures a contributor.
Err, yes they are, provided they meet FRS 102. An accountant who doesn’t know basic accounting/tax rules will be contributing his knowledge to develop a new accounting standard.
But I thought the entire spiel around the Murphy/ Hines product is that they don’t provide a return – you invest in them for environmental reasons to make the world a better place – people are supposed to invest in products without expectation of a positive return. Additionally in his fevered mind the only way it will work if conventional bonds are not allowed to be sold because their accounts (under his latest whizz ‘Sustainable Cost Accounting’) will need to be in a sea of Red to factor in their likely environmental impact. Watching this guy flounder I am reminded of the Hayek chapters regarding the flaws of a ‘planned economy’ in general. You have to say, without wishing to be rude the guy is a bit thick frankly,
The government buying its own gilts shows evidence of strong demand by the government for its own gilts.
I just made a hundred sausage rolls, offered them for sale, and I bought all of them myself. Evidence, I think you’ll find, of strong demand for my sausage rolls.