Another Reason Not to Believe the Bank of England’s Stress Tests
The Bank of England repeatedly reassures us that its stress tests demonstrate the resilience of the UK banking system. Well, let’s put the…
How Onerous Are Basel III’s Constraints On Bank Leverage?
It is generally acknowledged that high bank leverage was a key factor contributing to the severity of the Global Financial Crisis. For the UK,…
Are Bank Capital Requirements Really Ten Times Higher Than Before The Crisis?
A major theme in Bank of England speeches over the last three years has been the ‘Ten Times’ story: bank capital requirements are now…
THE FICTION OF THE ‘GREAT CAPITAL REBUILD’
The central element of the Bank of England’s narrative on the UK banking system is the ‘Great Capital Rebuild’. To paraphrase Governor Carney’s comments…
A Letter to Governor Carney from Professor Kevin Dowd
Dear Governor Carney, I thank your colleagues and yourself for taking the time to meet me on my visit to the Bank earlier…
Expected Losses are Not Baked into the Risk Weights
By Tim Bush and Kevin Dowd On December 15th 2015 there was an interesting exchange on the Treasury Committee between Steve Baker MP…
The War on Cash: Haldane Edition
The Adam Smith Institute have recently published my report “Killing the Cash Cow: Why Andy Haldane is Wrong on Demonetisation” on Andy Haldane’s proposal…
Great news for fans of monetary freedom – Liberty Dollar minter Bernard von NotHaus gets a presidential pardon …
… from president-elect Trump on the day before his inauguration: Readers will remember my dear friend Bernard, the Liberty Dollar man and self-confessed…
Have Central Bankers “Lost the Plot?”
Recently, the UK Daily Telegraph ran a remarkable Op-Ed written by William Hague, the just-retired Conservative politician and former UK Foreign Secretary. The title…
Bank of Dave
Tom Clougherty’s recent Alt-M post on competition (or the lack thereof) in UK banking nicely highlights the problem posed by barriers to entry into…