Delaware Liberal

DL Open Thread Wednesday October 12 2022

What the f&ck did Hunter Biden’s lap top do now? A “material risk to UK financial stability” sounds bad.   

Bank of England intervenes in bond markets again, warns of ‘material risk’ to UK financial stability

LONDON, Oct 11 (Reuters) – UK pension schemes are racing to raise hundreds of billions of pounds to shore up derivatives positions before the Bank of England calls time on support aimed at keeping them afloat.

The Bank of England plans to stop buying bonds on Oct. 14, leaving pension schemes scrambling to meet a collective cash call estimated to be at least 320 billion pounds ($355 billion) without a buyer of last resort.

The central bank on Tuesday made its fifth attempt in just over two weeks to try and restore order in markets, after a surge in yields on Sept. 28 threatened to overwhelm pension schemes that had loaded up on leveraged derivatives.

I can see why small timers could be induced to play the markets as if they plunking down chips on the threadbare rouletted table in some shitty Reno Nevada casino.   But pension fund managers?   WTF?  


Is anyone really going to put on the VR headset and sit in their living room pretending they are sitting in Les Deux Margot in the days when it was frequented by Hemingway and Sartre?   I’ll answer that.  No.  Porn maybe.  
Exit mobile version