The bond market chaos that rocked Britain in the autumn of 2022 was an inside job – at least according to recent research by the very central bank caught in the middle of the mess. The WSJ’s Joseph C. Sternberg explains:
It’s the story everyone thinks he knows: Hapless Prime Minister Liz Truss and reckless Chancellor Kwasi Kwarteng on September 23rd, 2022, announced a big package of energy subsidies and tax cuts billed as a “minibudget”. The prospect of massive deficit-funded fiscal giveaways by a government already labouring under enormous pandemic-era debts stirred bond vigilantes to action. Yields on British government bonds, called “gilts”, surged and the pound plunged as global investors recoiled from Ms. Truss’s supply-side voodoo.
The myth persists – or rather, is perpetuated by a lazy political and media class – despite obvious holes. Ms. Truss and Mr. Kwarteng signalled for months about the contents of the minibudget. Most of it was uncontroversial energy subsidies, and the bulk of the rest was plans to scrap planned tax increases. The only surprise was the proposed elimination of the top 45% personal income-tax rate, bringing the top rate to 40%. At projected annual forgone revenue of a few billion pounds, this was trivial in a total budget of £1.2 trillion in 2022-23. And the proposed tax cuts were never implemented anyway.
The thing that melted down in response to this fiscal nonsurprise wasn’t “the market”, it was a badly constructed hedging strategy popular among defined-benefit pension funds. These hedges – a response to the Bank of England’s chronic error of suppressing interest rates while tolerating above-target inflation – would have imploded eventually anyway as BOE Gov. Andrew Bailey belatedly joined the battle against rapid inflation. …
This history is worth getting right because, even now, the so-called Truss fiasco is cited as an argument against supply-side policies. Ms. Truss’s Conservative Party abandoned her agenda in the face of a market panic largely ginned up by the Bank of England, and now this episode is being cited as a warning against similar tax cutting in the U.S.
Worth reading in full.
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Loving this woman’s 5 minute speech. You go girl!
https://www.youtube.com/watch?v=QsBSt5SuYOk&ab_channel=Kellie-JayKeen
Just so as I’m not accused of being biased or one-sided ( or a militant, narcissistic feminist…. Oops, too late! ), I also like Miss Whitty’s intelligent and well-reasoned take on the matter;
https://twitter.com/IrishProtector/status/1644419124439707653
Nice, rallying speech. But I’m still wondering in what kind of strange universe these people live. My grandma fled from Königsberg before the Russians conquered it. She took her two small children, the boy being 6 and his sister 4 or 5 with her, she then then raised alone in postwar Germany as she never saw her husband alive again. Her son became a teacher and her daughter a customs offifical. The daughter developed MS in her late thirties or early fourties and became progessively worse until she had lost almost all power of directed movement. She continued to live with her mother who cared for her for as long as she physically could (eventuallly succumbed to dementia in her nineties). I very much doubt that anybody ever thought of questioning whether or not she knew her own mind while she was still capable of running the show.
Maybe that’s an issue of different cultures.
Posie has been a pioneer in taking on the trans activists since at least 2018. You should watch her first (of three) Triggernometry interviews where she lays down her cards (it is the most viewed of all their videos to date!). Love her. A real stand out woman of class and courage
Trusting “governmant data” is a mug’s game
What a joke.
Newham is heavily Bangladeshi Muslim. There is no way any of their children would go home to say they were other than straight.
we k ow the practices of certain countries which are Muslim but that is with boys and it is not permitted to follow non straight preferences.
Unfortunately the recent census was obviously the very worst ever conducted. It was most likely designed to be so.
Just compare the total population figures with NHS registration figures.
I remember being a bit skint in 1971 and signing up for assisting with the actual census operation. Quite a lot of planning, preparation and on the actual day everywhere that anyone might be dossing down (garages, outbuildings, old caravans) checked for any stray inhabitant. Failing to complete the form properly? See you in Court!
The latest one, people openly stating that they would NEVER complete the form! Were there any prosecutions?
None reported that I am aware of.
You think our Beloved Leaders really wanted documentation of how many illegal invaders were in the Country?
Draw your own conclusions.
Muslim areas are tranny? Propaganda and nonsense. Brighton is 50% retard, the gay capital of Europe it calls itself (we live not far), the trans capital of England. A good place to use for RAF practice. Soon everyone will be tranny, with the ‘science’ saying 110% of the pop self identify as a flower, cat, or transexual Hindu Muslim. Lots of money in the drugs and therapy and apparently a need to destroy the family and hetero-normalcy.