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

paulfromcamden said:
What effect might 'printing money' have on inflation?
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The point of the intervention is to try to prevent a crisis so inflation is not really the point here. It's more about stopping disaster and once it's stable we can think about inflation again.

Although part of the problem here is that the not-a-budget was always in conflict with the BoEs plans to get inflation back under control, which is one of the big reasons it was so head-scratchingly unconvincing.
 
matthewr said:
The point of the intervention is to try to prevent a crisis so inflation is not really the point here. It's more about stopping disaster and once it's stable we can think about inflation again.
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Yes, understood - just curious what the knock-on effect might be. I guess the answer is perhaps "worry about that when we've prevented all the pension providers going bust and government borrowing becoming even more expensive"?
 
droodzilla said:
To be honest, they both look equally bad.

Austerity is thumping the poor (and it kills them).

We need an alternative.
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Back in 2011, Adam Curtis wrote a blog called The Curse of TINA. It tells the story of the rise of the Think Tanks, Pirate Radio, Monetarism and Thatcher's subsequent denial that she ever believed in Monetarism. At the end of one of the embedded videos, Alan Budd, an advisor to the Treasury from 1979 to 1981, is interviewed. He says:
Now my worry is that there may have been people making the actual policy decisions - or people behind them, or people behind them - who never believed for a moment that this was the correct way to bring down inflation. They did however see that it was a very, very good way to raise unemployment, and raising unemployment was an extremely desirable way of reducing the strength of the working classes, if you like. That what was engineered there, in Marxist terms, was a crisis of Capitalism which recreated a reserve army of labour and has allowed the capitalist to make high profits ever since. Now, I'd not say I believe that story but, when I really worry about this, I worry whether, indeed, that was really what was going on.
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Curtis ended his blog with the words: 'And that's that in Britain. Until, of course, the real pirates come back.'
 
Grrr! Those pesky Remainers!!

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Media roundup time:

“Just spoke to a Tory MP who told me “we (Conservative party) are just a protectionist racket right now - a gang of marauding ambition - not a serious party”.”

Emily Maitlis (Twitter).


“EXC: Rishi Sunak will not attend Conservative Party conference. He’ll be in Yorkshire instead. Ally says former chancellor will give Truss all the space she needs to own the moment”

Gabriel Pogrund, FT (Twitter).


“Tory minister: "Kwasi is toast"”

Robert Peston (Twitter).


“A senior Tory MP on the mood in the Conservative party right now: "Disbelief" "I don't think is sustainable. I predict the CX will get the sack and it will unravel from there."

Beth Rigby (Twitter).

It is time to invest big in popcorn for next week’s Tory conference. Either that or pitchforks.
 
“Another tells me he doubts many Tory mps beyond the front bench will be attending #ConservativePartyconference2022 - “they’re all too angry and annoyed their summers were messed up by the leadership contest.. and now this “

Emily Maitlis (Twitter).

I suspected many of these arseholes would be too chicken-shit scared to show their face after what they have done. I’ll be watching very closely! In any sane country this would be the very last Conservative Party conference in history. Bring on PR. Just end these idiots once and for all.
 
It's looking less likely but I still wouldn't rule out all of this being normalised in a month's time. We have normalised a lot of very bad Tory shit. So much that I've become sceptical there's any limit at all to what they can get away with.
 
I've always thought that conference season should be a conference week, why interrupt Parliamentary business for 3 weeks? Saying that I'm looking forward to uninterrupted coverage of next weeks trip to Brum.
 
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