The Official Liz Truss no longer PM but still a Clusterfuck thread

[Brother Blades]

It’s absolutely ridiculous that these fuckers are still in power, Cameron tried to protect the party from the right wing euro sceptics & was found wanting, he, at least did the right thing & fell on his sword, much too late of course as the racists had already spoken! He should have had a backbone & refused the exit referendum. 
Then we had May, who I believe wanted a soft Brexit & could have got a decent deal if she didn’t have imbeciles negotiate on her behalf & the ERG within her own party against her. The public still voted the c***s in again after she called an election, much reduced seats & entered into a coalition with the DUP (who were royally fucked eventually, happily).

Inevitably, the right won again & we had the catastrophic Johnson, who called another election & increased the majority & vote share! After the promise of the hardest of hard brexits! 
Now we have Truss! Already a disaster!

We need away from this shite immediately, anyone who thinks it’ll be better under Labour, is very much mistaken, as all that leads to is another dozen or more years of even more right wing Toryism after a wee shot at holding the baton. 
The stuff that our new Home Secretary has been spouting very publicly this week wouldn’t have been seen as soft at those rallies in Nuremberg in the 30’s.

The UK is defunct, a shitehole, increasingly populated by racists & fed by an extreme right wing media. Let’s leave! Please!!! 

[Dawson Park Boy]

1 hour ago, The Skelpit Lug said:

I was amazed when Kwarteng bypassed the OBR before his fiscal event brought about economic meltdown. Now it all begins to fall into place. The Head of OBR, Richard Hughes, previously worked with Resolution Foundation which focused on "improving living standards for those on low and middle incomes". He had worked on fiscal rules - limits on government borrowing. In 2019 he wrote that a "flurry of tax promises and spending commitments...illustrate the risks of returning to unfettered short-term discretion in fiscal policy". Hughes was also director of fiscal policy at the Treasury. Before that, he worked at the IMF.

This information came from Private Eye. Wonder if any other media outlet will be all over this...

Guido Fawkes

[Frank Quitely]

2 hours ago, Florentine_Pogen said:

Well done, Liz......Well done Kamikwasi...........

https://www.theguardian.com/business/2022/oct/06/bank-of-england-confirms-pension-funds-almost-collapsed-amid-market-meltdown

"Pension funds managing vast sums on behalf of retired people across Britain came close to collapse amid an “unprecedented” meltdown in UK government bond markets after Kwasi Kwarteng’s mini-budget, the Bank of England has said.

Explaining its emergency intervention to calm turmoil in financial markets last week, the central bank said pension funds with more than £1tn invested in them came under severe strain with a “large number” in danger of going bust.

 

The Bank said a dramatic rise in interest rates on long-dated UK government bonds in the days immediately after the chancellor’s mini-budget had triggered a “self-reinforcing” spiral in debt markets, putting the stability of Britain’s financial system at risk."

So what happens if the £65 billion bung doesn't end the crisis?

[Granny Danger]

59 minutes ago, Brother Blades said:

It’s absolutely ridiculous that these fuckers are still in power, Cameron tried to protect the party from the right wing euro sceptics & was found wanting, he, at least did the right thing & fell on his sword, much too late of course as the racists had already spoken! He should have had a backbone & refused the exit referendum. 
Then we had May, who I believe wanted a soft Brexit & could have got a decent deal if she didn’t have imbeciles negotiate on her behalf & the ERG within her own party against her. The public still voted the c***s in again after she called an election, much reduced seats & entered into a coalition with the DUP (who were royally fucked eventually, happily).

Inevitably, the right won again & we had the catastrophic Johnson, who called another election & increased the majority & vote share! After the promise of the hardest of hard brexits! 
Now we have Truss! Already a disaster!

We need away from this shite immediately, anyone who thinks it’ll be better under Labour, is very much mistaken, as all that leads to is another dozen or more years of even more right wing Toryism after a wee shot at holding the baton. 
The stuff that our new Home Secretary has been spouting very publicly this week wouldn’t have been seen as soft at those rallies in Nuremberg in the 30’s.

The UK is defunct, a shitehole, increasingly populated by racists & fed by an extreme right wing media. Let’s leave! Please!!! 

Braverman is a racist, there’s no doubt about it.  The ‘superficially black’ comment made about Kwarteng last week was spot on and  the sentiment can be applied, with necessary ethnic changes, to this nasty piece of work.

No morality, no empathy, no compassion.

 

[sophia]

6 hours ago, Dawson Park Boy said:

Yes- that’s what happens when you try to deny the need for fossil fuels in the short to medium term.

I would thoroughly agree with you if and it is a big if, your post had the merest whisper of a scintilla of fact about it.

[Granny Danger]

This is the condensed version of the bottom line that many of us suspected.

I think there could be sufficient push back from Tory MPs to defeat it/force a GE.

https://www.theguardian.com/politics/2022/oct/06/revealed-rightwing-slash-and-burn-ideas-that-could-be-blueprint-for-truss

[Nae Union]

6 hours ago, Fullerene said:

Suggestions for her next career:

1. Horse Racing commentator
2. Auctioneer
3. Narrator of children's audio books.  Warning on label required
4. Air Traffic Control
5. Singer in a rock band

 

Padded cell enthusiast.

[Boo Khaki]

6 hours ago, Florentine_Pogen said:

Well done, Liz......Well done Kamikwasi...........

https://www.theguardian.com/business/2022/oct/06/bank-of-england-confirms-pension-funds-almost-collapsed-amid-market-meltdown

"Pension funds managing vast sums on behalf of retired people across Britain came close to collapse amid an “unprecedented” meltdown in UK government bond markets after Kwasi Kwarteng’s mini-budget, the Bank of England has said.

Explaining its emergency intervention to calm turmoil in financial markets last week, the central bank said pension funds with more than £1tn invested in them came under severe strain with a “large number” in danger of going bust.

 

The Bank said a dramatic rise in interest rates on long-dated UK government bonds in the days immediately after the chancellor’s mini-budget had triggered a “self-reinforcing” spiral in debt markets, putting the stability of Britain’s financial system at risk."

There was a wee gem in the speech yesterday that most folk seem to have missed about 'walking hand in hand with the Bank of England on fiscal policy'. 

I'm sure that must have come as a surprise to anyone inside the BoE.

Oh wait, I think it was 'in lockstep', rather than 'hand in hand'.

Edited October 6, 2022 by Boo Khaki

[Dawson Park Boy]

1 hour ago, sophia said:

I would thoroughly agree with you if and it is a big if, your post had the merest whisper of a scintilla of fact about it.

What is wrong with it?

[sophia]

14 minutes ago, Dawson Park Boy said:

What is wrong with it?

What is wrong with you?

[Leith Green]

13 hours ago, Frank Quitely said:

So what happens if the £65 billion bung doesn't end the crisis?

It halted and reversed the run almost immediately.

It should be said that the BoE merely had to state that it would step in and buy up to £65bn for this to calm the markets - that works as the BoE has in effect unlimited purchasing power.

All this tells you is that - as has been mentioned many times - no Chancellor can make an uncosted budget and bypass the OBR without provoking some kind of market reaction.

Per the link from @Florentine_Pogen above, the BoE has stated that failure of this market risked sending many markets into a tailspin of selloffs (a bit like what happened with Lehman bros in the last financial crisis).

This is being dressed up as some kind of naivity from a new Chancellor.

Now, I am no conspiracy theorist - but I find it increasingly difficult to believe that he and Truss didnt know or suspect that their actions (or inactions in not using the OBR) wouldnt have a number of negative market outcomes.

As an ex Tory donor mentioned on Sky News last night, the Chancellors close links / champagne parties on the Friday morning with some of his Hedge Fund pals doesnt look good.

If this was all happening in the Central African Republic, our media would be calling foul and questioning the honesty of those involved..................

[oldbitterandgrumpy]

11 hours ago, Granny Danger said:

This is the condensed version of the bottom line that many of us suspected.

I think there could be sufficient push back from Tory MPs to defeat it/force a GE.

https://www.theguardian.com/politics/2022/oct/06/revealed-rightwing-slash-and-burn-ideas-that-could-be-blueprint-for-truss

The document is billed as “a collection of policies for a better brighter Britain by the end of this decade”

As you said a few days ago .  .  . Oceania  is at war with Eurasia etc.

[scottsdad]

15 hours ago, Brother Blades said:

It’s absolutely ridiculous that these fuckers are still in power, Cameron tried to protect the party from the right wing euro sceptics & was found wanting, he, at least did the right thing & fell on his sword, much too late of course as the racists had already spoken! He should have had a backbone & refused the exit referendum. 
Then we had May, who I believe wanted a soft Brexit & could have got a decent deal if she didn’t have imbeciles negotiate on her behalf & the ERG within her own party against her. The public still voted the c***s in again after she called an election, much reduced seats & entered into a coalition with the DUP (who were royally fucked eventually, happily).

Inevitably, the right won again & we had the catastrophic Johnson, who called another election & increased the majority & vote share! After the promise of the hardest of hard brexits! 
Now we have Truss! Already a disaster!

We need away from this shite immediately, anyone who thinks it’ll be better under Labour, is very much mistaken, as all that leads to is another dozen or more years of even more right wing Toryism after a wee shot at holding the baton. 
The stuff that our new Home Secretary has been spouting very publicly this week wouldn’t have been seen as soft at those rallies in Nuremberg in the 30’s.

The UK is defunct, a shitehole, increasingly populated by racists & fed by an extreme right wing media. Let’s leave! Please!!! 

A hell of a lot was made in the press about Momentum "taking over" the Labour party from 2015 onwards. All eyes were on Corbyn and some pretty hard left people who supported him.

Whilst they were looking at that, the UKIP/Brexit Party/Referendum party fringe that has been dotting about the fringes of the hard right got their act together and infiltrated the Tory party. Only now are people really starting to realise that the Tories have been destroyed by a virus.

[Paco]

Whilst they were looking at that, the UKIP/Brexit Party/Referendum party fringe that has been dotting about the fringes of the hard right got their act together and infiltrated the Tory party. Only now are people really starting to realise that the Tories have been destroyed by a virus.

It’s certainly been the case for a long time that Tory ghouls get out of power and suddenly seem to develop a conscience and disagree with whatever mad shit the party is doing now. Duncan Smith, Hague, Clarke, Major even. The list is endless.

It was fairly rare for actual sitting MPs to have it, but it’s become common place over the last few years. The issue now is that people like Soubry, Boles, Bercow, Hammond, even May and seemingly just this week, somehow, Nadine Dorries have is that they can’t fundamentally agree with Labour or the Lib Dems. Some pretend to but deep down, they’re still Tories. Everything Douglas Ross has ever said about his political beliefs lead me to believe he isn’t a Tory at all, he’s just a snivelling, pathetic excuse of a man who doesn’t want independence.

There simply must be room for a centre-right party people like Major, Hammond, May, Clarke - not exactly political nobodies - can coalesce around. But there just doesn’t seem to be the will there. The last two leaders of the Conservatives are really not conservative at all in basically anything. Johnson was UKIP in most areas and allowed himself to be beaten into being centrist in other areas (yes, really). Truss is far-right, would make UKIP blush and absolutely should be described as a far-right government in the media.

But the establishment party taking on the establishment? There’s just no chance.

[oneteaminglasgow]

36 minutes ago, Paco said:

Everything Douglas Ross has ever said about his political beliefs lead me to believe he isn’t a Tory at all, he’s just a snivelling, pathetic excuse of a man who doesn’t want independence.

 

Now that’s not quite fair.

He also wants to round up all the gypsies. 

[Clown Job]

 

[Suspect Device]

17 minutes ago, Clown Job said:

 

Do we really need to be told by the government? Surely everyone is well aware of the costs rising and are trying everything to limit their energy use already.

Seems to me it would be a waste of £15m so not going to have a go at them on this particular occasion. 

[Dawson Park Boy]

4 minutes ago, Suspect Device said:

Do we really need to be told by the government? Surely everyone is well aware of the costs rising and are trying everything to limit their energy use already.

Seems to me it would be a waste of £15m so not going to have a go at them on this particular occasion. 

Absolutely.

This is an occasion where the market is the best ad

[Suspect Device]

1 minute ago, Dawson Park Boy said:

Absolutely.

This is an occasion where the market is the best ad

More the non stop news coverage than the market. 

[Lurkst]

On 05/10/2022 at 13:33, Florentine_Pogen said:

 

^^^ absolutely tremendous watch 

 

On 05/10/2022 at 16:02, Florentine_Pogen said:

Who is this David Bryne ?

"There is water at the bottom of the ocean".