This is the latest in my series of podcasts explaining how economics works in the credit crunch and now virus pandemic era. This week I give my thoughts on the losses announced by the ECB and explain how the capital losses make the real position much worse. Also how much better off the UK would be if my advice to issue some 100 year bonds had been taken? How independent is the Bank of England? What would happen if the £1.8 trillion savings in the UK were spent or invested? Is energy inflation different to other types?