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[UK] Treasury reasoning that is completely circular — Peter May

Summary:
Rather to my surprise, John Glenn’s successor, Richard Fuller, has actually replied to my query on what were the “liquid assets” he originally claimed were ‘backing’ the physical cash issued in notes and coin! But circular reasoning, I’m afraid, seems to sum up Treasury thinking… The copy of the letter is below: Progressive PulseTreasury reasoning that is completely circular….Peter May

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Rather to my surprise, John Glenn’s successor, Richard Fuller, has actually replied to my query on what were the “liquid assets” he originally claimed were ‘backing’ the physical cash issued in notes and coin! But circular reasoning, I’m afraid, seems to sum up Treasury thinking… The copy of the letter is below:
Progressive Pulse
Treasury reasoning that is completely circular….
Peter May

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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