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

Richard Murphy was on Jeremy Vine this afternoon with some clown from the IEA. Well worth 10 minutes of your time! https://www.taxresearch.org.uk/Blog/2022/09/27/taking-on-the-iea-on-the-jeremy-vine-show/
Excellent. Matthew Lesh, Head of Public Policy at the IEA is certainly a clown. Anyone who counters with arguments about “Venezula” and “printing money” is clearly talking bollocks. Also interesting that he couldn’t say who funds the IEA.

These neo classic economic clowns always start from assumptions, this one is that tax cuts stimulate investment. That fact that it doesn’t is irrelevant to them, they have a theory and everything has to fit that. The people do not work from observation. If these people wanted to work out how a horse works, they’d sit in their office and imagine a horse and work out a theory from there. They wouldn’t look at an actual horse.

Another source by John T Harvey below talks about how that economic assumptions are orthodox, despite those assumptions not being founded in the real world.

Warning, contains MMT

Apologies, SQ is appalling

 
Didn’t hear folks complaining when their mortgages fell to loose change a month. Very few were saying rates should be raised and they should be paying more.

You'd have heard me complaining if you'd come round our house. I downsized in 2007 planning to put any equity into savings as a useful income support. Interest rates for savers at the time were 4% to 6% in high street banks.
I didn't anticipate ultra-low interest rates and almost every middle-class person I know becoming an amateur property developer and/or buy-to-let landlord. Pissed me off no end.
The streets round here have been full of white vans, skips and workmen chucking out kitchens or installing kitchens for years. Madness.
 
A week or so ago there was a BBC piece entitled ‘Is this Britain’s best high street?’ (Or words to that effect). I clicked on the article, and the high street in question was - Deptford. Things have come to a pretty pass when Deptford is the best that Britain can manage as an exemplar.
Were they auctioning Mick’s old striped trousers from their first Marquee gig in the 60s?
 
I've no vote in this game, but I think the current setup works well. Starmer has the gravitas and trustworthiness you'd want in a leader who, as UK PM, is going to spend time on a world stage, while Rayner has the plain-speaking bluntness you need to get a handle on fixing the many national problems they will inherit. I don't think she could be as forthright if she had to play the part of PM-in-waiting. And really, neither of them come across as "politicians", so it's a plus both ways.

And the Left are idealists (you can't really be left-wing without wishing for a better world), but that means it's nearly impossible to do enough for all of them...

I think most people want a better world, the comrades though want to get there quicker than most and on their terms.
 
Could I buy into it? Like an ETF? Perhaps lots of other people regretting they didn't invest in tangible assets.

Probably a good time to buy Lego! Get in before any inevitable price-rises (it is obviously imported goods). Whilst it is hard to invest proper money in as it is just so bulky to store the return has proven far better than any ISAs I have.
 
Get him out and Rishi back in No 11

It certainly all makes partygate and Rishi being wealthy etc a bit of an insignificance.

Absolutely not. He lied in parliament and failed to resign and I am still waiting for evidence he was asked about that during the entire election campaign.

It isn't insignificant in any way shape or form.

Regards

Richard
 
Good headlines in the Irish Times today. Difficult to see how this isn't going to come to an end spectacularly but I suppose for Truss the goal was to get the job and tick the box. She is going around grinning like a Cheshire cat who has got the cream. Has she any ideal what is going on? What's with the Kwartengi bloke? He is just weird looking with the perma smile.
Just despairing to see the well of talent in the Tory party.

https://www.irishtimes.com/business...uffers-a-full-scale-policy-zombie-apocalypse/

https://www.irishtimes.com/world/uk/2022/09/27/truss-learns-the-hard-way-that-britain-isnt-the-us/
 
Absolutely not. He lied in parliament and failed to resign and I am still waiting for evidence he was asked about that during the entire election campaign.

It isn't insignificant in any way shape or form.

Regards

Richard

I thought lying doesn't matter any more? Sure don't they all do it so it doesn't count or some logic like that.
 
Sir Charlie Bean - ex Bank of England chief economist - just told Channel 4 that the rise in interest rates (including long dated gilts) since Friday will cost the Government an extra £20 bln a year.” (Twitter).

That’s more than half a Dido a year on absolutely nothing but ideological stupidity. And just since Friday. As ever Tories gonna Tory.

PS Someone needs to produce a spreadsheet detailing exactly what these *.wit Tory government have cost this country over the past 12 years. A full profit/loss account including Brexit, the mass covid fraud, losing our credit rating twice, the collapse of Sterling, inflation of gilts etc etc etc. Just get one figure for the lot. It will be £trillions.
 
And now the IMF arrive…

NEW: Statement from IMF on UK, a pretty clear rebuke to Friday: “We’re closely monitoring recent economic developments in the UK and are engaged with the authorities. Given elevated inflation pressures…we do not recommend large and untargeted fiscal packages at this juncture.””

Lewis Goodall (Twitter).

Truss needs to resign. We need a general election right now. Get this Tory shit out of the way so we can try and clear the mess up.
 


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