stevextc
Free Member

Why would you think “the market’s” are scared?.

This all happened because of remainers actually.

eta:

He said: “My love is grouse shooting. And we are in the middle of [the season] right now.

“The truth is that I didn’t do anything on Friday. I shot.

Is there a better candidate to be shot out of a clown cannon into the sea than this turd?

I am also worried about a war.

I want a party that I have confidence in to sort out domestic affairs, and a party that will not go to war against putin.

You genuinely believe voting in the Labour Party may lead to war with Russia? What are you smoking?

seems the markets (currency) have got wind of something :/ or a glitch ?/

LOL at tory boys appeal to Authority fallacy of Conservative Home

Further LOLing at the thought that anyone takes the opinions of Daniel ‘absolutely nobody is talking about threatening our place in the single market ‘ Hannan with anything other than absolute contempt.

I don’t see anyone in the Labour Party I believe who can lead us out of this

To be fair, I don’t trust Labour that much either, but the Tories have consistently proven over the past 12 years that they certainly can’t lead us out of this, that or the other.  I’m not sure there is anyone in Westminster I would trust to get us out of anything right now.

And here comes the QE..

Someone remind me again that the magic money tree is not a thing. 😀

Fire up those printing presses!!!

Never mind dollar parity, we’ll have parity with the Somalian Shilling by next week

I know it’s been mentioned but I’d missed this nugget, I assume The chancellor is just on a sabbatical and will return to the day job in a week or two.

“Kwasi Kwarteng worked at Odey Asset Management, the firm Odey founded, before becoming an MP. The value of the company’s flagship European hedge fund is up about 145 per cent this year”

Countdown to a Kyiv Fur Hat Photo-Op for our gallant PM? Apparently even her own spin doctor can’t get hold of her.

😳

One Tory MP:

It is actually incredible that the UK central bank has had to step in to protect the UK from the actions of the UK's own government! I mean, just think of that for a moment!

A humiliation

— Sam Coates Sky (@SamCoatesSky) September 28, 2022

onehundredthidiot
Full Member

I know it’s been mentioned but I’d missed this nugget, I assume The chancellor is just on a sabbatical and will return to the day job in a week or two.

“Kwasi Kwarteng worked at Odey Asset Management, the firm Odey founded, before becoming an MP. The value of the company’s flagship European hedge fund is up about 145 per cent this year”

Yeah now read the article I linked from Odey earlier blaming this on remainers. Complete twunt.
https://www.telegraph.co.uk/business/2022/09/27/remainers-blame-run-pound-claims-hedge-fund-tycoon-crispin-odey/

I’m going to have to step away from the news.

He sells sterling short to make money but.

Odey described his bets against gilts as “the gifts that keep on giving” but blamed the rout of the pound on“Remainers” who “hate the government”.

Sorry I missed this at the time but, did they sack the head of the Treasury to get this budget through because he wouldn’t sign off on it???

Yup. And they wonder why the markets are slightly suspicious of their competence.

https://www.theguardian.com/uk-news/2022/sep/08/tom-scholar-permanent-secretary-to-the-treasury-sacked-by-liz-truss

and yes the wars (plural Blair took us to war more times than any other leader) plays heavy on my mind when I see Russians being conscripted against their will and what is going on in ukraine. I worry that could be us.

You know that Putin lead his own people to war and they have always had a large standing army with conscription.

You seem to think that Keir Starmer is just twitching to get into power, so he can lead us on a glorious campaign against fascist Russia! Is that how you are justifying carrying on with this shit show of a government?

Sorry I missed this at the time but, did they sack the head of the Treasury to get this budget through because he wouldn’t sign off on it???

He wouldn’t be the person to sign it off, the role is advisory and to implement policies. They tore up convention by sacking him because he didn’t fit their fiscal ideology.

So what’s worse: incompetence or criminal conspiracy? And which is it? Bit of both? Christ, what the **** is going on?

martinhutch

Some (Kwasi’s mates and former employer) think like that, but others are simply wisely dumping British investments because they expect their value to decline. To characterise it as being ‘scared’ is wrong, I agree, that would suggest irrational decisions.

The only real exceptions to dumping must fund managers who are specifically looking after UK based portfolio’s.
I think the main differences are those who were given a heads-up vs those who weren’t… from a personal financial perspective it’s unlikely any of them will lose more (e.g. mortgage) than they gain (e.g. bonus) they would have to be completely incompetent.

The same applies to Kwasi and Truss .. if you get over the idea they give a shit what happens to either the economy or people or being re-elected vs their personal financial wealth OR you have to believe they really are so thick/bat-shit crazy to not only totally ignore what any independent expert would have told them but to then pour petrol on the fire through their lack of response or explanations.

(It’s not even like Sunak didn’t make it clear… )

I think in Truss’s case it must have quickly become clear (even if she didn’t know already) she wasn’t going to be on a PM’s salary for long.

She must have known that even in the leadership contest not that the PM’s salary is really that significant compared to what she can get out of selling off the UK economy rather than a slow asset strip ??

pound on the way down again! :/ so much for calming the markets

I, for a change, am actually looking forward to the Conservative conference. Could be…interesting…

Meanwhile:

https://www.washingtonpost.com/opinions/2022/09/26/britain-europe-weak-economy/

…and this is after the BoD emergency bond buying scheme has announced. I guess the word “emergency” has spooked everyone even more.

Love the Biden quote which is basically “FFS get your shit together”.

I have an increasing feeling we arnt seeing Truss again, and that she’s on indefinite sick leave with a deputy PM in place until ‘24.

thestabiliser

So what’s worse: incompetence or criminal conspiracy? And which is it? Bit of both? Christ, what the **** is going on?

The only real conspiracy as such is with misleading the Conservative party members in the leadership campaign.

The rest of it is just what anyone with no morals or beliefs if they are not competent enough to milk the system longer term would do given the chance.

For all his faults, Boris was in for the long term asset strip of the UK and he carried this with his charisma and ability to bare faced lie… Truss has all the charisma of a wet fish and was never going to last, she just promised the Tory membership (the only people mattered to make her PM) what they wanted to hear then set about lining her pockets and favours as quickly as possible.

and yes the wars (plural Blair took us to war more times than any other leader) plays heavy on my mind when I see Russians being conscripted against their will and what is going on in ukraine. I worry that could be us.

Isn’t conscription (in the guise of National Service) more of an idea beloved by the right wing than the left?

You seem to think that Keir Starmer is just twitching to get into power, so he can lead us on a glorious campaign against fascist Russia! Is that how you are justifying carrying on with this shit show of a government?

**** hell. Are you reading what I have written?

IN NO WAY DO I WANT THE TORIES TO REMAIN IN GOVERNMENT

KIER STARMER AND THE LABOUR PARTY HAVE NOT CONVINCED ME THEY ARE CAPABLE

YES I AM SHITTING MYSELF ABOUT WAR probably more than the economy

that clearer?

So the bank stepped in to stop pension funds folding

Somehow that will be lost on the pensioners still voting Tory

YES I AM SHITTING MYSELF ABOUT WAR probably more than the economy

Poverty will kill more here than war

And here comes the QE..

Is this to try and bring down the rates on gilts?

Surely the bigger effect will be inflation and therefore even larger rate rises?

Isn’t conscription (in the guise of National Service) more of an idea beloved by the right wing than the left?

Authoritarianism isn’t a left/right thing. You can have communist dictators and anarco-capitalism. It’s just that the current generation of western politics tends to give authoritarian right and liberal left wings, then every so often something upsets the balance like Brexit pitching the authoritarian left (EU), against the liberal right (a deregulated economy post Brexit) which is why both parties ended up split 50/50.

KIER STARMER AND THE LABOUR PARTY HAVE NOT CONVINCED ME THEY ARE CAPABLE

I appreciate the clarification. But as a genuine question, not an attempt to start a row: what would it take for Labour to convince you?

she’s on indefinite sick leave with a deputy PM in place until ‘24.

I haven’t seen much, if anything, of the Deputy PM, what has she been doing?

Apart from smoking cigars, drinking, and not watching the calories.

Thats a good question.

White charger, armour plate and a lance?

Whenever I listen to him, he does not come across as a leader, from what I’ve seen his opposition has been weak against a Tory party that has been scoring own goal after own goal. I would hope he cant be any worse than the Tories – then again I’d hope my seven year old would do less damage. But does he have the policies to recover the economy? Is he really the guy to lead us out of this? I like the talk of a green energy company. I’m for nationalising essential industries.

I had high hopes for that break away party in 2019 being the beginning of a real change in our political system. But that lasted about 5 minutes.

Anyways this thread isn’t about Kier as pointed out above.

The pound is in freefall again then.

I wonder how much will be wiped out today?

Aren’t we up to £500 billion and counting so far?

Has anyone seen or heard from our PM? I’ve checked Instagram, but nothing

Do you think she’ll stay in hiding until the next ‘fiscal event’ on 23rd November?

Will she cancel the Tory conference?

I wonder if she’s applied for political asylum in Rwanda?

Any comment from Rishi yet?

So many questions…

thisisnotaspoon Full Member
Authoritarianism isn’t a left/right thing. You can have communist dictators and anarco-capitalism. It’s just that the current generation of western politics tends to give authoritarian right and liberal left wings, then every so often something upsets the balance like Brexit pitching the authoritarian left (EU), against the liberal right (a deregulated economy post Brexit) which is why both parties ended up split 50/50.

I was thinking in terms of late 20th century/early 21st century British politics rather than in a wider sense. “Bring back National Service will give all those whiney young people some backbone and teach them some respect” seems to be a popular refrain amongst certain parts of the right rather than our current version of the left at least.

Am I right in thinking they have raised interest rates to bring down inflation, and at the same time now started QE to increase money supply and increase inflation?

Even before that, you had BofE policy (interest rate rises to suppress inflation) and Kwasinomics (tax cuts which are potentially inflationary) in direct conflict.

Just doing a bit of investigation as to how higher interest rates will affect my mortgage (couple of years to prepare/to go till remortgage), I note that the HSBC calculator (first one on Google) only gives results up to 20% interest.

Given these record breaking times, are we likely to exceed the previous, 17% base rate, record?

Proper Banana Republic shit!

I can just imagine the sniggering going on in places like Greece and Italy and other places referred to by the Brexiteers as economic basket cases, as they look at the UK’s borrowing rate going through the roof.

Liz must be holed up reading her Big Bumper Book of Economics

Yep, swifty moving from shitshow to full scale meltdown now.

Nice quote from Rayner at the Labour conference:

“From the party of stability to causing earthquakes. From the party of business to a slapdown from the IMF. From the party of serious govt to the party of parties. Liz Truss has even crashed the pork market. Now. THAT. is. A disgrace.”

KIER STARMER AND THE LABOUR PARTY HAVE NOT CONVINCED ME THEY ARE CAPABLE

Capable of what ???
Ultimately all Starmer has to do economy wise is follow the advice of experts…. rather than ignore it.

Switch “for the economy” for any other set of independent experts.

A message for Norwich-supporting Liz this afternoon:

Slow Interest rate rises were on the table this time last week but christ, they’ve taken the cost of living crises as was and really bumped it up by scaring the crap out of everyone with potentially massive increased mortgage payments – whilst tax cuts to the wealthiest 1%, absolutely outdone themselves.

I feel sorry for the BBC guy that’s got to walk the country to find someone who can give balance by saying they think this is a really great idea – id maybe head to the South East…

Really looking forward to seeing how long Truss can hide for, Johnson would be out doubling down on everything right now.