The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 3 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Bessent: Why defending the British pound in 1992 was politically impossible
“My contribution was just an observation that the British housing market, that mortgages there, floated with the base rate, which is their overnight rate. And if the Bank of England raised rates on Wednesday, mortgages went up on Friday. If they were trying to …”
Bessent: 1992 pound short risked only 2.5% against massive asymmetric upside
“Because of the exchange rate mechanism, the Bank of England or the British government had to buy an unlimited number of pounds to keep the pound in a quarter. So it was an asymmetric bet. We could push them up against the wall And the most they could push us b…”
Aitken: UK private wealth is piling into gilts for tax exemption
“UK private banks and high net worth individuals are falling over themselves to buy gilts.
Yeah, quite shocking, right?
Very simple reason.
Gilts are the munis of sovereign debt.
We all know about the tax attractiveness of muni bonds in the US, but gilts, there…”