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heh one wonders risky what you might be posting if an incoming labour government announced its tax and borrowing policy that precipitated a collapse in the pound, an admonishment by the IMF and the BoE being forced to step in to prevent the collapse of pension funds. You would maintain the same calm, "nothing to see here" approach no doubt.
"Although he's not especially popular round these parts, James O'Brien did a masterful and hilarious piece skewering commentators attempting to deflect blame from Truss and Kwarteng for the market's reactions that would have been even funnier and less depressing if the assorted commentators didn't think of themselves as serious heavyweight thinkers on the Conservative side.
Paraphrased comments below:
Andrew Lilico (Telegraph columnist and self-declared economist): "The IMF is a left-wing organisation because it criticised us, and we should leave the IMF."
Lord Frost (Architect of the current Brexit deal the government is trying to overturn): "Every chancellor going back to Gordon Brown was completely wrong about economics, and Kwarteng is right. The markets just can't handle it. Keep the faith."
Lord Hannan (Brexiteer and former MEP): "It's nothing to do with Friday's not-a-budget, it's the possibility of a Keir Starmer government in 2 years that's caused the pound to collapse"
Crispin Odey (Hedge fund manager): "It's all the fault of Remainers in the City of London deliberately trying to undermine Truss and Kwarteng"
John Redwood (Brexiteer and Former Sec of State for Wales): "The IMF and investment funds don't want to the UK to be more competitive with lower taxes"
It's almost as if those amongst the hardcore ideologists on the economic right of the party have spent twenty years muttering that if only people listened to them everything would be fine, then having finally wrested control of the government's ear, watched as their first major set of policy interventions blew up in their faces with instant and dramatic results upon contact with reality, paused for two seconds to brush the soot from their eyebrows, then began running around like headless chickens blaming everyone but themselves for causing the explosion."
Suez levels of delusion as to the UK's place in the world. If you are (nominally) the world's biggest economy, strongest military power and owner of by far the most important global reserve and trading currency, you can get away with massive money printing and spending and trade deficits, at least for a while) because other countries still need your currency. If you're not any of these things, you can't.
A currency trader tells me that the pound is up against the dollar today because of an increased probability of the Tories being given the bums rush at the next election.
Wot dougal said. It’s not as if everyone loved us anyway ffs. These children are absurd. Truss looks like she’s happiest in a garage in Basildon begging for some ****. Not trying to run the country.
Our debt/gdp ratio is indeed not the worst (although it's not good either)
Our budget deficit is only rivalled by Pakistan and the Philippines tho.
And if we have to put up interest rates more than others to counter our higher inflation, the debt part will go up quickly and the GDP part will go down.
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🤡
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QUITE RIGHT!
NOTHING TO SEE HERE!
AND IN ANY CASE IT IS ALL SIR BEER'S FAULT!
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What is compared to a random date in history
Say
22 June 2016
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POUND GOES UP POUND GOES DOWN
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Nationalise the BoE and do it as soon as possible
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heh one wonders risky what you might be posting if an incoming labour government announced its tax and borrowing policy that precipitated a collapse in the pound, an admonishment by the IMF and the BoE being forced to step in to prevent the collapse of pension funds. You would maintain the same calm, "nothing to see here" approach no doubt.
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Pound does go up and pound does go down,
However, over the past few days, yields have gone up and the currency has gone down. This is what emerging markets do.
Last time it happened in Europe was to Italy and Greece during the sovereign debt crisis.
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Lol @ lolz
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POUND GOES UP POUND GOES DOWN YIELDS GO UP YIELDS GO DOWN
YAWN!
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heh!
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Nationalise the BoE and do it as soon as possible
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Good to see it's back to what it was before Friday's budget. Thanks risky! Oh, wait, no it isn't.
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Oh another one. What is the correct value for the pound buzz?
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The comments under this piece of Dan Hannan insanity suggest that risky is in a minority even among conservatives.
Daniel Hannan: No, the pound isn't crashing over a trifling batch of tax cuts. It's because the markets are terrified of Starmer. | Conservative Home
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what is troubling is that Dan Hannan is an actual real person sitting in our legislature, not an internet wind up merchant. Its extraordinary.
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LORD DANIEL HANNAN IS THE KIND OF SERIOUS THINKER I CAN REALLY GET BEHIND
BECAUSE WE'VE ALL HAD QUITE ENOUGH OF EXPERTS!
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Nationalise the BoE and do it as soon as possible
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Top comment on ConHome:
"Although he's not especially popular round these parts, James O'Brien did a masterful and hilarious piece skewering commentators attempting to deflect blame from Truss and Kwarteng for the market's reactions that would have been even funnier and less depressing if the assorted commentators didn't think of themselves as serious heavyweight thinkers on the Conservative side.
Paraphrased comments below:
It's almost as if those amongst the hardcore ideologists on the economic right of the party have spent twenty years muttering that if only people listened to them everything would be fine, then having finally wrested control of the government's ear, watched as their first major set of policy interventions blew up in their faces with instant and dramatic results upon contact with reality, paused for two seconds to brush the soot from their eyebrows, then began running around like headless chickens blaming everyone but themselves for causing the explosion."
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Government shout fire inside a theatre and wonders what the problem is.
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This was my favourite comment on Hannan's gibberings:
"You managed to blame the former labour government, in addition to the future one, for the current problems.
There is probably a medical term for this degree of denial."
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The same people who told us a ‘no deal’ Brexit wouldn’t be a problem are now telling us that everything is basically fine?
well imagine my surprise
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Redwood isn’t entirely wrong. The oecd are definitely pro regulation
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Hannan is the biggest throbber in politics in the last decade. In a crowded field this is an achievement
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Suez levels of delusion as to the UK's place in the world. If you are (nominally) the world's biggest economy, strongest military power and owner of by far the most important global reserve and trading currency, you can get away with massive money printing and spending and trade deficits, at least for a while) because other countries still need your currency. If you're not any of these things, you can't.
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Nationalise the BoE and do it as soon as possible
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A currency trader tells me that the pound is up against the dollar today because of an increased probability of the Tories being given the bums rush at the next election.
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Wot dougal said. It’s not as if everyone loved us anyway ffs. These children are absurd. Truss looks like she’s happiest in a garage in Basildon begging for some ****. Not trying to run the country.
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Andrew Griffith now saying we have one of the lowest debt to GBP ratios of the major economies. We are 7th highest in the OECD...
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Heh at the single market thing. What a pack of fooking liars and idiots.
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Source mr large. There were certainly a lot of quotes the other day saying we were 2nd lowest in the g7
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Threepwes. That was in may 2015. Any quotes f what he said during the campaign?
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Lol
typical slaphead
https://m.belfasttelegraph.co.uk/news/northern-ireland/prominent-brexiteer-daniel-hannan-admits-staying-in-single-market-would-have-saved-us-a-lot-of-trouble-41722813.html
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Also not during the campaign
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So he admits he got it wrong during the campaign? Great glad we sorted that out
Denial Hannan
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Just like Anna soubrette and her zero trade warning
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So the guy now spouting off telling us not to worry and/or it’s everyone else’s fault was wrong. Just to confirm.
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Our debt/gdp ratio is indeed not the worst (although it's not good either)
Our budget deficit is only rivalled by Pakistan and the Philippines tho.
And if we have to put up interest rates more than others to counter our higher inflation, the debt part will go up quickly and the GDP part will go down.
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It’s all going so well.
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