And in the figure for the supposed national debt it is claimed that £293bn of the national debt is due to the operations of the Bank of England. (Cell B469 on table PSA8B_2, here,because they know how to make things easy to find). This is also not true: there is no such liability on the books of the Bank of England. This figure arises because the ONS quite deliberately ignores assets on the Bank of England balance sheet which are financed by its supposed debts and only counts a selected set of liabilities, which is straightforward nonsense.
My mortgage is part of my debt. It may well be secured (and it is, massively) against an asset but it’s still a debt, right?
Very much indeed. Your debt is a defined liability. The value of your asset is indeterminable.
So the ONS should take some advice on accounting from someone who has no understanding of concepts like deferred liabilities or depreciation and who it is speculated used someone else to sit his accounting exams in order to pass them?
Didn’t he say yesterday:
And even when it comes to official statistics, the Office for National statistics now publishes a monthly analysis of the Bank of England’s so-called contribution to the national debt, which is entirely because of discussion that took place on this blog.
Guess they didn’t take note enough….
And did it use that asset liberally in 2008 and beyond?
Why not use infinite money printing to fight arbitrary, fickle, capricious inflation, too?
“Why not use infinite money printing to fight arbitrary, fickle, capricious inflation, too?”
Hard to believe that people less knowledgeable than Spud and Erdogan exist