It was only two days ago that I wrote this about the British economy.
Then the Bank of England did this today.
Dear reader, this is the central bank of a country issuing a statement saying that they are undertaking emergency measures to cope with the impact of government policies!
Journalists on the ground were reporting that pension funds were hours away from collapse today.
Margin Call isn’t just the title of a great movie.
Faced with this existential situation, the Bank of England decided to buy £65bn of Government bonds.
For the avoidance of doubt, this WAS an emergency measure.
As in, not acting was unthinkable.
For a medical analogy, think about putting pressure on a severed femoral artery to stem the blood flow.
It is immediately essential but doesn’t deal with the problem long-term.
Then again, all of this was confidently predicted before the Chancellor of the Exchequer made his mini-budget speech on Friday.
Just remember that his old boss Mr Crispin Odey made a fortune shorting the British currency on Friday.
This disaster capitalism is some craic.
Many others like Crispin Odey will have made a lot of money out of this Phil
This months private eye magazine mentions £75.000 donated by two hedge fund managers to the Truss Campaign.
Like others no doubt they will be happy their money was well spent given how much they will have made in past week
We are now hearing that huge slashes to welfare budget are possible .
Plunging the most vulnerable into even more misery and possibly death .
How many have already died to cruel austerity measures already by the Conservative Party .
I don’t blame the Conservative Party for this as it’s what they do ,I blame those who voted them into power especially those poor working class area,s in England many who believed Brexit would be a new utopia and they would all be better of .
The country spent 10 days mourning the death of a billionaire queen who in reality despite all the media gushing over her had no no real empathy with 99% of the population.
Just as her son won’t have as King .
But as ever the British establishment goes on as it always has done totally corrupt whilst the rest of us suffer the consequences of their actions.
I know I shouldn’t find all this funny because am getting shafted , but it is rather funny. Especially the English complaining about the Tories acting like Tories.
Truss will probably have to sack the chancellor and have him as the scapegoat and then do a massive u turn.
If not there will be a vote of no confidence in the government or another tory leadership contest
Theoretically if there’s a vote of no confidence in the government a general election should be called.
There is simply NO WAY that the government will lose any such vote should there be one. Too many Tories would have to vote against the government and that ain’t gonna happen. They’d be voting themselves right out of a job.
Have a dig Phil. The BankofEngland might well have used poor hungry people’s money to bail out their own pension providers today!!!
2 days after lying that they’d do what’s needed to bring inflation back to 2%
The British establishment are evil ####s, but we all already knew that
The issue in reality is the uk economic model is a pyramid ponzi scam, hence the unrelenting mass immigration regardless of how people vote.
Pyramid scams are unsustainable
You can’t taper a Ponzi
Uk is facing total and utter economic and monetary collapse
WTF is ‘unrelenting immigration’ and what had it got to do with this current crisis caused by Kamikwaze Kartengs budget (sorry mini-statement) of last Friday?
Recent social attitudes surveys show people in UK are more relaxed about immigration than red tops would let you think.
We are an ageing population- how are we going to fund public services and pensions if we do not have a large enough number of people of working age.
Perhaps you are happy to work to your 80’s to keep those bloody foreigners out of our country.
Successful economies and, indeed, healthy societies tend to be characterised by net immigration.
Remember that the Press in Scotland will ignore any negative Sevco vibes…the BBC Scotland coverage of the kit fine (highlighting others in the collusion but not Sevco) being a case in point.
Irish government budget deficit rose to 32% of GDP in 2010, which was the world’s largest.
If I remember rightly the bail out was paid back.
The Children of Britian might be paying back for a lot longer.