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Ritchie’s so bad today

That I’ve had a go at him elsewhere.

Youse guys should probably sign up there anyway.

6 thoughts on “Ritchie’s so bad today”

  1. His website is currently down – do you think he’s frantically trying to delete all the crap that he’s written?

  2. I am on it on another tab. The Davies comments one could take issue with for sure but Tim dismantles it quite well on Substack. I deal with the relevant departments of a large Investment Bank on a near daily basis in Finance and Treasury (they’d be amused by his rantings I think!) and they would be interested to know they don’t need to be there!

    Additionally a not insignificant part of the bank (probably around 10% of employees globally) have been acquired by said bank precisely because their previous incarnations run out of ready capital – something that according to his model is impossible.

    But he isn’t interested in understanding or increasing his knowledge- he is a polemicist with a message to sell, and it’s one that his support base, near exclusively in the unproductive public sector, charitable sector and academia wants to hear.

    He’s also probably the closest thing to pure evil extant in the blogosphere,

  3. @VP “He’s also probably the closest thing to pure evil extant in the blogosphere”

    Well he’s certainly banal.

  4. It’s really kicking off there now. All his usual sychophants are defending him and claiming that it’s only oeole like them (outside the industry) that are enlightened and know how banking works.

    Difficult to get any comments added, but I’m still trying under various guises.

  5. Difficult to get any comments added

    I’ve heard that some people use VPNs such as TunnelBear (I’m sure others are available) to mask their IP addresses.

  6. A friend of mine used to work for one of the Scottish banks in Scotland. And the thing is, Scottish banknotes aren’t currency in the normal sense, they’re the bank’s promissary notes. And every note “out there” has to be backed by a deposit at the Bank of England, so every one of your notes that is not in your tills is a liability that has to be covered.

    At the “witching hour”, he was one of those tasked to scurry around the other banks exchanging bank notes, because your banks notes in somebody else’s bank was a liability, and their banksnotes in your till was an opposite liability, and any misbalance had to be made up in that “real money” deposited at BoE. So there was the daily scurry to get rid of the “wrong” bits of paper out of your tills and gather in as many of the “right” bits of paper. The more of your notes you had in your own tills, the less “existed” and had to be “paid for”.

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