ICTJohnboy Posted September 28, 2022 Share Posted September 28, 2022 30 minutes ago, ICTChris said: How long until Kwasi gets the bullet? Will he still be Chancellor in a week? Was he guilty of anything more other than carrying out Truss's wishes? 0 Quote Link to comment Share on other sites More sharing options...
Colkitto Posted September 28, 2022 Share Posted September 28, 2022 Where will this end? It already looks like complete and utter madness.. 0 Quote Link to comment Share on other sites More sharing options...
williemillersmoustache Posted September 28, 2022 Share Posted September 28, 2022 1 minute ago, Colkitto said: Where will this end? It already looks like complete and utter madness.. Hopefully, and not before fucking time. Actual heads, on actual fucking spikes. 2 Quote Link to comment Share on other sites More sharing options...
flyingscot Posted September 28, 2022 Share Posted September 28, 2022 I feel Kwasi would have gone in normal circumstances, but he's just in the job and so won't resign and Truss is 'all in' with this so similarly can't fire him.... A mess. 0 Quote Link to comment Share on other sites More sharing options...
ICTJohnboy Posted September 28, 2022 Share Posted September 28, 2022 1 minute ago, flyingscot said: I feel Kwasi would have gone in normal circumstances, but he's just in the job and so won't resign and Truss is 'all in' with this so similarly can't fire him.... A mess. Indeed. Truss made it perfectly clear all through ler leadership campaign EXACTLY what her intentions were. She has no one to blame but herself. 1 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 28, 2022 Share Posted September 28, 2022 5 minutes ago, flyingscot said: I feel Kwasi would have gone in normal circumstances, but he's just in the job and so won't resign and Truss is 'all in' with this so similarly can't fire him.... A mess. This is being presented as a crisis but the people who actually matter are getting lower taxes, higher interest rates and higher bond yields ie everything they want. Once all that is established the media will turn down the fear dial. 0 Quote Link to comment Share on other sites More sharing options...
ICTJohnboy Posted September 28, 2022 Share Posted September 28, 2022 3 minutes ago, Detournement said: This is being presented as a crisis but the people who actually matter are getting lower taxes, higher interest rates and higher bond yields ie everything they want. Once all that is established the media will turn down the fear dial. The people who actualy matter? Aka... These utterly greedy, self serving, right wing Tory c***s. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 28, 2022 Share Posted September 28, 2022 1 minute ago, ICTJohnboy said: The people who actualy matter? Aka... These utterly greedy, self serving, right wing Tory c***s. People with 8 and 9 figure net worth. 0 Quote Link to comment Share on other sites More sharing options...
TxRover Posted September 28, 2022 Share Posted September 28, 2022 21 hours ago, Todd_is_God said: It's not the BoE's remit to defend the Pound - it's only goal is to keep inflation around 2%. Better call them up, as they’ve intervened today to support the Pound… 0 Quote Link to comment Share on other sites More sharing options...
coprolite Posted September 28, 2022 Share Posted September 28, 2022 1 hour ago, Detournement said: Ok so not actually a run on pension funds just a short term loss on bad investment strategy. Sounds a bit like a run. demand for cash from creditors? Yep caused by lack of confidence in assets backing credit? Yep Vicious Circle? Yep There’s a legitimate question as to whether pension funds should be allowed to take on this sort of risk (to which the answer is of course they shouldn’t). There’s also a legitimate question as to whether this is actually true and not a smokescreen. If it is factually accurate, I don’t think the BofE has any option but to inject liquidity. The sheer scale of pension funds would mean that any significant ones going bust would have massive unpredictable effects on the economy. But if we’re doing free markets, it’s just creative destruction and survival of the fittest. Really, Kwasi should be stopping the state from interfering here. 0 Quote Link to comment Share on other sites More sharing options...
Miguel Sanchez Posted September 28, 2022 Share Posted September 28, 2022 The freer the market, the freer the people. 0 Quote Link to comment Share on other sites More sharing options...
HTG Posted September 28, 2022 Share Posted September 28, 2022 2 hours ago, MuckleMoo said: Has anyone in politics, both domestic and internationally, made such a rip roaring c**t of it in such a small amount of time of being leader? Genuine question. She's pretty much done what she said she would during her leadership campaign so it's not really fair to criticise her for absolutely fucking the entire country. It's the fuckers who listened to her and thought "I'll have some of that" and voted her in who should be getting skewered. She's an absolute moron surrounded by thieving arseholes. Anyone seen Rees Mogg? 0 Quote Link to comment Share on other sites More sharing options...
TxRover Posted September 28, 2022 Share Posted September 28, 2022 2 hours ago, MuckleMoo said: Has anyone in politics, both domestic and internationally, made such a rip roaring c**t of it in such a small amount of time of being leader? Genuine question. Outside of South America and Africa, honestly, no. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted September 28, 2022 Share Posted September 28, 2022 7 minutes ago, coprolite said: There’s a legitimate question as to whether pension funds should be allowed to take on this sort of risk (to which the answer is of course they shouldn’t). Would buying UK Government bonds not be considered a low risk investment in normal times? (I'm ignorant about this stuff.) 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 28, 2022 Share Posted September 28, 2022 9 minutes ago, coprolite said: Sounds a bit like a run. demand for cash from creditors? Yep There’s also a legitimate question as to whether this is actually true and not a smokescreen. If it is factually accurate, I don’t think the BofE has any option but to inject liquidity. The sheer scale of pension funds would mean that any significant ones going bust would have massive unpredictable effects on the economy. The Northern Rock comparison is totally bogus though and designed to mislead. They have lost money due to casino style investments and now want the government to make up the difference. The money printer is fine as long as it's going to the correct people. I also have my doubts about this. It seems more like a good excuse for more QE and to placate the institutions holding lower yield bonds. 0 Quote Link to comment Share on other sites More sharing options...
coprolite Posted September 28, 2022 Share Posted September 28, 2022 13 minutes ago, TxRover said: Better call them up, as they’ve intervened today to support the Pound… They’ve not intervened in currency markets have they? And buying bonds increases money supply so will be a downward pressure on exchange. I guess their stability mandate could cover exchange rates and there could be an element of confidence in the currency price, but it’s hard to see todays wiping of the government’s shitey arse as a currency intervention 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 28, 2022 Share Posted September 28, 2022 (edited) 12 minutes ago, welshbairn said: Would buying UK Government bonds not be considered a low risk investment in normal times? (I'm ignorant about this stuff.) It is low risk. The problem is that if you own a 30 year UK government bond at 1% no one is going to want to buy it off you if the government are selling new bonds at a higher yield. Edited September 28, 2022 by Detournement 1 Quote Link to comment Share on other sites More sharing options...
doulikefish Posted September 28, 2022 Share Posted September 28, 2022 Sky reporting truss has sent an email out asking all depts to find cuts Austerity is back if it's ever been away 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted September 28, 2022 Share Posted September 28, 2022 So more austerity. More QE. Higher interest rates. Lower taxes for the rich. It's crazy how this happened..... It's almost as if it's deliberate shock therapy. 0 Quote Link to comment Share on other sites More sharing options...
coprolite Posted September 28, 2022 Share Posted September 28, 2022 4 minutes ago, welshbairn said: Would buying UK Government bonds not be considered a low risk investment in normal times? (I'm ignorant about this stuff.) They’re a low risk asset in terms of their default risk. The risk of losing capital on them has generally been quite low for years, but unpredictable inflation has increased that risk. The issue is that the funds have been buying them on margin, effectively borrowing money that they’ll repay out of the sale. The bond price has been hammered by sheer idiocy, so the value’s gone below a set % of the amount borrowed. The lenders are calling in the difference. It’s very like negative equity on a mortgage with a different pattern of payments. 1 Quote Link to comment Share on other sites More sharing options...
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