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Kim Driver
Physicist then banker. Used to be repelled by complexity. I liked equations. Now love the challenge and debate of complexity. I've matured. I think.
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Kim Driver 10m
Replying to @jp_koning
Foreign currency gains are taxed in the UK.... Gains on gold sovereigns are not. Because they aren't foreign currency. Obviously.
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Kim Driver 15m
Replying to @koumenta_m
Too late for that.
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Kim Driver retweeted
Robert Hockett 24m
The art of the deal. So tired of winning.
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Kim Driver 22m
Stopped out again? You're just the sort of client Saxo Markets would like to attract. Read on...
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Kim Driver 28m
Great! I told David Winton it wouldn't work. That'll teach him to ignore me.
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Kim Driver 2h
Rice wine, surely?
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Kim Driver 2h
Key issue is whether (currently) productivity growth will fund wage growth or whether we need wage growth to force the investment that leads to productivity growth, which funds it. And then, how to bring it about?
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Kim Driver retweeted
Cullen Roche 3h
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Kim Driver 4h
Replying to @mattwridley @iealondon
Could have done with a few consultants or wth listening to a few professionals when the chairman of Northern Rock, I would imagine. Might have saved others a lot of grief. If you can blow up a bank, with all that implicit state support, you can blow up anything.
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Kim Driver 4h
Replying to @PARLYapp
Is there an additional allowance for employing staff? Either to a committee member, a chair or to the committee as a whole (to act as a resource pool)? Some stuff is pretty technical, good briefings and research is essential.
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Kim Driver 5h
Replying to @SheRa_Marley
At my old firm (a high pressure investment bank) such behaviour was considered a sure sign that the individual, rather than being a "fired up, driven man", was out of his depth. And if they picked on a junior or secretary, the sky would fall down on them. They would suffer.
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Kim Driver retweeted
(((🕷Frances Coppola))) 9h
Brilliant analysis by , and dead right. Especially the conclusion.
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Kim Driver 7h
It's potentially far more than technical, and of course this is the global US$.
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Kim Driver 7h
I think (from my limited reading) that Minsky would have agreed with that. The forthcoming debates are going to be fascinating. Which operational structures are chosen, what is the Fed's role, who is it backstopping?
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Kim Driver 7h
I particularly like his argument that when excess reserves are abundant, the interbank market in which banks acquire reserves from each other becomes moribund. That reduces interbank credit risk, and therefore reduces the need for banks to scrutinise each other.
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Kim Driver 7h
Indeed, and he knows far more about this stuff than I, and with a lot of historical knowledge of the pitfalls into which the Fed has fallen in the past.
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Kim Driver 8h
Though perhaps just an admission of reality?
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Kim Driver 8h
The strike rate of the repo facility would present an upper bound on market rates, though that could look like a move towards targeting the repo rate. A huge market - not only banks but shadow banks in all their forms. May imply quite an expansion of the Fed's official role.
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Kim Driver 8h
(BoE and the Fed were saying some time back that expanded CB balance sheets were here to stay after the lessons of the GFC.) Also, while any standing repo facility could work with a corridor or a floor system, I think that it's a more natural fit with a floor.
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Kim Driver 8h
Some have suggested that the Fed wants an excuse to justify its own preference to a floor, rather than a corridor, system to control O/N market rates. I think that it is equally likely that the Fed prefers the floor system because it wants banks to hold lots of excess reserves.
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