Tuesday, September 13, 2022

[UK] Treasury reasoning that is completely circular — Peter May

Rather to my surprise, John Glenn’s successor, Richard Fuller, has actually replied to my query on what were the “liquid assets” he originally claimed were ‘backing’ the physical cash issued in notes and coin! But circular reasoning, I’m afraid, seems to sum up Treasury thinking… The copy of the letter is below:
Progressive Pulse
Treasury reasoning that is completely circular….
Peter May

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