Commercial banks do not create money

Our refutation of a commonly-held misconception that commercial banks create the money with which to make a loan.

It was drafted to advise a UK Member of Parliament in March 2022.

You can download it here

FTX shines a light on crypto people – do we want them replacing our UK cash with their digital currency?

Sir Jon Cunliffe, Deputy Governor of Financial Stability, Bank of England, sees no contradiction between the rampant instability on Planet Cryptocurrency and the Bank’s plans to replace our cash with its own UK version of a cryptocurrency. This is the message today from the most senior person responsible for the stability of the UK currency.

Welcome […]

‘CAPTURE’ – a major new paper on the committees considering a UK Central Bank Digital Currency

UK payments have, over the last ten years, become increasingly digital and become the domain of a technocratic elite, working in tandem with Big Tech and the major payment card brands.

The UK’s ‘digital payments journey’ thus far has left an amount of damaging debris on the road behind it: Authorized Push Payment Fraud, inflationary Deductions-from-face-value […]

‘Liability Driven Investment’ explained: the first bailout of the new Global Financial Crisis

First published as an IREF online article on irefeurope.org

‘Liability Driven Investment’ or ‘LDI’ is both a nonsense and a truism, and is now a byword for a disaster in the UK financial system.

Here is what happened. UK pension funds became convinced that they would experience a shortfall of resources to meet their future liabilities to […]

ISO20022 – The Great Leap Sideways

The payment industry’s migration to the ISO20022 XML data format promises much, or rather the list of promises is long and the same as it has been for a long time, and is very promising: richer data, easier data mining, easier compliance-checking and harmonization (aka everyone else is going to use it so we should […]

The Payment Systems Regulator’s PS22/2 Card-acquiring market remedies: final decision = surrender

On 6th October 2022 the PSR published its Final Decisions on its major and multi-year ‘work’ on the costs of accepting card payments for merchants. Costs, in this case, focuses on the service fees paid by a merchant to its appointed merchant acquirer. The all-in costs include the deductions-from-face-value, which the PSR has elected to […]

Apparatus for UK’s financial management is dead in the water

A major change in the financial management of the UK is needed. The current upsurge in inflation may have been triggered by energy prices, but the seedbed for it has been in the creation since the Global Financial Crisis (GFC) of 2007/8. Policy formulation has receded into a […]

European Central Bank’s gaslighting defies EU energy shortage

IREF headline

The press releases following the meeting of the ECB Governing Council (GC) on Thursday 22 July 2022 are masterpieces of uninformation in which the ECB attempts to gaslight its stakeholders, making them question their own perception of reality. It is ironic that the ECB […]

Eurozone in meltdown and collapse could cost the UK £200 million – despite Brexit

Red alerts are flashing all over the Whitehall radar screen. The Prime Minister has been deposed and the country is leaderless for the summer. Living standards are plummeting under the impact of soaring inflation. Russia’s savagery tortures Ukraine and threatens our security.

It is easy to take […]

Why the euro threatens to be the EU’s Krakatoa

[as published on www.brexit-watch.org on 13 July 2022 under the above headline and photograph, a Photo of Anak Krakatau by arief adhari/EyeEm from Adobe Stock]

BREXIT HAS BEEN largely botched so far, as has so much else by the present government. Remainers, several now emanating from their mausolea, claim that prices would be lower and […]