Lorenzo Ramírez: “How many more countries are like Great Britain and we don’t know about it?”
This is the big question asked this morning by Lorenzo Ramírez, an economic journalist, at Business Connection. He assured that “there are investment banks attacking the pound and debt to profit from this desperate sale of British pension funds.” He spoke, specifically, about the case of Goldman Sachs, which is the entity where Sunak worked, the former Chancellor of the Treasury who was one of those who tried to remove Liz Truss from her chair, who bought high-quality assets (in theory) at a discount of 20-30 %, but the pension fund had to sell it due to falling debt. What they do is experiment.
Bonds have a fixed income character; at least in the world before that unconventional monetary policy. Lorenzo Ramírez explains how the process of debt falls: it is a direct consequence of the recent distortions of monetary policy. The big question is: “How many more countries are like the UK and we don’t know about it?” With the euro umbrella, it seems we are all the same, but maybe some countries have similar problems. And he explicitly quoted Spain: “what would happen if Spain had its own monetary policy”. The money never arrived either. They took out the European public debt in the belief that eternal debt was the solution: Soros’s dream, Garicano’s dream, whom he called the pupil of the monetary wizard. This is bread for today, hungry for tomorrow. Spain needs Germany and the Euro to be strong.
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