At Last – An Admission That Bankruptcy Is Not A National Issue

Bankruptcy not a national issue

TheCritique Archives

by Martin Odoni

(Just a quick article to say, “I-told-you-so!” really.)

Last month, you may recall, I wrote out an explanation for why the constant terror the UK seems eternally embroiled in that the country is about to ‘become insolvent’ is unfounded. Basically, because the country has its own Central Bank that issues the very currency the Debt is composed of, the UK can’t go bankrupt unless the Government is stupid enough to apply to.

The interesting development today is that the minutes and documents of The Bank Of England’s activities at the height of the financial crisis from 2007-9 have been published.

Now, it’s always satisfying when the official line is contradicted by official evidence, so today I am grinning to myself. As the Guardian has highlighted in its summary of the documents, officials working in the Bank Of England do not noticeably endorse the aforementioned line that the country has been on the edge of bankruptcy for…

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