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Bye bye Boris
Set to resign today
#61
(07-09-2022, 03:52 AM)Parsifal Wrote:
(07-09-2022, 03:41 AM)Jwb52z Wrote: The other day, I heard the election of Liz Truss to Number 10 is "the choice of racism over sexism and misogyny".

Has Rishi Sunak been accused of sexism?
(Misogyny, "hatred of women", is a grossly overused and misused word to the point of no longer having any meaning.  I always take misogyny accusations with a grain of salt.)

What I meant is that, supposedly, the party, which voted for her over Rishi Sunak, chose to go with racism, against Rishi, instead of sexism against Liz Truss.
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#62
The pound is plunging.  $1.07
The markets are freaking out as investors are concerned about Liz Truss' sweeping package of tax cuts.
Exports will be cheaper for other countries.  That's good (for British exports).
Imports will be more expensive (mostly from the EU). Hence more inflation.  That's not good for British consumers.

Boris Johnson is beginning to smell like a rose. LOL
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#63
More to do with the choice of personnel, I think. If Kwarteng had been in that government, then we’d have been there, done that.

The 1976 sterling crisis was actually because the Labour Party vetoed spending cuts (making the deficit as big as it potentially is now). The cuts came along after the bailout instead. MP’s didn't have any choice by then.

It’s curious that Callaghan, the PM, decided to turn to the IMF for a bailout loan, whereas 9 years before, as Chancellor, he’d rejected that and gone for devaluation. Even though that was toxic because of the previous devaluation 20 years before.

The bailout loan was for $3.4bn, but only half of it was used, and fully repaid within 2½ years. It didn’t do any lasting damage.

As long as the value of the pound can be stabilised, there’s not too much to be worried about.
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#64
(26-09-2022, 09:11 PM)jumbler Wrote: there’s not too much to be worried about.


LOL

Blimey.
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#65
(26-09-2022, 09:11 PM)jumbler Wrote: there’s not too much to be worried about.

The markets appear to disagree. Wink
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#66
(26-09-2022, 11:03 PM)Parsifal Wrote:
(26-09-2022, 10:46 PM)ladsnet Wrote:
(26-09-2022, 09:11 PM)jumbler Wrote: there’s not too much to be worried about.
LOL

Blimey.
The markets appear to disagree. Wink
I am talking about long-term damage. Like I pointed out, the IMF bailout was repaid in 30 months, rather than 30 years. It’s like anything with an element of risk - you either do it/go for it, or you don’t.

If the status quo was better, we should’ve stuck with Rishi. Only problem - he was part of Boris’s government…

What does concern me, though, this probably has more to do with the Barber boom - the fundamentals aren’t where they should be. It just makes growth forecasts a bit uncertain, like the weather. You can’t just magic growth up out of thin air.

That being said, we should’ve gone for growth more than 10 years ago, would’ve helped us move out of the financial crisis a lot quicker.
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#67
(27-09-2022, 12:51 AM)jumbler Wrote: If the status quo was better, we should’ve stuck with Rishi. Only problem - he was part of Boris’s government…

Ditto with Liz (foreign secretary).
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#68
I think, baring some sort of miracle or massive sex scandal, we're pretty much guaranteed a Labour government in a couple of years. At most.
[+] 1 user Likes ladsnet's post
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#69
(27-09-2022, 12:24 PM)ladsnet Wrote: I think, baring some sort of miracle or massive sex scandal, we're pretty much guaranteed a Labour government in a couple of years. At most.

I’m not so sure. Anything can happen in two years. We may end up with another coalition.  Shakes
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#70
I hate that imports and inflation are so hard on the UK now, but I can't help but be a tiny bit glad about being able to affordably buy some things from the UK for the first time in my life.
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#71
Another currency under pressure right now is the Euro. The story is almost the same (minus the tax cuts). Seems like the US dollar is too strong, maybe because the US is in a better fiscal position.

Which takes us back to 1985 (the US had to agree to devalue the dollar because it was hurting the rest of the G6 economies). Right now, it’s looking more like a cyclical thing.
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#72
(27-09-2022, 10:19 PM)jumbler Wrote: Another currency under pressure right now is the Euro. The story is almost the same (minus the tax cuts). Seems like the US dollar is too strong, maybe because the US is in a better fiscal position.

As of yesterday the euro was down 8.x% against the dollar while the pound was down 12.x%.  (I believe since the beginning of September)

The Federal Reserve Bank raised interest rates which always bring loads of money to our shores.  I read that the BoE also raised rates, but don't know how they compare.  I believe that the ECB also raised rates.  Again, don't know how it all compares.  Although all three are widely held reserve currencies (plus the yen), the dollar dominates by a longshot.  "Franklins" ($100 note) is held more widely around the world than in the United States.
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#73
A headline in today's New York Times:
"British Leader in Political Peril As Her Policies Rattle Economy"

"Four days after Ms. Truss's tax cuts and deregulatory plans stunned financial markets and threw the British pound into a tailspin the prime minister's political future looks increasingly precarious as well."

I find Kwasi Kwarteng to be rather studly.  I'll bet he's an animal in bed.  His wife, I'm sure, is quite satisfied. Big Grin
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