[ctchocula]

I agree with the spirit of this post, but I think you are going a bit too far in the other direction by stating that "the pensions would have been fine without the policy". From Matt Levine's article today, it was a more dangerous situation than you are making it out to be:

> "At some point this morning I was worried this was the beginning of the end," said a senior London-based banker, adding that at one point on Wednesday morning there were no buyers of long-dated UK gilts. "It was not quite a Lehman moment. But it got close." ...

> "If there was no intervention today, gilt yields could have gone up to 7-8 per cent from 4.5 per cent this morning and in that situation around 90 per cent of UK pension funds would have run out of collateral," said Kerrin Rosenberg, Cardano Investment chief executive. "They would have been wiped out."

[dereg]

Agree, I edited it out. I was so annoyed that I went too far with that statement. While they wouldn’t necessarily have been wiped out, they would have needed to make a LOT of calls.