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

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/
That second article is a fascinating perspective. I’ve certainly never thought of it that way, but it would explain a lot.
 
Partygate was shitting on the dying and their families (including the monarch). Johnson & Co thought they could get away with it but went on to compound their crimes and got fired by their backbenchers. The smell hasn’t left the public imagination since.

They say "a week in politics is a long time" but this has been going on for years!
 
Hilarious really that almost a third of the electorate would still vote Conservative if there was a GE tomorrow.

Perhaps there should be some sort of sanity test before you're given your ballot paper. Question 1 could be "Do you still intend to vote Conservative?"...
 
That second article is a fascinating perspective. I’ve certainly never thought of it that way, but it would explain a lot.
The only issue I have with Janan Ganesh's article is the idea that Reaganomics was a good idea for the US (something Krugman nails in his article). Otherwise, it is spot on: the fascination with the cousins in the US; the "exorbitant privilege" of controlling the world's main reserve currency. Without that privilege, the foreign exchange and bond markets are crucially important for any mid-sized economy, as the UK and others rediscover from time to time.
 

ISTM that being involved in the most senior positions running a country's economy for three years gives a bit more insight into how a country's economy works.

Funny that.
But this is coming from the exact same place - the exact same *person* - that resisted financial support for Covid measures until it became unavoidable, and which still resists proper sick pay and proper funding for health and social care. He would have said the exact same thing had his opponent suggested borrowing to nationalise energy, or to fund infrastructure investment. He doesn’t need to be insightful or competent to say exactly what anybody in his position automatically says about anything that isn’t basically austerity.

Not defending Truss’ measures BTW, just pointing out that what she’s broken with is also awful and we shouldn’t be pining for the ****s who did it. They’re all awful. It’s not even that they’re as bad as each other. They’re all *worse* then each other.
 
He doesn’t need to be insightful or competent to say exactly what anybody in his position automatically says about anything that isn’t basically austerity.

He called it right though, didn't he? Certainly more right than the current PM or chancellor.
 
He called it right though, didn't he? Certainly more right than the current PM or chancellor.
I’m reminded of the old gag about Marxists, that they’ve correctly predicted 11 out of the last 2 crises. As I say, if your response to any economic plan other than austerity is to predict hiked borrowing rates, currency crisis and an IMF intervention you’re eventually going to call it correctly, especially if the only alternative to your own unhinged right wing economics is a different strain of unhinged right wing economics.

Absolutely **** Sunak, he is not the Good Guy or the Smart Guy, and for that matter neither are the IMF or the bond vigilantes.
 
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.
Notorious softies like the IMF and Mohamed El-Erian have felt compelled to point out that Truss/Kwarteng's economic policy puts the most vulnerable at risk for no obvious macro-economic benefit. One might think HMG would take that as a sign that it has gone too far in its tax-breaks-for-the-rich agenda, but the UK government is made of sterner stuff. They will press on until the brick wall is centimeters, sorry, inches from their noses.
 
@Seanm I'm starting to think I might have to take back the Secret Santa I got you.

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Notorious softies like the IMF and Mohamed El-Erian have felt compelled to point out that Truss/Kwarteng's economic policy puts the most vulnerable at risk for no obvious macro-economic benefit. One might think HMG would take that as a sign that it has gone too far in its tax-breaks-for-the-rich agenda, but the UK government is made of sterner stuff. They will press on until the brick wall is centimeters, sorry, inches from their noses.

Well, she is now blaming Kawoom for the turmoil. His head will likely be on the block.

She obviously had nothing to do with anything.
 
Hilarious really that almost a third of the electorate would still vote Conservative if there was a GE tomorrow.

Perhaps there should be some sort of sanity test before you're given your ballot paper. Question 1 could be "Do you still intend to vote Conservative?"...

I’m rapidly losing patience with this pair and suspect so are many other conservative voters. Complete turmoil yet where TF are they? They’ve lobbed a grenade and run for cover.
 
I’m rapidly losing patience with this pair and suspect so are many other conservative voters. Complete turmoil yet where TF are they? They’ve lobbed a grenade and run for cover.
Is it the running for cover you're objecting to, only ISTM you've been broadly supportive of the grenade lobbing so far?
 
I’m rapidly losing patience with this pair and suspect so are many other conservative voters. Complete turmoil yet where TF are they? They’ve lobbed a grenade and run for cover.

Can I be a bit cheeky and ask how you would vote in a GE tomorrow if they were still in office?
 
Well, none of us saw this coming...

[John Redwood] also hinted that the government’s response to concerns about unsustainable public finances would be a new programme of austerity and spending cuts to balance lower tax revenues. “We haven’t yet seen the whole policy. We need to see what the overall budgets look like, looking at the spending side as well as the revenue side,” Redwood said. Lord David Frost, the UK’s former Brexit negotiator, added: “The only way forward for Britain is lower taxes, spending restraint, and significant economic reform.”

https://www.ft.com/content/843e2f5d-1264-4acd-8f5c-c276c8d7b289
 


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