David Woodruff
@dmwoodruff.bsky.social
Associate Professor of Comparative Politics, LSE. CPE, central banks, monetary history, intellectual history of social science, Karl Polanyi, Soviet economic history, complaining about neoliberalism, etc. He/him.
If you Google Fred you’ll get the St Louis Federal Reserve stats site, and you can easily look at money supply (eg M2) versus prices (CPI) since 2007, and you will see that P= MV/T as a causal relationship driven almost exclusively by M—the monetarist position—completely fails.
December 4, 2025 at 9:18 AM
If you Google Fred you’ll get the St Louis Federal Reserve stats site, and you can easily look at money supply (eg M2) versus prices (CPI) since 2007, and you will see that P= MV/T as a causal relationship driven almost exclusively by M—the monetarist position—completely fails.
In US, as you say, diff is funded by reduced Fed profit transfers, and govt debt to Fed allowed the grow if needed. In UK profits such as they are go to fisc immediately and Treasury keeps current by making explicit top-up transfers out of tax and borrowing revenue.
December 4, 2025 at 6:46 AM
In US, as you say, diff is funded by reduced Fed profit transfers, and govt debt to Fed allowed the grow if needed. In UK profits such as they are go to fisc immediately and Treasury keeps current by making explicit top-up transfers out of tax and borrowing revenue.
Because CB asset portfolio was purchased during QE when interest rates were low the coupon payments are significantly lower than Bank Rate—from memory diff was -50 billion in last 3 fiscal years tho don’t quote me. In both US and UK fiscal authorities liable for interest though organised differently
December 4, 2025 at 6:40 AM
Because CB asset portfolio was purchased during QE when interest rates were low the coupon payments are significantly lower than Bank Rate—from memory diff was -50 billion in last 3 fiscal years tho don’t quote me. In both US and UK fiscal authorities liable for interest though organised differently
Because the Treasury is liable for interest on the bank reserves, which is charged at Bank Rate, they amount to floating rate loan (which replace low-coupon fixed rate debt bought with the reserves under QE). So having a lot of bank reserves when Bank Rate went up has proved exceedingly expensive.
December 3, 2025 at 9:20 PM
Because the Treasury is liable for interest on the bank reserves, which is charged at Bank Rate, they amount to floating rate loan (which replace low-coupon fixed rate debt bought with the reserves under QE). So having a lot of bank reserves when Bank Rate went up has proved exceedingly expensive.
The tsar often delegated the task, I gather, but he was personally in charge of censoring Pushkin.
December 3, 2025 at 1:30 PM
The tsar often delegated the task, I gather, but he was personally in charge of censoring Pushkin.
He listed Meadway too in answer to this question, but whoever prepared the clip deliberately left that out. podcasts.apple.com/gb/podcast/t...
Zack Polanski: Do The Greens Have What It Takes?
Podcast Episode · The Rest Is Politics: Leading · 01/12/2025 · 1h 14m
podcasts.apple.com
December 3, 2025 at 9:40 AM
He listed Meadway too in answer to this question, but whoever prepared the clip deliberately left that out. podcasts.apple.com/gb/podcast/t...
FWIW the Polanski clip was deceptively edited. He listed 4 names, the 4th of which was James Meadway @meadwaj.bsky.social — whoever created the clip deliberately left out the last name to change the overall vibe.
December 3, 2025 at 9:37 AM
FWIW the Polanski clip was deceptively edited. He listed 4 names, the 4th of which was James Meadway @meadwaj.bsky.social — whoever created the clip deliberately left out the last name to change the overall vibe.
FWIW the Polanski clip was deceptively edited. He listed 4 names, the 4th of which was James Meadway @meadwaj.bsky.social — whoever created the clip deliberately left out the last name to change the overall impression.
December 3, 2025 at 9:35 AM
FWIW the Polanski clip was deceptively edited. He listed 4 names, the 4th of which was James Meadway @meadwaj.bsky.social — whoever created the clip deliberately left out the last name to change the overall impression.
Yes, that's excellent and perhaps as close as we're going to get to the original. Part of the issue is that physics deals in laws whereas the social sciences -- even economics! -- deal with concrete configurations of circumstances. Without money can't understand economy, but this is not timeless.
December 2, 2025 at 1:58 PM
Yes, that's excellent and perhaps as close as we're going to get to the original. Part of the issue is that physics deals in laws whereas the social sciences -- even economics! -- deal with concrete configurations of circumstances. Without money can't understand economy, but this is not timeless.
My favourite was the Keynesian answer. I like bygones are bygones too. My answer would be 'your leverage is my business' -- referencing both that my business model may depend on your access to leverage, and that leverage creates systemic risks which are everyone's business.
December 2, 2025 at 1:17 PM
My favourite was the Keynesian answer. I like bygones are bygones too. My answer would be 'your leverage is my business' -- referencing both that my business model may depend on your access to leverage, and that leverage creates systemic risks which are everyone's business.
This is a poor explanation, to put it mildly. If you're going to skip the APF, why not just do it this way: during QE, the Bank of England created money and lent it to the HMT to buy back its own debt. Call this the Big Loan, nearly £900 bln at its peak. 1/5
www.theguardian.com/politics/202...
www.theguardian.com/politics/202...
What is quantitative tightening and how has it affected UK finances?
The Bank of England’s disposal of the bonds it bought after the 2008 financial crisis is being slowed down
www.theguardian.com
November 28, 2025 at 11:39 AM