Heartofice Posted October 12, 2022 Share Posted October 12, 2022 (edited) Thread on the backdrop to what is happening right now, off the back of claims by JRM that this isn't due to Gov policy. Summary being that it's complex, Truss' mini budget was a very dumb move at a time of extreme nervousness, against a backdrop of the reality that we are not living a fairy kingdom of free money caused by QE and that return to 'normality' hitting us like a car crash and general mismanagement making everything worse. Quote But none of this resolves the fact that we’re dealing with three separate crises rolled into one: 1. The fact that the world is struggling to wean itself off the medicine of cheap money and central bank intervention. The UK risks becoming a test case in how not to do this. 2. In hindsight there are some ENORMOUS questions about how and why pension schemes were allowed to follow these investment strategies. And actually that wasn’t the BoE’s job, but the Pensions Regulator, which has been curiously absent from the recent debate… 3. The government has just introduced a new, dangerous dynamic: an uncosted budget and a team who seem to lack the credibility their predecessors enjoyed. Many of the above issues were global. But this last one seems to be the straw that broke the market’s back in the UK. Edited October 12, 2022 by Heartofice Link to comment Share on other sites More sharing options...
mormont Posted October 12, 2022 Share Posted October 12, 2022 ants, Soylent Brown, Spockydog and 7 others 10 Link to comment Share on other sites More sharing options...
Wade1865 Posted October 12, 2022 Share Posted October 12, 2022 The British economy has taken a Pounding. Spoiler I'll be here all night. Link to comment Share on other sites More sharing options...
Week Posted October 12, 2022 Share Posted October 12, 2022 1 hour ago, Wade1865 said: The British economy has taken a Pounding. Reveal hidden contents I'll be here all night. Certainly doesn't have the sterling reputation that it used to. DanteGabriel and Wade1865 1 1 Link to comment Share on other sites More sharing options...
Which Tyler Posted October 13, 2022 Share Posted October 13, 2022 Derfel Cadarn 1 Link to comment Share on other sites More sharing options...
Derfel Cadarn Posted October 13, 2022 Author Share Posted October 13, 2022 Charles getting a little dig in Corvinus85, Matrim Fox Cauthon, kiko and 1 other 4 Link to comment Share on other sites More sharing options...
Derfel Cadarn Posted October 13, 2022 Author Share Posted October 13, 2022 Financial Times delcaring Rees-Mogg’s claim about government’s mini-budget not responsible for the recent financial shit as “bollocks”. Matrim Fox Cauthon, Which Tyler, BigFatCoward and 1 other 1 3 Link to comment Share on other sites More sharing options...
Heartofice Posted October 13, 2022 Share Posted October 13, 2022 30 minutes ago, Derfel Cadarn said: Charles getting a little dig in The Monarchy is safe if he keeps this up Wade1865 1 Link to comment Share on other sites More sharing options...
Derfel Cadarn Posted October 13, 2022 Author Share Posted October 13, 2022 56 minutes ago, Heartofice said: The Monarchy is safe if he keeps this up The smirk on the face of the kilted Scottish guy who shows her in speaks for a nation. Which Tyler 1 Link to comment Share on other sites More sharing options...
Derfel Cadarn Posted October 13, 2022 Author Share Posted October 13, 2022 Lib-Dem MP and former leader continuing tongue-in-cheek joke that Liz Truss (former Lib-Dem member) was in fact planted into the Tories to bring them down. Link to comment Share on other sites More sharing options...
mormont Posted October 13, 2022 Share Posted October 13, 2022 I can't remember a time - it must surely be unprecedented? - when both a Prime Minister and a Chancellor have had to deny they'll be resigning/sacked within six weeks of taking office (a chunk of which, as noted above, was a time in which political activity was effectively suspended). https://www.bbc.co.uk/news/uk-politics-63244805 The crazy thing is it's not unbelievable that one or both might actually go by early November. Link to comment Share on other sites More sharing options...
mormont Posted October 13, 2022 Share Posted October 13, 2022 Read this thread: Link to comment Share on other sites More sharing options...
Fez Posted October 13, 2022 Share Posted October 13, 2022 How credible is this? Link to comment Share on other sites More sharing options...
Maltaran Posted October 13, 2022 Share Posted October 13, 2022 44 minutes ago, Fez said: How credible is this? I can certainly believe that people are talking about it Which Tyler 1 Link to comment Share on other sites More sharing options...
williamjm Posted October 13, 2022 Share Posted October 13, 2022 52 minutes ago, Maltaran said: I can certainly believe that people are talking about it Even if they aren't going to do it the prospect of it may be being used as a threat to make Truss and Kwarteng do what the plotters want. Link to comment Share on other sites More sharing options...
The Anti-Targ Posted October 13, 2022 Share Posted October 13, 2022 In terms of substantive policy how is Rishi + Penny different to Liz + Kwazi? I assume the talk is Rishi as PM, given he was the number 1 pick of the MPs in the last round. Link to comment Share on other sites More sharing options...
Spockydog Posted October 14, 2022 Share Posted October 14, 2022 ants and BigFatCoward 1 1 Link to comment Share on other sites More sharing options...
mormont Posted October 14, 2022 Share Posted October 14, 2022 It would be a hell of a twist if it took the Labour party five years to get rid of a leader the members wanted but the MPs didn't, and the Tory party six weeks to do the same thing. A Horse Named Stranger 1 Link to comment Share on other sites More sharing options...
BigFatCoward Posted October 14, 2022 Share Posted October 14, 2022 Truss is going to hold a press conference without Kwasi. I think we are about to see someone thrown under a bus. Link to comment Share on other sites More sharing options...
A Horse Named Stranger Posted October 14, 2022 Share Posted October 14, 2022 (edited) Looks like she will finally perform the long overdue fiscal u-turn, to solve the Truss issue of the markets (yes, I had to get this in, since the start of the next UK Pol thread is so far in the future, there's a chance she might not even be PM anymore by then). My bold prediction, she stays on, but Krazi Kwarteng will be out. Edited October 14, 2022 by A Horse Named Stranger Link to comment Share on other sites More sharing options...
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