Bank of England Governor Implicated In Shorting Bonds & Sterling
Damning evidence has emerged which strongly suggests that former and fleeting UK Chancellor of the Exchequer, Kwasi Kwarteng, an ex employee of hedge fund, Odey Asset Management, was appointed to panic the bond markets and devalue the pound, which has coincidentally generated huge material gains for Odey in 2022, the vast majority of which comprises of profits made from betting against [otherwise known as shorting] future UK Government bond yields and the pound.
However, the lion’s share of those ill gotten gains have been made since June this year, when Peter Martin left his job as Chief Investment Officer UK at Rothschild Private Bank and Trust to become Odey’s head honcho, allegedly bringing with him an agenda geared up to profit from the controlled devaluation of government bonds and sterling, for which the hedge fund’s manager, Crispin Odey, claimed the Bank of England’s governor is culpable in The Telegraph article below, published in the aftermath of Kwarteng’s now infamous mini budget.
“The Bank of England and therefore everybody else had a completely rosy view of inflation a year out. So they still think inflation is going to be 3pc. They now think it’s about 3.5pc in a year’s time.
“In order to have that view, they have to also believe that there will be a deep recession between now and then.
“But that didn’t take into account the fact that the Government was very unlikely to want to recession two years before a general election. So what happened on Friday was the Government making sure that the recession was going to be much milder.
“The Bank of England should have put up interest rates by 1pc on the day before the mini-budget, because they must have known what Kwasi was about to tell them.”
Despite the fact that Odey also claims that the Bank of England governor should have raised interest rates by 1% on 22/09/2022, he would say that, given how much profit his company made by betting on the market turmoil which immediately ensued when Bailey allowed investors and stakeholders to believe that the bank was intervening because he knew the mini budget before it was made public and that it would have catastrophic financial consequences.
Since Andrew Bailey and Kwarteng were reported to be communicating every day from pretty much the start of his short stay in Number 11 Downing Street, why did Bailey increase interest rates before Kwarteng announced the mini budget to Parliament on 23/09/2022?
Doing so straight afterwards would have soothed the markets with the resulting increase in profits generated by such an interest rate rise for the entire fraudulent finance industry, thereby mitigating against the panic which erupted when Kwarteng announced the mini budget.
Conversely, Bailey’s decision to set the fat cat among the greedy pigeons before the mini budget guaranteed that everybody would blame the government, thereby giving the false impression that the Bank of England only did what was required and saved the day.
However, on the basis that the UK Government owns the Bank of England outright, irrespective of any claim of it being independent, Kwarteng must have also known in advance of it being made that the interest hike would happen the day before the mini budget was announced.
Moreover, as Chancellor of the Exchequer, Kwarteng must have known that presenting a plan for tax cuts and more government borrowing was a recipe for financial disaster which would inevitably compound the panic caused by Bailey’s interest rate rise the day before.
Ill-Gotten Material Gains
Nevertheless, it’s already been widely reported that Kwarteng’s former employer Odey has made a killing from what many have called the Truss government’s economic suicide note to the markets:
Odey Asset Management’s hedge fund has now chalked up a huge 193% return so far in 2022, with the London-based firm founded by Crispin Odey making the most of the UK bond and currency markets turmoil sparked by Kwasi Kwarteng’s announcement of a huge package of unfunded tax cuts, according to a report by Bloomberg.
The report cites an unnamed source as revealing that the fund jumped 25% inSeptember last month on the back of Odey’s long-running short bets against UK government bonds and sterling.
YTD gains are now far in excess of the fund’s previous yearly best – a 60% gain recorded way back in 1993.
The fund’s short exposure to bond trades was worth about 111% of its net asset value going into September, mostly related to two UK government securities maturing in 2050 and 2061,
According to a separate investor note seen by Bloomberg, the fund’s short exposure to bond trades was worth about 111% of its net asset value going into September.
All of which amounts to reasonable suspicion that Kwarteng was either used for the purposes of or was complicit in fraudulently devaluing sterling and UK Government bonds, with the intent of generating material gains for his former employer.
Elaborate White Collar Con
The more I look at the evidence, the more it’s starting to look like a very elaborate white collar con.
Who was Permanent Secretary to the Treasury – the Chancellor’s senior policy advisor – when Kwarteng actioned the fatal economic policies?
They didn’t have one in place for a month because Truss sacked Tom Scholar – the previous permanent secretary – in early September, as one of her first acts as Prime Minister.
When the new permanent secretary, James Bowler, was appointed on 10/10/2022, he obviously saw what had happened in the absence of the constitutionally mandated ministerial oversight of a permanent secretary, which quickly resulted in Truss sacking Kwarteng and then having to fall on her own sword.
Moreover, there are allegations already abounding that just about every major backer of the Truss leadership campaign made a financial killing from the shorting of government bonds and sterling during her short stay at Number 10 Downing Street.
It naturally follows that this may prove to be the real reason why the Truss government was nullified by the Tory Party.
Motive & Opportunity
Odey himself has claimed in his defence of shorting the pound and bond markets that he knew in the summer exactly what was going to happen, which is when he bet on the devaluations.
Which just so happened to coincide with the appointment of Peter Martin, who was previously the Chief Investment Officer UK of Rothschild Private Bank and Trust, which has had many of its officers and proxies appointed to the Court of Directors at the Bank of England, the head of which is currently Andrew Bailey.
Whilst Odey hypocritically claims he supports Brexit, then profits from the deepening of an already profound recession in this country, he did at least hang Bailey out to dry in his interview featured in the Telegraph.
Bailey’s failure to control inflation has renewed calls for a review of the Bank’s independence.
The Telegraph reported on Monday that plans to rewrite its mandate have been pushed back to next spring, however.
Mr Odey said it is almost under effective government control already.
“Remember that as interest rates go up, the Bank of England finds itself holding lots of government debt, which is going down and on borrowed money, which is going up. What the Government is doing now bankrupts the Bank of England.
“The Bank of England’s probably losing about £32bn a year. How independent can you be if you are losing that amount of money?”
Sack The Banksters
Odey has effectively claimed that the Bank of England is insolvent and that without maintaining the interest payments on the ‘national debt’, which it collects via government taxation, it could not continue as an operational central bank.
Which naturally means the Bank of England increases its financial returns every time it raises interest rates, since that forces the Treasury to impose additional taxation wherever it can to meet the increased interest rate it pays on a debt that cannot be verified with material evidence, since the bank has in reality never lent the government a penny.
We are therefore calling for the immediate sacking of Andrew Bailey as Governor of the Bank of England, as he is already a defendant who stands accused of committing crimes which fall under the Serious Crimes Act 2015, for his deliberate failure to regulate the entirely fraudulent UK mortgage industry while he we head of the Financial Conduct Authority [FCA].
In his capacity as Governor of the Bank of England, having just raised interest rates again, this time to 3%, Bailey will now be asked to provide material evidence that he has not conspired with Kwarteng and others to commit these and other additional serious financial crimes against the British people.
So it’s time to get #SackTheBanksters trending on Twitter, until the day the Governor of the Bank of England is sacked by the government, criminally investigated for alleged market rigging and held accountable for conspiring to commit the serious financial crimes alleged in the TGBMS, Op Meadow and Signature 703 evidence files.
TGBMS Class Actions & Midazolam Murders PCP
On that subject, there will be a TGBMS Class Actions newsletter this weekend, outlining the next steps in our epic quest to end institutionalised mortgage fraud on these shores, which is finally nearing its inevitable final battle in a thirteen year war of attrition with the entire UK mortgage industry.
Furthermore, contrary to what anybody else might claim, PUB is about to present the evidence we have amassed in the Private Criminal Prosecution of the Midazolam Murderers to the Lord Chief Justice, alleging that we have more than enough eye witness testimony and government data to prosecute the defendants before a jury.
We are proceeding thus to avert the possibility of being railroaded by Westminster Magistrates Court, as we have been on each of the three previous attempts we have made to prosecute those responsible for COVID-1984 and the Midazolam Murders.
Nonetheless, as I have stated clearly from the start, such miscarriages of justice are standard practice in every one of His Majesty’s Courts, which necessarily means that obtaining justice is always a long and often painful process.
But I have also stated clearly from the outset, on this blog as well as on various podcasts and interviews, we will never back down until justice is seen to be done without equivocation, let alone agree to an amnesty for those who stand accused of the most serious crimes ever committed against the British people.
It is therefore somewhat appropriate that I finish this Bonfire Night blog with Let The Fireworks Commence.