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The Premiership of Mary Elizabeth Truss.Sept 2022 - Oct 2022

paulfromcamden said:
A reminder that this is the same Mark Fullbrook currently being investigated by the FBI for his role in an attempt to bribe the governor of Puerto Rico £300k to sack the financial regulator investigating financial irregularities at a bank owned by a Tory donor.
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I honestly don’t understand why the Conservative Party isn’t on fire right now. If there isn’t unrest and protest for democracy soon I will lose what little faith I have left in the UK public. We are having the absolute piss ripped out of us all by these criminal spivs, charlatans and truth-twisters. Something has to give soon. They aren’t only attacking their usual victims of the young and poor now. This spiralling inflation, crippling fuel bills, currency collapse etc will do for business and savers too.
 
It is the Thatcherite equivalent of Mugabe’s Zimbabwe. An unpopular corrupt minority-rule government with an absolute strangle-hold on the economy who won’t stop till-dipping until absolutely everything has been plundered.
 
Given the chance I’d very happily beat the shit out of all these ****s, I’ve been somewhat semi reliant on the nhs/benefit system since 1991 due to spinal damage and then being diagnosed as spms in 2017, the degradation of the entire health and social system has been in free fall for the previous 12+ years, given that I can’t really move all that much I’ll have to hope I see Alister Jack crossing the road in my home town, that’s rather unlikely though as the last time he tried to turn up at the harbour in town for a puff piece to camera he got physically chased off the harbour by dredging shackles being thrown at him and his entourage.
 
“A source who was present at a dinner attended by hedge-fund managers a week ago revealed: "They were all supporters of Truss and every one of them was shorting the pound. Several made small fortunes on Friday betting against the currency.”

From tomorrow’s Sunday Times (Twitter).

No one should mistake what is happening right now in the UK for political ideology. It is criminality, corruption, insider dealing and grift. This is exactly what an oligarch kleptocracy looks like. We are Russia. We are Zimbabwe.
 
Tony L said:
“A source who was present at a dinner attended by hedge-fund managers a week ago revealed: "They were all supporters of Truss and every one of them was shorting the pound. Several made small fortunes on Friday betting against the currency.”

From tomorrow’s Sunday Times (Twitter).

No one should mistake what is happening right now in the UK for political ideology. It is criminality, corruption, insider dealing and grift. This is exactly what an oligarch kleptocracy looks like. We are Russia. We are Zimbabwe.
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This is just the way the foreign exchange markets work. I mean they do seem to be endemically corrupt but also, this is how they’re *supposed* to work.

Does suggest the tanking of the pound was just another payday for the FX boys, rather than anything more fundamental. We limp on.
 
Tony L said:
Wow, it is even more interlinked than I thought, I didn’t realise Kwateng was still on Odey’s payroll, nor the links to Murdoch exposed further down. The modern Conservative Party is fundamentally corrupt. A flimsy political front/smokescreen for money-launderers, asset-strippers and financial speculators.
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Kwasimodo should stick to ringing bells not using amateur skills with the economy. It is interesting that the 1% reduction of the basic rate is only for a year AFAIK, but the removal of the 45% top rate is permanent. How's that for thinking about the population at large?
 
TheDecameron said:
Shy Tories will be getting even shyer.
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I’m expecting a huge u-turn on this budget. It hurts everyone earning under £155k a year, and that is the vast majority of the Tory voterbase as well as everyone else. This budget hurts the Tory electorate below the millionaire class.

To my eyes the budget either simply wasn’t thought-through, or it was the most brazenly corrupt piece of insider dealing designed to spook markets and vastly enrich an inner Tory cabal we have so far seen. The jury is very much still out on that, though the latter is certainly not without credible suspicion and mounting evidence. I hope criminal investigations will follow.

Regardless they’ll have to rethink and redo as the tiny >£155k pa demographic that technically benefits (assuming they want this grift, which many don’t) sure as hell can’t win any election even under the Tories bent FPTP system. The rest of us have been mugged.
 
Seanm said:
This is just the way the foreign exchange markets work. I mean they do seem to be endemically corrupt but also, this is how they’re *supposed* to work.

Does suggest the tanking of the pound was just another payday for the FX boys, rather than anything more fundamental. We limp on.
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There may have been insider trading but the budget was fairly well signalled wasn't it ?
The FEX markets are so large (at least major currencies) they are probably the closest thing there is to not corrupt, but pretty transparent in fact.
 
wacko said:
There may have been insider trading but the budget was fairly well signalled wasn't it ?
The FEX markets are so large (at least major currencies) they are probably the closest thing there is to not corrupt, but pretty transparent in fact.
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I think one of the chief things signalled would have been a shorting opportunity.
 
sean99 said:
The level of extremism on the right has reached the point where I have a hard time figuring out if they really believe in what they are doing or are just cynically looting countries as the economy and society crashes around them.

Unfortunately the bad outcomes are the same no matter if the motivation is greed and malice or idiocy.
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Usenet shows that there are some very seriously - and determinedly - deluded wishful thinkers out there who've been brainwashed into believing what suits the big companies and their shills. They then serve as useful idiots, egged on by the Daily Hate who lie about anyone who says otherwise or might make things better.

All of the motives you quote are involved.
 
Seeker_UK said:
IIUC the markets are behaving exactly the same way as they did in 72 with the "Barber Budget". That "tax cuts for growth" budget is now known to have been pretty bad for the long-term health of the UK economy.

So the market behaviour doesn't mean bad policy per se but, based on previous data, is an indicator that the policy is likely to have bad consequences. Only time will tell, but pretty disastrously if it doesn't pan out as Chancellor, PM, and the 33% of the Parliamentary Party that support them, think (hope?) it will.
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Alas, the end result is tha they and their mates will walk away wealthier either way, as many of the rest of us are allowed to drown - whilst being blamed for it.

The key failure is that 'borrowing' to *invest* is good. Hence doing so for education, health, better cheaper transport, etc, brings dividends *and* happier people. Whereas simply borrowing money to give to the wealthy *overseas* - allowing them to dodge tax on the way - simply loads more weight on the backs of people who are already struggling.
 
Tony L said:
Whilst they claim to understand business the Tories only understand grift. Totally different skillset. You are the price for Odey’s 145% profits.
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Key here is that big corporations and their boards, etc, are *NOT* the same as small companies, one man bands, etc. People since Galbraith's era and before have explained this. But Tories and their ilk ignore it. I keep wishing that Galbraith was a standard text at secondary schools 5th forms to ensure at least people more widely understood. Makes it easier to see though the Tory rhetoric as a smokescreen.
 
mandryka said:
The question was, what caused the market reaction. My answer suggests that if and when he explains in a convincing way how he plans to reduce the debt/GDP ratio it’ll react in the inverse direction.

What do you think has caused the market reaction?
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The awareness that its a BIG gamble on a horse that has fallen at the first fence in every previous outing. A horse that needed humane action long ago.
 
KrisW said:
Commentary I heard over here this morning was that once you rule out some kind of mental breakdown by the Chancellor, this is only explainable as a spectacularly cynical electioneering stunt. The greater cash supply will cause a brief surge in consumer confidence..
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Erm, IF they'd handed the cash to the poorer people that may have been what will happen.

BUT they've handed half of it to people who are already in the top 5% sector of household incomes. And the side effects, etc, mean most below that will be *worse* off so even without inflation and a tanking of Sterling that just add more grief,
 
Remember the short sell only works relative to expectations so it's only profitable if the budget is worse than expected and if Kwarteng had got cold feet and been a bit more cautious at the last minute you would have lost money. Obviously if "everyone" "knows" this is going to happen you can't make significant money as few people would take the other side of your trade and the market price would already reflect the budget.

Although if I was a well regarded doner and got to have a private meeting or dinner with Truss or Kwarteng I am fairly sure I could get a feeling for the "mood music" without techncially breaking any laws and adjust my position accordingly when I got back to the office.
 
Tony L said:
To my eyes the budget either simply wasn’t thought-through, or it was the most brazenly corrupt piece of insider dealing designed to spook markets and vastly enrich an inner Tory cabal we have so far seen.
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It was thought through by the wealthy backers. They benefit quite well.

Truss et al are just their willing glove puppets. As you may have noticed, the same backers tend to regard the glove puppets as replacable when they become damaged.. There is always another set in the Tory party they can switch to.
 
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