Stop voting for fucking Tories

[I like neeps]

Oooft. Kwasi might actually not last as long as Zahawi!

[Ovals]

What a bunch of fucking amateurs.

[fishfoodie]

So the BoE is going to prove there isn't any cyanide in the dog food, by eating loads of it ?

But at the same time, there still going to go ahead with the plan to sell £80B worth of this same debt, in the hope nobody does the sums ??

[petej]

Kwasi Kwarteng:

Spoiler

Show

Two min silence:

Yet another extremely well qualified Old Etonian, promoted because he's known by the PM to be seriously bright.

FTFY.

It's amazing how bias can cause people to invent things. Have a quick read of this. He hasn't won all those prizes and scholarships, nor gained Firsts and a doctorate, for nothing:

Kwarteng was born in the London Borough of Waltham Forest, the only child[3] of Alfred K. Kwarteng and Charlotte Boaitey-Kwarteng, who had emigrated from Ghana as students in the 1960s.[4][5] His mother is a barrister[6] and his father an economist in the Commonwealth Secretariat.[5][7]

After starting school at a state primary school, Kwarteng attended Colet Court, an independent preparatory school in London, where he won the Harrow History Prize in 1988.[8] Kwarteng then went to Eton College, where he was a King's Scholar and was awarded the prestigious Newcastle Scholarship prize. He read classics and history at Trinity College, Cambridge, achieving a first in both subjects and twice winning the Browne Medal. He was a member of the team which won University Challenge in 1995 (in the first series after the programme was revived by the BBC in 1994).[5][10] Whilst at Cambridge, he was a member of the University Pitt Club, and has since returned to visit.[11] He attended Harvard University on a Kennedy Scholarship, and then earned a PhD in economic history from the University of Cambridge in 2000.[12]

So qualified how could he be so useless

[I like neeps]

Yet another extremely well qualified Old Etonian, promoted because he's known by the PM to be seriously bright.

FTFY.

It's amazing how bias can cause people to invent things. Have a quick read of this. He hasn't won all those prizes and scholarships, nor gained Firsts and a doctorate, for nothing:

Kwarteng was born in the London Borough of Waltham Forest, the only child[3] of Alfred K. Kwarteng and Charlotte Boaitey-Kwarteng, who had emigrated from Ghana as students in the 1960s.[4][5] His mother is a barrister[6] and his father an economist in the Commonwealth Secretariat.[5][7]

After starting school at a state primary school, Kwarteng attended Colet Court, an independent preparatory school in London, where he won the Harrow History Prize in 1988.[8] Kwarteng then went to Eton College, where he was a King's Scholar and was awarded the prestigious Newcastle Scholarship prize. He read classics and history at Trinity College, Cambridge, achieving a first in both subjects and twice winning the Browne Medal. He was a member of the team which won University Challenge in 1995 (in the first series after the programme was revived by the BBC in 1994).[5][10] Whilst at Cambridge, he was a member of the University Pitt Club, and has since returned to visit.[11] He attended Harvard University on a Kennedy Scholarship, and then earned a PhD in economic history from the University of Cambridge in 2000.[12]

So qualified how could he be so useless

I think you have to question how "seriously bright" anyone who crashes an economy in 3 days really actually is.

Crying b b b b but he won Eton's prestigious Newcastle prize as your house is repossessed.

[Lobby]

The pound is in free fall again despite the BOE intervention.

[dpedin]

FTFY.

It's amazing how bias can cause people to invent things. Have a quick read of this. He hasn't won all those prizes and scholarships, nor gained Firsts and a doctorate, for nothing:

Kwarteng was born in the London Borough of Waltham Forest, the only child[3] of Alfred K. Kwarteng and Charlotte Boaitey-Kwarteng, who had emigrated from Ghana as students in the 1960s.[4][5] His mother is a barrister[6] and his father an economist in the Commonwealth Secretariat.[5][7]

After starting school at a state primary school, Kwarteng attended Colet Court, an independent preparatory school in London, where he won the Harrow History Prize in 1988.[8] Kwarteng then went to Eton College, where he was a King's Scholar and was awarded the prestigious Newcastle Scholarship prize. He read classics and history at Trinity College, Cambridge, achieving a first in both subjects and twice winning the Browne Medal. He was a member of the team which won University Challenge in 1995 (in the first series after the programme was revived by the BBC in 1994).[5][10] Whilst at Cambridge, he was a member of the University Pitt Club, and has since returned to visit.[11] He attended Harvard University on a Kennedy Scholarship, and then earned a PhD in economic history from the University of Cambridge in 2000.[12]

So qualified how could he be so useless

I think you have to question how "seriously bright" anyone who crashes an economy in 3 days really actually is.

I have come across many 'intellectual idiots' in my work career, experts in a chosen narrow field, could pass University exams but couldn't tie their own shoe laces without their Mum's help and needed Dad to change a plug. Lets not get fooled by the CV and look at their job performance.

[_Os_]

So qualified how could he be so useless

Classics and history, then post grad in economic history, Is seriously fucking underpowered for a G20 finance minister, especially one who immediately sacked his top civil servant advisor, then tried something extremely ambitious.

It's hard to be harsh on people who are impressed by all the big name universities and impressive sounding courses though, people like KamiKhazi do all that stuff for the social capital. Anyone who has actually been through a unit of economic history, knows this guy is way out of his fucking depth.

[Dinsdale Piranha]

So qualified how could he be so useless

I think you have to question how "seriously bright" anyone who crashes an economy in 3 days really actually is.

I have come across many 'intellectual idiots' in my work career, experts in a chosen narrow field, could pass University exams but couldn't tie their own shoe laces without their Mum's help and needed Dad to change a plug. Lets not get fooled by the CV and look at their job performance.

A friend used to work at British Telecom's Martlesham labs. He once said 'we have people here so bright that they have to be helped to the door' :)

[Torquemada 1420]

Sh*t has really hit the fan now.

We have the IMF taking action not seen since Callahan in 1976 and now the BofE has pressed the panic button:
"emergency action to prop up the UK government bond market, reversing plans to sell gilts and, instead, buying long-dated debt. Were this market to continue or worsen, there would be a material risk to UK financial stability”.

[PCPhil]

This the moment when you need someone of impartiality, wise experience and expertise in money matters. Anyone heard Bimbo’s views yet?

[Torquemada 1420]

This the moment when you need someone of impartiality, wise experience and expertise in money matters. Anyone heard Bimbo’s views yet?

Hey. When Truss goes, Coffey is PM

[Hal Jordan]

This the moment when you need someone of impartiality, wise experience and expertise in money matters. Anyone heard Bimbo’s views yet?

"Not proper Conservatives."

I also like how we're finished blaming the last Labour Government for everything and have moved to blaming one that hasn't even won the next election.

[Tichtheid]

This is the doing of Remainers in the City who hate that poor Jacob Ree-Mogg, apparently.

This is the position taken by a guy who shorted the pound and made a million and a half for himself and a good few bob for his hedge fund - he can't possibly be blamed for this as he was grouse shooting in Scotland on Friday.

[tabascoboy]

Tweet author is Political Correspondent with Sky News

[Insane_Homer]

[sturginho]

A summary of the silliest reactions

[I like neeps]

This is the doing of Remainers in the City who hate that poor Jacob Ree-Mogg, apparently.

This is the position taken by a guy who shorted the pound and made a million and a half for himself and a good few bob for his hedge fund - he can't possibly be blamed for this as he was grouse shooting in Scotland on Friday.

The same man who has made literally hundreds of millions shorting the pound is saying unpatriotic remainers are shorting the pound.

Occam's razor suggests Odey is a remainer in brexiteer clothing.

[tabascoboy]

[fishfoodie]

This is actually a genius move by the treasury !

1) They are buying all that old money with QE II's head on it, which is now a worth much, much more than face value, because they won't make any more of it.

&
2) When they start issuing the new, KC III notes, they can issue it in more useful denominations.

You'll be able to go into your fancy Coffee shop, & peel off a few, billion pound notes to pay for your Latte, & know you've really arrived !

[yermum]

The shorting by Odey and then blaming remainers is actually disgusting stuff. Like so many times since Brexit I just can't believe the brazeness of it all. How in fucks name there hasn't been riots in the streets is probably worse

We are too busy sobbing into our QE2 teacloths and tugging our forelocks

[I like neeps]

The shorting by Odey and then blaming remainers is actually disgusting stuff. Like so many times since Brexit I just can't believe the brazeness of it all. How in fucks name there hasn't been riots in the streets is probably worse

We are too busy sobbing into our QE2 teacloths and tugging our forelocks

You HATE your country if you don't support Odey getting richer HATE IT

It's unpatriotic and you're leftie commie Britain hating cuck if you don't support a man who does believe in Britain getting very rich from making bets against Britain at every opportunity.

[Torquemada 1420]

This is actually a genius move by the treasury !

1) They are buying all that old money with QE II's head on it, which is now a worth much, much more than face value, because they won't make any more of it.

&
2) When they start issuing the new, KC III notes, they can issue it in more useful denominations.

You'll be able to go into your fancy Coffee shop, & peel off a few, billion pound notes to pay for your Latte, & know you've really arrived !

[I like neeps]

After creating policies that screw the young the Tories thought they'd do their bit for intergenerational fairness and screw the oldies too. Fair play Liz, fair play.

[SaintK]

.............and still the PM and Chancellor are in hiding. I wonder why?

[Torquemada 1420]

After creating policies that screw the young the Tories thought they'd do their bit for intergenerational fairness and screw the oldies too. Fair play Liz, fair play.

All FS schemes are underpinned by Gilts. They are all running with huge deficits already. Plummeting Gilt values would already have seen them all breaching their solvency requirements.

[_Os_]

After creating policies that screw the young the Tories thought they'd do their bit for intergenerational fairness and screw the oldies too. Fair play Liz, fair play.

Looks like it was stemmed using reserves to buy 30 year UK bonds, but the UK reserve isn't large (£200bn?). So my question is, if there's no u-turn and the two morons continue hiding. Then how long can the BoE continue using their reserves to buy 30 year UK bonds (I have no clue how big the market is they're trying to hold up), they plan to keep going into October, but if the two morons are still hammering away can they keep going until deep into 2024 when there's an election? They could just get printing maybe, but more QE will boost inflation.

Seems a bit like putting a finger in the dyke and hoping something comes along (Kamikhazi 's removal and a climb down)?

So that's the £, housing market, SME loans, and pensions ... all gambled on tax cuts slanted towards the ultra wealthy who already weren't heavily taxed at all, will produce growth to close the deficit they've blown open and will then reduce borrowing.

[tabascoboy]

(continues..."kind of savage devaluation was always going to wreak havoc."

[I like neeps]

The old "call Zelensky, ask for a nice tweet and insha'Allah" crisis response.

[SaintK]

The old "call Zelensky, ask for a nice tweet and insha'Allah" crisis response.

Yeah, lets talk to Ukraine buit skulk and hide from the UK electorate and press.
Fucking cowards.

[Torquemada 1420]

After creating policies that screw the young the Tories thought they'd do their bit for intergenerational fairness and screw the oldies too. Fair play Liz, fair play.

Looks like it was stemmed using reserves to buy 30 year UK bonds, but the UK reserve isn't large (£200bn?). So my question is, if there's no u-turn and the two morons continue hiding. Then how long can the BoE continue using their reserves to buy 30 year UK bonds (I have no clue how big the market is they're trying to hold up), they plan to keep going into October, but if the two morons are still hammering away can they keep going until deep into 2024 when there's an election? They could just get printing maybe, but more QE will boost inflation.

Seems a bit like putting a finger in the dyke and hoping something comes along (Kamikhazi 's removal and a climb down)?

So that's the £, housing market, SME loans, and pensions ... all gambled on tax cuts slanted towards the ultra wealthy who already weren't heavily taxed at all, will produce growth to close the deficit they've blown open and will then reduce borrowing.

Spot on. A point I've just made in a circular. Printing money to swallow up the Tories debt mountain was an easy-ish ride whilst inflation/interest rates were low. And even then the BofE had started unwinding its position a few months back because 14 years of Banana Republic economics had to come to an end.

[Tichtheid]

From the FT



https://www.ft.com/content/a46e53bb-e23 ... f71d2e57ef

One former cabinet minister told the Financial Times: “I think (Kwarteng)’s dead but in the Tory party death can take many forms. It can take a long time. There’s a political vacuum.”

Another Tory MP, a member of the government, said: “Liz has a pretty quick choice to make: either she bullets her chancellor and changes course or she could lose her premiership within a month.

“She will struggle to get any legislation through parliament unless she changes course because we won’t vote for it. We won’t ever get to vote on this package because the markets will destroy it first.”


Truss has something in common with Johnson, when it hits the fan, she is nowhere to be seen

[SaintK]

Holy shit! It's not our fault it's Putin's

[I like neeps]

From the FT



https://www.ft.com/content/a46e53bb-e23 ... f71d2e57ef

One former cabinet minister told the Financial Times: “I think (Kwarteng)’s dead but in the Tory party death can take many forms. It can take a long time. There’s a political vacuum.”

Another Tory MP, a member of the government, said: “Liz has a pretty quick choice to make: either she bullets her chancellor and changes course or she could lose her premiership within a month.

“She will struggle to get any legislation through parliament unless she changes course because we won’t vote for it. We won’t ever get to vote on this package because the markets will destroy it first.”


Truss has something in common with Johnson, when it hits the fan, she is nowhere to be seen

Tory MPs are partly responsible. If they make clear in significant number they aren't voting for these tax cuts publicly then Truss and Kwarteng cannot continue with them and will refine the policies.

Interesting if anyone listens to eggchasers Phil's brother is the only Tory MP who has said that they are following the wrong policy.

[I like neeps]

Labour literally could not write a better campaign slogan than the Tories are cutting public services to pay for tax rises for the 1%. Keir Starmer must be a puddle.of excitement right now.

[fishfoodie]

Well if they want to make cuts in Whitehall, Dizzy Lizzie could lead the way by reducing the number of MPs in the Government, but she promised ~150 of them places, to guarantee their support in the Leadership !!

[Line6 HXFX]

Well if ever there was a time to sell everything, leave your job and get a camper van and a drone..and create a van life YouTube channel..nows the time folks.

[Insane_Homer]

I think we can safely say 'project fear' was understated by some margin.

[fishfoodie]

I think we can safely say 'project fear' was understated by some margin.

To be fair; if you'd suggest half of what's happened in the last week, you'd probably have been sectioned.

[I like neeps]

I think we can safely say 'project fear' was understated by some margin.

To be fair; if you'd suggest half of what's happened in the last week, you'd probably have been sectioned.

Aside from maybe the pensions margin call....the Tory MPs favoured leadership candidate Rishi Sunak did suggest this would happen...