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Rick Rule: "Eventually Arithmetic Triumphs Over Narrative"

Mining Stock Daily

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The Bank of England's Buyout of British Gilts

There was illiquidity in the long bond market, which the Bank of England sought to ameliorate. The increase in interest rates, nominal interest rates, at least devalued the long bonds. So that the pension funds in Great Britain either had to get relief in terms of the capital value of their holdings.

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