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Kwarteng & The Hedge Fund Managers
27 Answers
A normal meeting? Or setting things up for his pals and old boss?
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I guess it helps to have a ‘useful idiot’ as a puppet if you’re looking to make a quick fortune before the Tories get removed?
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I guess it helps to have a ‘useful idiot’ as a puppet if you’re looking to make a quick fortune before the Tories get removed?
Answers
I do remember having a discussion similar where you NJ were adamant it was the fault of the haulage industry that there were no truckers due to a recently implemented government policy. You don't believe a word the government says, and when anything goes 'bad' it seems like always the fault of private industry. You seem like an intelligent bloke and I'm...
21:50 Sun 02nd Oct 2022
Predictions are that the economic world are waiting with bated breath for her speech at conference.
It’ll have to be worthy of an Oscar if she’s to convince everyone her plans are sound, especially after the radio interviews last week, with awkward pauses and silences.
Even the most Tory newspaper is downplaying her and casting doubts on her tenure.
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The Party will be in free fall by Wednesday.
Might even have a bet on her going before Xmas!
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It’ll have to be worthy of an Oscar if she’s to convince everyone her plans are sound, especially after the radio interviews last week, with awkward pauses and silences.
Even the most Tory newspaper is downplaying her and casting doubts on her tenure.
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The Party will be in free fall by Wednesday.
Might even have a bet on her going before Xmas!
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…..and even Mad Nad says she’s thrown the chancellor under the bus by claiming she didn’t know about his 45p tax cut idea?
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How on earth are the country supposed to trust these two chancers?!
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How on earth are the country supposed to trust these two chancers?!
//Does Truss have the votes for her mini-budget?
Faisal Islam
BBC Economics Editor
A new dimension of uncertainty is now added to events surrounding the mini budget.
Does the PM have the votes to pass her mini-budget?
Former cabinet minister Michael Gove declined to confirm he would back a Budget with unfunded tax cuts, and a headline measure scrapping the 45p rate.
Others publicly faced down threats of losing the whip.
This gets in to the weeds of parliamentary procedure, but these are serious stakes, which will be noticed on markets.//
Basically, we’re screwed!
Faisal Islam
BBC Economics Editor
A new dimension of uncertainty is now added to events surrounding the mini budget.
Does the PM have the votes to pass her mini-budget?
Former cabinet minister Michael Gove declined to confirm he would back a Budget with unfunded tax cuts, and a headline measure scrapping the 45p rate.
Others publicly faced down threats of losing the whip.
This gets in to the weeds of parliamentary procedure, but these are serious stakes, which will be noticed on markets.//
Basically, we’re screwed!
From Sky.
/A number of unexpected things have already happened at Tory conference
As expected, Liz Truss and her ministers have turned up in a flinty, fighty mood, determined not to back down on her mini-maxi-budget.
The prime minister delivered her Thatcher-tribute no-surrender turn on the 45p top rate of tax, pointing to global factors for domestic interest rate rises which are raising mortgages and business costs for millions.
Conservative party chairman Jake Berry went further, suggesting markets can overreact.
The only contrition so far has been an acknowledgement that the communications around the growth plan weren't up to scratch.
So far so expected.
But a number of unexpected things have already happened today.
First is the public scale of the opposition the PM is already experiencing.
Michael Gove, the talismanic Tory love-hate figure, crowned himself leader of the internal opposition on TV this morning, suggesting he'd vote against the 45p top rate when it comes to parliament, probably in March.
Mel Stride, chair of the Treasury Select Committee, wants to bring forward the Office for Budget Responsibility forecasts.
Others are planning to speak publicly.
Secondly is the huge disquiet from dozens of Tories not in Birmingham who are contemplating how to stop - in their view - Ms Truss wrecking the reputation for financial probity of the Conservative Party.
One Tory MP even suggested they would contemplate voting to force a general election soon, arguing it could be in the national interest, even if that meant expulsion from the party and being ostracised by everyone who they have worked with in the last decade.
Thirdly, confusingly, Liz Truss has knocked her relationship with her Chancellor Kwasi Kwarteng.
She appeared to blame him for the 45p tax row, saying it was his decision, as she admitted it wasn't put to cabinet./
And even now they’re threatening to remove the Whip from those who vote against the government.
Oh what a circus!
/A number of unexpected things have already happened at Tory conference
As expected, Liz Truss and her ministers have turned up in a flinty, fighty mood, determined not to back down on her mini-maxi-budget.
The prime minister delivered her Thatcher-tribute no-surrender turn on the 45p top rate of tax, pointing to global factors for domestic interest rate rises which are raising mortgages and business costs for millions.
Conservative party chairman Jake Berry went further, suggesting markets can overreact.
The only contrition so far has been an acknowledgement that the communications around the growth plan weren't up to scratch.
So far so expected.
But a number of unexpected things have already happened today.
First is the public scale of the opposition the PM is already experiencing.
Michael Gove, the talismanic Tory love-hate figure, crowned himself leader of the internal opposition on TV this morning, suggesting he'd vote against the 45p top rate when it comes to parliament, probably in March.
Mel Stride, chair of the Treasury Select Committee, wants to bring forward the Office for Budget Responsibility forecasts.
Others are planning to speak publicly.
Secondly is the huge disquiet from dozens of Tories not in Birmingham who are contemplating how to stop - in their view - Ms Truss wrecking the reputation for financial probity of the Conservative Party.
One Tory MP even suggested they would contemplate voting to force a general election soon, arguing it could be in the national interest, even if that meant expulsion from the party and being ostracised by everyone who they have worked with in the last decade.
Thirdly, confusingly, Liz Truss has knocked her relationship with her Chancellor Kwasi Kwarteng.
She appeared to blame him for the 45p tax row, saying it was his decision, as she admitted it wasn't put to cabinet./
And even now they’re threatening to remove the Whip from those who vote against the government.
Oh what a circus!
…..and it gets worse:
//Markets 'taking fright' over 'ominous' situation
There are certain facts that are making the political situation for the Conservatives "ominous", deputy political editor Sam Coates says.
Analysing an interview Tory Party chairman Jake Berry gave to Sophy Ridge, Coates said: "Whatever Mr Berry says on this programme, there are some facts on the ground that are changing that are very ominous.
"Now, I know a lot of people slightly switch off when they hear the word markets and market reaction.
"And it is complex, but it's important.
"What's going on at the moment is the markets are slowly taking fright at this government, the scale of its spending, the way it treats supposedly independent institutions, and that's having an impact on everybody's life."
Coates added: "It's making mortgages more expensive. It's making borrowing for business harder."
He also stressed the extraordinary situation the prime minister finds herself in: "Liz Truss has been prime minister for 26 days, of which 11 have been during a period of national mourning," he said.
"And just to remind people, during that period her government has spent £160bn.
"We've had sterling at the lowest level since 1985. We've had the UK economy on downgrade-watch by the markets.
"The Bank of England's done an emergency intervention.
"Mortgages - cheap mortgages - have been withdrawn from the market.
"And the Conservatives have had the lowest polling results since YouGov was founded.
"And so I was fascinated in the tone from Jake Berry.
"What really struck me about his tone in that interview with you was just how fighty he was."/
Fighting for his political life and that of his Party, no doubt!
//Markets 'taking fright' over 'ominous' situation
There are certain facts that are making the political situation for the Conservatives "ominous", deputy political editor Sam Coates says.
Analysing an interview Tory Party chairman Jake Berry gave to Sophy Ridge, Coates said: "Whatever Mr Berry says on this programme, there are some facts on the ground that are changing that are very ominous.
"Now, I know a lot of people slightly switch off when they hear the word markets and market reaction.
"And it is complex, but it's important.
"What's going on at the moment is the markets are slowly taking fright at this government, the scale of its spending, the way it treats supposedly independent institutions, and that's having an impact on everybody's life."
Coates added: "It's making mortgages more expensive. It's making borrowing for business harder."
He also stressed the extraordinary situation the prime minister finds herself in: "Liz Truss has been prime minister for 26 days, of which 11 have been during a period of national mourning," he said.
"And just to remind people, during that period her government has spent £160bn.
"We've had sterling at the lowest level since 1985. We've had the UK economy on downgrade-watch by the markets.
"The Bank of England's done an emergency intervention.
"Mortgages - cheap mortgages - have been withdrawn from the market.
"And the Conservatives have had the lowest polling results since YouGov was founded.
"And so I was fascinated in the tone from Jake Berry.
"What really struck me about his tone in that interview with you was just how fighty he was."/
Fighting for his political life and that of his Party, no doubt!
//Conservative party chairman Jake Berry went further, suggesting markets can overreact.//
Mr Berry is correct. On Thursday 23rd September (the day before the "mini-budget") the Pound closed at $1.1254. It dropped as low as $1.0389 some time on Monday 26th. By Friday 30th it had recovered almost all those losses and closed at $1.1150.
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As I have been saying throughout this "crisis", markets always react violently to the unexpected. Once the short sellers have moved in and taken their cut, stability usually returns.
Mr Berry is correct. On Thursday 23rd September (the day before the "mini-budget") the Pound closed at $1.1254. It dropped as low as $1.0389 some time on Monday 26th. By Friday 30th it had recovered almost all those losses and closed at $1.1150.
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As I have been saying throughout this "crisis", markets always react violently to the unexpected. Once the short sellers have moved in and taken their cut, stability usually returns.
We have to hope that Ms Truss and Mr Kwarteng are not actually as stupid as their actions indicate they are, and they actually understand something about economics that eludes the rest of us.
The problem is, as time goes on, a large number of individuals who make their living knowing far more about economics than the average voter, suggest that this action is doomed to failure.
Of course, politics means you can never admit you are are wrong, and saying sorry is well off the menu.
So we may have to lurch along until the election approaches, and the Tory Party faces the unthinkable - they actually have a leader who is less electable than Jeremy Corbyn, surely the bench-mark for just how unsuitable one individual can be for being put in charge of anything, ever.
We are cursed to live in interesting times ...
The problem is, as time goes on, a large number of individuals who make their living knowing far more about economics than the average voter, suggest that this action is doomed to failure.
Of course, politics means you can never admit you are are wrong, and saying sorry is well off the menu.
So we may have to lurch along until the election approaches, and the Tory Party faces the unthinkable - they actually have a leader who is less electable than Jeremy Corbyn, surely the bench-mark for just how unsuitable one individual can be for being put in charge of anything, ever.
We are cursed to live in interesting times ...
New Judge
//As I have been saying throughout this "crisis", markets always react violently to the unexpected. Once the short sellers have moved in and taken their cut, stability usually returns.//
You mean Kwarteng’s former boss and the hedge fund managers who bet against the Pound? Glad you agree.
We’ll see how volatile it all gets next week when the BofE can shore up the Pound no further after Truss’s speech, won’t we?
Given that she’s had another car crash interview this morning and isn’t exactly in tune with her Chancellor it doesn’t bode well, does it?
Just because it looks like a Thatcher doesn’t mean it is a Thatcher, in fact far from it.
But still, let’s continue headlong into the raging storm when all others advise turning around eh?
//As I have been saying throughout this "crisis", markets always react violently to the unexpected. Once the short sellers have moved in and taken their cut, stability usually returns.//
You mean Kwarteng’s former boss and the hedge fund managers who bet against the Pound? Glad you agree.
We’ll see how volatile it all gets next week when the BofE can shore up the Pound no further after Truss’s speech, won’t we?
Given that she’s had another car crash interview this morning and isn’t exactly in tune with her Chancellor it doesn’t bode well, does it?
Just because it looks like a Thatcher doesn’t mean it is a Thatcher, in fact far from it.
But still, let’s continue headlong into the raging storm when all others advise turning around eh?
//We’ll see how volatile it all gets next week when the BofE can shore up the Pound no further after Truss’s speech, won’t we?//
Why should they need to shore it up? It has returned (near enough) to pre-"mini-budget" levels. The BoE would have had no need to shore it up this time had they and their fellow indolent institutions (The FCA, the Pensions Regulator and the Prudential Regulation Authority) not been asleep at the wheel for the past four years. In 2018 the BoE's own Financial Stability Report warned of the dangers presented by pensions providers investing via "Liability Driver Investment". You can look up why these presented such a risk and also find out why the pensions schemes were so woefully exposed last week.
Why should they need to shore it up? It has returned (near enough) to pre-"mini-budget" levels. The BoE would have had no need to shore it up this time had they and their fellow indolent institutions (The FCA, the Pensions Regulator and the Prudential Regulation Authority) not been asleep at the wheel for the past four years. In 2018 the BoE's own Financial Stability Report warned of the dangers presented by pensions providers investing via "Liability Driver Investment". You can look up why these presented such a risk and also find out why the pensions schemes were so woefully exposed last week.
New Judge
//We’ll see how volatile it all gets next week when the BofE can shore up the Pound no further after Truss’s speech, won’t we?//
/Why should they need to shore it up? It has returned (near enough) to pre-"mini-budget" levels./
But it only did so BECAUSE the BoE stepped in, otherwise the pension pot would have been decimated, as well you know.
They are fully expected to have to take remedial action again soon too.
Or would you rather the government continue to play fast and loose with your pension funds?
//We’ll see how volatile it all gets next week when the BofE can shore up the Pound no further after Truss’s speech, won’t we?//
/Why should they need to shore it up? It has returned (near enough) to pre-"mini-budget" levels./
But it only did so BECAUSE the BoE stepped in, otherwise the pension pot would have been decimated, as well you know.
They are fully expected to have to take remedial action again soon too.
Or would you rather the government continue to play fast and loose with your pension funds?
a peerage and a ministerial job for one of JRM's chums
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He certainly got a warm reception at Conference! Lol.
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Odd how he said it was people exercising their rights to protest, when the government have recently subdued those rights with new legislation?
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Odd how he said it was people exercising their rights to protest, when the government have recently subdued those rights with new legislation?
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