“The central bank’s Financial Policy Committee stepped in after a massive sell-off of U.K. government bonds — known as “gilts” — following the new government’s fiscal policy announcements on Sept. 23.”
USAGOLD note: For those who think this breakdown an isolated incident, we add former Treasury Secretary Larry Summers warning, as revealed in a recent Financial Times interview: ‘The destabilisation wrought by British errors will not be confined to Britain.” There is more to Summers’ argument than meets the eye. As we interpret it, he is more concerned that the same set of circumstances that ignited the crisis in UK are present elsewhere. UK, in other words, is one flashpoint among many rather than a potential source of a rolling contagion all by itself.
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