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Blog Postings, Letters to Newspapers etc.

Blog Postings, Letters to Newspapers etc.

Most of my recent blog postings are at The Eumaeus Project. Mine are signed ‘KD’. 


“The Myths Peddled about Cash from Those who Profit from its Decline.” (K. Dowd) Daily Telegraph (15 August 2023).


UK’s Blessing for the Carbon Bad Guys.” (D. Campbell and K. Dowd). TCW Defending Freedom 4 October 2021. Reprinted 31 May 2022.

The Fed Looks for Inflation in All the Wrong Places.” (S.H. Hanke and K. Dowd) National Review (6 May 2022). 

Imperial College’s Fear Machine.” (S.H. Hanke and K. Dowd) National Review (30 March 2022).


“The ‘War on Cash’ Will Have Disastrous Consequences.” (K. Dowd) Daily Telegraph (14 August 2021).

“One Alarmist Prediction Shaped Covid Policy.” (D. Campbell and K. Dowd) Daily Telegraph (23 June 2021).


Britain’s Greatest Prime Minister.” The Cobden Centre, 19 December 2020.

“‘Real World’ Estimates of ERM Profitability with Just a Touch of Alchemy.” The Eumaeus Project (24 November 2020).

Clever Doggie.” The Eumaeus Project (1 November 2020).

Equity Release Sector Releasing Own Equity.” The Eumaeus Project (28 October 2020).

Eumaeus Guide, 2nd Edition.” The Eumaeus Project (17 June 2020).

UK Banking System is One Big Impaired Asset.” The Eumaeus Project (16 June 2020).

More Market Value Nonsense from the Bank.” The Eumaeus Project (27 May 2020).

Another Gem from the PRA.” The Eumaeus Project (23 May 2020).

To make banks strong, do away with the regulator.” IEA blog (13 May 2020). Reposted by the American Institute for Economic Research (14 May 2020). 

Hegel on an Off-Day: Hegel’s Response to CP 2 20.” The Eumaeus Project (6 May 2020).

We Don’t Yet Live in a Police State. Or Perhaps We Do.” American Institute of Economic Research, 1 April 2020.

Still Searching for Plogiston.” “Still Searching for Phlogiston.” The Eumaeus Project (3 March 2020).


We Mustn’t Lose the War on Cash.” Institute of Economic Affairs blog (14 November 2019).

Capital Created by Matching Adjustment is Entirely Artificial.” (D. Buckner and K. Dowd) Financial Times (5 November 2019).

Market Consistent or Real World?” The Eumaeus Project (16 September 2019).

The Discounted Projection Approach.” The Eumaeus Project (12 September 2019).

Roll Up and Other Misconceptions.” The Eumaeus Project (29 August 2019).

The Mysterious Mystery Shop.” The Eumaeus Project (27 August 2019).

The Bank’s ‘Stress’ Tests.” The Eumaeus Project (9 August 2019).

A Back of the Envelope House Price Stress Test for ERMs.” The Eumaeus Project (26 July 2019).

Just One More Thing.” The Eumaeus Project (4 July 2019).

More Project Fear Mongering from the Guvnor.” The Eumaeus Project (25 June 2019).  

The PRA’s Unfailable Stress Tests.” The Eumaeus Project (3 June 2019).

Hey Presto! The Disappearing Risk Trick.” The Eumaeus Project (27 May 2019).

Barclays Case Proves that UK Banks are Not Adequately Capitalised.” The Eumaeus Project (16 May 2019).

UK Banks Still Need Much Higher Minimum Capital Standards.” The Eumaeus Project (8 May 2019).

It’ll Never Happen Here.” The Eumaeus Project (6 May 2019).

Return of the Matching Adjusters.” The Eumaeus Project (29 April 2019).

Matching Adjustment is Open to Abuse.” (D. Buckner and K. Dowd) Financial Times (22 April 2019).

Now There are Three.” The Eumaeus Project (6 March 2019).

Vol^2.” The Eumaeus Project (28 February 2019).

Tunaru Fails to Deliver Credible Half-Way House.” The Eumaeus Project 25 February 2019).

Bitcoin Will Still Bite the Dust.” Coindesk (13 January 2019).


More on Jonathan Ford on the UK’s Undercapitalised Banks.” The Eumaeus Project (5 December 2018).

The Search for the Holy Grail.” The Eumaeus Project (3 December 2018).

Is Equity Release Another Equitable in the Making?” The Eumaeus Project (29 November 2019).

Play it Again, Sam.” The Eumaeus Project (28 November 2018).

The Marcus Bernard Show.” The Eumaeus Project (11 November 2018).

Co-signatory of an open letter to the Chancellor calling on him to publish the details of his Brexit forecasts (13 October 2018). The letter was signed by 115 signatories including 63 MPs and a range of economists and business leaders. 

Deferment Price Less than Spot Price? What Else Could It Be?” The Eumaeus Project (14 September 2018).

A Bet on the House.” The Eumaeus Project (3 September 2018).

How Big is the NNEG Across the Equity Release Sector?” The Eumaeus Project (3 September 2018).

Why Black’ 76?” The Eumaeus Project (27 August 2018).

A Tender Issue.” The Eumaeus Project (19 August 2018).

What Happens if My Equity Release Provider Goes Bust?” The Eumaeus Project (16 August  2018).

Baroness Altmann Rather too Quick to Dismiss Dowd Report.” The Eumaeus Project (14 August 2018).

Equity Release Council’s Response to Dowd Report Confirms its Central Message.” The Eumaeus Project (14 August 2018).

Trust in Just.” The Eumaeus Project (14 August 2018).

The UK Equity Release Industry is Undervaluing its Guarantees.” The Eumaeus Project ( 2018).

Co-signatory to a letter to Theresa May calling for the government to prepare for a no-deal Brexit. More details in J. Isaby “May Urged by Leading Economists, Businesspeople and Politicians to Step Up ‘No Deal’ Preparations.” BrexitCentral April 23rd 2018.

Remainer Lord Hannay is wrong about EU tariffs on African imports.” BrexitCentral April 24th 2018.

An Appraisal of Sovereign Bond-Backed Securities.” (G. Kerr, K. Dowd and C. O’Driscoll, with E. Columbatto) Institute for Research in Economic and Fiscal Issues blog, 14 March 2018.

The Treasury’s record of economic forecasting is so poor it should have given up trying years ago.”BrexitCentral February 21st 2018.

Carillion’s Woes May Point to a Much Deeper Problem.” (N. Landell-Mills, R. Talbut, M. White, K. Dowd and A. Shah) Financial Times 23 January 2018.

The Mitigation Fantasy: The growth of global emissions and the Paris Agreement create an absurd exercise in futility.” (D. Campbell and K. Dowd) Spectator Australia, 6 January 2018.


A Unilateral Free Trade Policy Would be Hugely Beneficial for Brexit Britain.” BrexitCentral,  August 19th 2017. Reposted on The Beacon, August 19th 2017. 

Lord Liverpool and the Return to Gold.” (Martin Hutchinson and Kevin Dowd), The Cobden Centre, August 17th 2017. 

The 2017 Stress Tests: Are US Banks Really in Good Shape?” Alt-M, August 17th 2017. This posting is on the U.S. CCAR and DFAST stress tests released in June 2017.

Another Reason Not to Believe the Bank of England’s Stress Tests.” Adam Smith Institute blog, August 16th 2017.

The Bank of England’s Incredible Stress Tests.” Adam Smith Institute blog, August 10th 2017. Long version here

Market Values and the Stress Tests.” Adam Smith Institute blog, July 31st 2017.

How Onerous are Basel III’s Constraints on Bank Leverage?” Adam Smith Institute blog, July 25th 2017.

Are Bank Capital Requirements Really Ten Times Higher than Before the Crisis?” Adam Smith Institute blog, July 13th 2017.

Banks need to disclose genuinely available capital.” (Natasha Landell-Mills, Kieran Quinn, Eric Tracey, Martin White, Robert Talbut, Frank Curtiss, Kevin Dowd and Stella Fearnley) Financial Times July 8th 2017.

The Fiction of the ‘Great Capital Rebuild’.” Adam Smith Institute blog, July 6th 2017.

Jeremy Corbyn’s hardcore socialism would render Britain destitute.” Reaction, June 7th 2017. Reprinted in The Beacon, June 7th 2017.

Expected Losses are Not Baked into the Risk Weights.” (Tim Bush and Kevin Dowd) The Cobden Centre, May 22nd 2017.

Brexit can herald a new ‘golden era’ for the City of London as a global powerhouse.” The Beacon, April 26th 2017. 

UK Election News Special: Theresa May Calls a General Election.” The Beacon, April 19th 2017.

The War on Cash: Haldane Edition.” IREF website, April 18th 2017.  

“Brexit and the Future of Farming and Food.” The Times, February 22nd 2017. 

Great news for fans of monetary freedom – Liberty Dollar minter Bernard von NotHaus gets a presidential pardon …” The Cobden Centre, January 19th 2017.


Bank of England Stress Tests Inadvertently Reveal the Weakness of the UK Banking System.” Adam Smith Institute blog, December 13th 2016.

The Bank of England Fails its Stress Test, Again.” Adam Smith Institute blog, December 12th 2016.

Have Central Bankers Lost the Plot?” Alt-M, November 1st 2016. Reposted as “Do Central Bankers Know What They are Doing Any More?” Foundation for Economic Education blog, November 3rd 2016.

“True Free Trade is Better than Any EU Deal.” Daily Telegraph letter, October 27th 2016.

Bank of Dave.” Alt-M September 27th 2016. 

“Positive Economics.” The Times (Economists for Brexit group), September 3rd 2016.

Is Deutsche Bank Kaputt?” Alt-M, August 4th 2016. 

Decisive Brexit Referendum: What Happens Next? Part 4: The EU Enters its Endgame.” The Beacon, July 23rd 2016.

Decisive Brexit Referendum: What Happens Next? Part 3: Bust Banks, Banksters and Bailouts.” The Beacon, July 19th 2016.

Decisive Brexit Referendum: What Happens Next? Part 2: The Disunited Kingdom.” The Beacon, July 4th 2016.

Decisive Brexit Referendum: What Happens Next? Part 1: UK Politics.” The Beacon, June 26th 2016.

The UK Economy Will Perform Better Outside the EU.” The Guardian letter (Economists for Brexit, D. Blake and K. Dowd), June 22nd 2016.

Why I am Voting for Brexit.” The Beacon, June 20th 2016.

The Treasury’s Brexit Reports Lack Credibility.” Institute of Economic Affairs blog, June 17th 2016.

Lies, Damn Lies and the Treasury’s Brexit Reports.” Economists for Brexit website, June 9th 2016.

Paul Krugman Has Gone Too Far This Time: Let’s Retrain Him as a Cosmonaut.” Adam Smith Institute blog, June 9th 2016. 

The Average Leverage Ratio Across the UK Banking System: 2007 vs Now.” Adam Smith Institute blog, June 3rd 2016.

Two Cheers for the Leverage Ratio.” Alt-M, May 12th 2016.

Do Market Failures Justify Capital Adequacy Regulation?” Alt-M, April 19th 2016.

Leveraging  Up on Bank Stress (II): Improving the Bank of England’s Leverage Ratio Stress Test.” Adam Smith Institute blog, March 24th 2016. 

Leveraging  Up on Bank Stress (I): The Bank of England’s Leverage Ratio Stress Test.” Adam Smith Institute blog,March 16th 2016. 

What Should be the Absolute Minimum Pass Standard in the Bank of England’s Stress Test?” Adam Smith Institute blog, March 8th 2016. 

The Bank of England’s Stress Tests: An Exercise in Really Weird Accounting.” Adam Smith Institute blog,January 27th 2016.

An Introduction to the Bank of England’s Stress Tests.” Adam Smith Institute blog, January 14th 2016. 

Stress Testing without the Stress – the Bank of England’s Stress Tests.” Adam Smith Institute blog, January 7th 2016.

The Bank of England Fails its Stress Test, Again.” Alt-M, January 6th 2016. 


The Bank of England’s Non-Convincing Non-Response to Yesterday’s ASI Report on its Stress Tests.” Adam Smith Institute blog, June 19th 2015. 

Capital Unbound: The Cato Summit on Financial Regulation – Capital Constraints and the Failure of Mathematical Modeling.” Cato Podcast, June 5th 2015.

Central Bank Stress Tests Simply Aren’t Credible.” Cato Podcast, June 5th 2015.

Hayek-Style Cybercurrency,” Alt-M, May 6th 2015. 

Wanna Invest in a Cryptocurrency? How about LEOcoin?” Cobden Centre blog, 13 April 2015. 


Models, Damn Models and Statistics, or Math Gone Mad.” Cobden Centre Blog, December 12, 2014.

Bitcoin Will Bite the Dust.” November 18, 2014. Posted at the Free Banking website, 

Bitcoin is Bust: Why Investors Should Abandon the Doomed Cryptocurrency.” CityAM, November 6, 2014.

The Future of Bitcoin.” The Cobden Centre, November 6, 2014.

Understanding Deposit Insurance (I): Why Deposit Insurance is a Creature of the State.” The Cobden Centre, September 22, 2014.

Scotland could keep the pound – but at the cost of any monetary independence.” CityAM, September 15, 2014. 

Why Bitcoin won’t be the money of the future – but cryptocurrencies might be.” (K. Dowd and P. Booth), CityAM, August 18, 2014.

New Private Monies Can Outcompete Government Monetary Systems,” IEA blog, June 18, 2014.

Let’s Not Ban Private Money.” IEA blog,6 May 2014.


Happy Retirement?” IEA blog, March 12 2013.


How About Private Money?” IEA blog, 28 September 2012. 

Is Sir Roger Carr Right that Government Must Design an Industrial Strategy for UK Growth?” City AM, August 15, 2012.

Should the UK Create an Industrial Strategy to Guide its Future Economic Development?City AM, June 28, 2012.

A Parliamentary Blueprint to End Banking Hazards.” City AM, March 9, 2012

Laissez Cato Faire.” Huffington Post, March 9, 2012.

New Bill to Reform the UK Banking System.” Cato@Liberty. Posted March 5, 2012.

The 2012 Baker Bill: A Programme to End Financial Crises.” The Cobden Centre. Posted February 29, 2012.


Risking the City: the Economist Who Sees No Future in Government Meddling.” City AM  March 8, 2011.

Easy Money and the Decapitalization of America.” (K. Dowd and M. Hutchinson). Cato Policy Report, January/February 2011, Volume 33, Number 1, pp. 1, 6-8.


It’s Time to Abolish Risk-Based Regulation.” Insurance Risk and Capital, December 19, 2008.

Loose Money, Asset Price Cycles and the Decapitalization of the United States.” Cobden Centre blog, 1 December 2010.

A Tale of Three Capitalisms.” IEA blog, 18 October 2010.

Unreconstructed Keynesianism is Alive and Well.” Cobden Centre blog, 9 October 2010.

Fixing Britain”, Interview with Andy Duncan, Cobden Centre Radio, October 8, 2010.

The UK is Broke.” Cobden Centre blog, 23 August 2010.

Calls for Further Monetary Expansion are Cuckoo.” Cobden Centre blog, 19 July 2010.


Government Failure Caused the Financial Crisis.” (J. Alexander, M. Beenstock, P. Booth, E. Butler, Tim Congdon, L. Copeland, K. Dowd, J. Greenwood, S. Gregg, J. Kay, D. Llewellyn, A. Morrison, D. R. Myddelton and G. Wood) Daily Telegraph, May 14, 2009.

The Government’s Second Bail-Out is a Poor Way to Save the Banking System.” Sunday Telegraph, January 25, 2009.


It’s Time to Abolish Risk-Based Regulation.” Insurance Risk and Capital, December 19, 2008.

Keynesian Over-spending Won’t Rescue the Economy.” (Andrew Lilico, John Greenwood, Richard Jeffrey, Ruth Lea, Trevor Williams, Nigel Allington, Philip Booth, Tim Congdon, Laurence Copeland, Kevin Dowd, Kent Matthews, Alan Morrison, Sir Alan Peacock, Mark Pennington, David B. Smith, Peter Spencer) Sunday Telegraph October 25, 2008.


Northern Rock Managers like Captain of Titanic.” Financial Times October 19, 2007.

Better to Have Thrown Northern Rock to the Wolves.” Financial Times September 19, 2007.