What the Bank of England announced this week, the more scandalous it is from a taxpayer’s perspective. The BoE announced gilt sales in September 2022, a day before the mini-budget, and began selling that November. Selling into a weak market added pressure to borrowing costs, imposed avoidable losses on taxpayers and almost blew up pension funds (LDI crisis). Now the Bank is stopping sales of £120 billion of its longest-dated gilts, holding them until maturity instead. It has also paused auctions until April 2027 and proposes selling another £146 billion directly to the Treasury at market prices, at roughly £20 billion annually. If better coordination can reduce market pressure and taxpayer costs now, why wasn’t it adopted earlier? The BOE, MSM and politicians threw @trussliz and @kwasi_stackbtc under the bus for the BOE incompetence. The proposed Treasury purchases would take place at market prices, funded through new government borrowing. The debt does not disappear. Nor does this guarantee lower long-term gilt yields. Higher oil prices will push up inflation expectations and anticipated interest rates, which will overwhelm any relief from reduced BoE selling. The Bank can change how gilts reach the market. It cannot remove the inflationary pressure coming from energy. These institutions do not act in the taxpayers interest and have 0 accountability. Buy bitcoin and gold and opt out, fiat is going to 0.