whilst tax cuts to the wealthiest 1%, absolutely outdone themselves.

I think you might have missed the lifting of the limit on banker’s bonus’s…
No point just cutting the tax if they can’t get the bonus…

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

Eh? What “experts”…….the ones that favour a right-wing trajectory or the ones that favour a left-wing trajectory?

And with what goal in mind – satisfying the market, which has no interest in economic justice or the quality of people’s lives, or other goals such as providing people with secure employment, housing, and financial security?

Economics is about priorities, and it is priorities that should distinguish the Labour Party from the Tory Party.

Edit:

“I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever possible.”

Milton Friedman – a world renowned “expert”.

BREAK: Keir Starmer has just called for Parliament to be recalled.

He wants MPs back in Westminster to deal with the economic crisis.

They’re currently on recess for party conference season.

— Shehab Khan ITV (@ShehabKhan) September 28, 2022

I think you might have missed the lifting of the limit on banker’s bonus’s…
No point just cutting the tax if they can’t get the bonus…

Yeah, almost pales into insignificance when a lot of the population are directly looking at being homeless this time next year.

They’re currently on recess for party conference season.

Which suggests that a recall of parliament is impossible as cancelling or postponing the Conservative Party Conference would suggest that there is an economic crises.

So far Kwarteng appears to be sticking to his plan of not revisiting the issue until towards the end of November.

id maybe head to the South East…

I woudn’t bank on it, how about those northerners who voted them in?

If he leaves it until the end of November, as he clearly plans too, then addressing the currency issue will involve seeing how many chickens there are to a goat

Milton Friedman – a world renowned “expert”.

I always find it remarkable that the fall of the Soviet Union is held up as irrefutable, unchallengeable proof that Marxism is an unusable economic model but the fall of the Southern Cone Dictatorships or the crash of 2008 doesn’t result in the same conclusions re Freidman.

id maybe head to the South East…

Knock on any door to a house that is wholly owned by the person that lives in it.

id maybe head to the South East…

I woudn’t bank on it, how about those northerners who voted them in?

I believe that Greater London has the largest amount of Labour votes of anywhere in the United Kingdom.

When I have previously pointed that out on stw it was suggested that London wasn’t really what is considered the South East.

Which surprised not least because the only other GCE O level I have apart from art is geography.

*Makes mental note to ignore @DT78 in future*

Yes, put me on that list

Its like when people deliberately pick a stock and try to crash it to buy it out. was there some reddit group that cottoned on to this with a gaming company and collective caused a massive problem by buying shares. maybe the British public, well those not freezing and soon to be starving should be shown how to shore up the pound collective to stop these bastards?

It was literally the opposite situation of the point you are trying to make.

The best way for the British public to “shore up the pound” is to vote out the people who are trying to wreck the economy…. the Tory party.

I have asked my scumbag Tory MP to ask for a vote of no confidence.
He may have been team Sunak and more than happy to twist the knife.

As this whole debacle has now gone way past a simple market reaction to a policy announcement and become a govt confidence issue , I just cannot see how the country can get out of this without a GE.

By cutting taxes making the BoE intervene to raise interest rates, the bankers’ bonuses are guaranteed and they didn’t need to raise a finger (like they do to the rest of us). Kwarteng’s rewards from Odeyous will be colossal.

*Makes mental note to ignore @DT78 in future*

Yes, put me on that list

Don’t be put off expressing your opinions DT78, some people might prefer the warm reassuring security of an echo chamber which reaffirms their own beliefs, but for me a thread in which everyone parrots the same opinion is guaranteed to be boring.

yes – boredom is the problem here

Its like when people deliberately pick a stock and try to crash it to buy it out. was there some reddit group that cottoned on to this with a gaming company and collective caused a massive problem by buying shares. maybe the British public, well those not freezing and soon to be starving should be shown how to shore up the pound collective to stop these bastards?

Gamestop, basically the a US example of a retailer like HMV, Blockbuster etc, a shop who’s industry no longer existed (physical media for computer games).

Various big hedge funds held short positions on them, which is a promise to sell an amount of the stock at a certain price on a certain day. So if the stock goes down more than predicted they win because they can just buy a stock off the market and sell it to the other party. If the price goes up they lose as they have to buy a stock off the market at a high price and sell it at a low one. It’s dangerous as for no up-front cost, you can make unlimited losses.

What Reddit managed to do was buy enough of their stock to make those losses actually happen. And they made some money in the process just by pumping up the stock price.

A few people bought the options to buy the shares from the hedge funds, those are the guys that made a fortune.
Then the price started to go up. So people bought the shares for a joke.
A few people made a bit of money from the shares
Some Hedge Funds made some big losses.
A lot of normal people made some big losses when the price inevitably crashed again.

It’s far from a morality tale.

Former BofE MPC member on prospects for Team Kwuss.

Danny Blanchflower(former member BoE MPC) – "Kwasi Kwarteng has crashed the markets…. & his credibility is completely trashed… I have never seen such raging incompetence ever" pic.twitter.com/OD1dVgAxsw

— Haggis_UK 🇬🇧 🇪🇺 (@Haggis_UK) September 27, 2022

GameStop that was it. Btw I wasn’t suggesting it to make money, but to stop others from shorting and screwing the economy

Was just a random idea chucked out there, not suggesting it’s a good one. Just maybe someone out there has an idea how how the public could start to do something to stop the economy crashing. Rather than relying on politicians, who haven’t proven themselves to be particularly trustworthy or competent. (Mostly tories, but labour has track record too)

Only option appears to be wait two years and vote for the red party who *might* be better than the blue party that have proven worse than useless.

I want better than that.

Note. I haven’t called anyone stupid, and idiot or said I’ll ignore them because they are just spouting what I consider nonesense

Who was the poster who was worried they’d **** up at work? I think you’re not doing all that badly mate compared to some…

Only option appears to be wait two years and vote for the red party who *might* be better than the blue party that have proven worse than useless.

or the SNP and remove ourselves from the debacle

It’s all going off

NOT NOW, ASIAN HORNETS pic.twitter.com/4JQfxCFJhl

— Jack Blanchard (@Jack_Blanchard_) September 28, 2022

It really annoys me when these experts just sit on the fence. tell us what you really think!

Former BofE MPC member on prospects for Team Kwuss.
<div></div>

Isn’t it wasn’t it Ron Manager in charge of England when Danny Blanchflower was in the national side ? Marvelous, small boys , jumpers for goal posts Marvelous. 😁

Kwasi Kwarteng receives shortest email in recorded history: pic.twitter.com/n8WEVeiWvC

— Have I Got News For You (@haveigotnews) September 28, 2022

Today’s poem is called ‘An Incomplete List of Things More Capable of Running the Country than the Current Government’.

A bollard. A thimble. A beef gravy granule.
A bilge pump. A plectrum. A Pokemon annual.
A doorknob. A chaffinch. An old rusty kettle.
A footbath. A clothes peg. A wine stain. A pebble.
A ceramic spoon holder. A fruit polo mint.
A discarded tissue. A puddle. Some lint.
A used toner cartridge. Some musical socks.
A build up of silt. A stuffed startled fox.
A plimsoll. A wingnut. A set of false teeth.
A novelty wall clock with the face of Prue Leith.
A beetle. A drumlin. A short piece of string.
A packet of Wotsits. A plant pot. Most things.

Not bad for 3 weeks in the job

Hilarious that no Tory MPs will be going to the conference next week

🚨NEW🚨
On the @bankofengland intervention:
Am told the BoE were responding to a “run dynamic” on pension funds – a wholesale equivalent of the run which destroyed Northern Rock.
Had they not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON.

— Ed Conway (@EdConwaySky) September 28, 2022

Lolz @ fueled. Thats good

It really didn’t take long at all for Truss to take Borises converted title of Worst Prime Minister EVER! did it?

Well that answers my question from the previous page as to why we appeared to have QE and interest rate rises at the same time.

Had they not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON.

And yet…

Quick update from Treasury sources on chancellor and the economic plan. Told CX not resigning and there will be "no reversal of policy"

— Beth Rigby (@BethRigby) September 28, 2022

Doubling down until they’ve bankrupted the country?

You’ve got to admire their commitment to their biblical scale stupidity in the face of all the evidence

That’s Brexiteers for you

stupidity in the face of all the evidence

Does anyone have any further info on the pensions almost insolvency?
I don’t have a clue and it sounds insane, but terrifying.

thegeneralist
Full Member

Does anyone have any further info on the pensions almost insolvency?
I don’t have a clue and it sounds insane, but terrifying.

This was linked from the original tweet, I’m not smart enough to understand it though
https://www.risk.net/derivatives/7954682/uk-pensions-hit-with-ps100m-margin-calls-as-gilts-and-sterling-slide

I don’t have a clue and it sounds insane, but terrifying.

I don’t understand it either but I think they’re at the stage of listing everything they own on eBay to raise the funds that will back up their positions

Markets go up and down all the time. They are driven by sentiment, not rational thinking and logic.
Obv the sentiment since Friday has been:

‘Let’s get as far away from this as possible’ hence the dumping of Sterling etc…

Long-term, the markets are the least of her worries. It’s the wider impacts which will be more of a problem.

https://news.sky.com/story/pound-slumps-live-news-mortgages-interest-rates-imf-12615118?postid=4544012#liveblog-body

How do you like them onions

Pension funds related

Robert Peston
@Peston
·
1h
Here is one way of seeing the scale of the markets rout that was close to wiping out pension funds. At start of year, 40-year gilt (government bond) with a 0.5% coupon was worth 85p. This morning it was trading at 25p and even after Bank of England intervention it’s 34p. This kind of savage devaluation was always going to wreak havoc.

I have being saying for ages that Q/E will be used. There you go.

We have this terrible misunderstanding of how the government funds things – it has been caught with its pants down.

Bonds issued every time the government spends on a deficit is a needless operation and has caused havoc over the last few days.

We now have a funny old system where the government spends, then borrows money it issued in a previous life via bonds – then BoE issues new money for the government to buy back the bonds.

And we wonder why everyone has deep misunderstandings about how the government finances itself.

It would just be easier to accept the government has its own bank and can fund itself. That is the truth.

You know in the 2008 crisis did the private sector bail itself out? Of course it didn’t. The Government did.

This is where we are today.

It’s the culmination of wonky circumstances, bad policy and total lies over how things are funded.

Let us be clear about what this means: the Bank of England has abandoned its goal of selling its government bonds and is instead starting a new programme of quantitative easing on behalf of the Treasury. This effectively means the Bank is now creating new money to fund government https://t.co/WXnIM2NfxE

— Richard Murphy (@RichardJMurphy) September 28, 2022

Total shite that taxes pay for anything.