The Pound Reaches New Lows: Has Truss Broken the Economy?
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- Опубликовано: 26 сен 2022
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Immediately after the first mini-budget of Truss's government, promising huge tax cuts for the highest earners, the pound crashed to historic lows against the dollar. But why did this happen? Why is this such bad news for both the UK and for the new PM?
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1 - / 1574272740084809728
2 - www.bbc.co.uk/news/business-6...
3 - / 1573936737814220800https:
4 - www.theguardian.com/uk-news/2022/sep/23/kwasi-kwarteng-mini-budget-key-points-at-a-glance
5 - www.ft.com/content/ef1495fa-9...
6 - tradingeconomics.com/united-k...
7 - www.bbc.co.uk/news/business-6...
8 - / 1
When she was installed as PM I was giving Truss 6 months. But so far she seems to be wildly exceeding my expectations of incompetence
Brilliant
I predicted to my friends on Sunday night that she'll face a no confidence vote within 6 months, and at 0545 on Monday morning, The Independent published at article that some MPs are calling for a No Confidence vote lol
Ok. So after 6 months what will happen? What is your plan? You taking over? Are you installing new PM personaly?
Ok, ok, I'm jesting a bit, I admit. I just find it funny.
@@caseh4235 She might be out by the end of this year if she is lucky
Each successive Tory MP seems to be worse than the previous one.
Cameron > May > Johnson > Truss.
All busy with a race to the bottom.
Liz Truss: I’m prepared to be unpopular to get the economy moving
Economy: plummet’s
She did say she was getting the economy moving, she just didn’t specify the direction.
Nailed the unpopular part though lol
Unpopular with the people, and now unpopular with the market as well
😂
😭🤭
Time for King Charles to ask some questions and put the Tower of London to good use.
While I'm not a fan of Sunak (but honestly like him more so than Truss), you cannot deny that man knew what he was talking about. He warned exactly against this during the leadership campaign. If he'd won, the Pound wouldn't be in this situation.
BoJo and his lieutenants supported Truss to prepare his return
Precisely my thoughts. Rishi is an annoying rich bastard, but he had a realistic view of the economy.
@@robbiejames1540 Not as annoying as truss
@@shubhamsingh6774
I agree. Politics really is trying to sink to new depths. Truss is really gunning after Boris for that "shittest PM" prize.
@@isayit6054 Brainded
Someone called Rishi is singing "I told you soo" in the back benches, when you thought his leadership defeat means the ceiling of his political career, Truss revived him immediately!!
the pound is not just falling against the dollar its falling against every major currency even emerging market currencies
I wouldn’t say EVERY major currency. I’ll take it over the turkiye lira or the sri lankan rupee for sure!
so its cheaper to trade with us, it all balances out.
@@mindsprawl
We import far more than we export.
So, no.
@@mindsprawl trade what? Marmite and King Charles memorabilia? 😂
UK imports
@AIsingularityAI It doesn't "balance out".
That's basically one of those 'say that I don't know what I'm talking about, without saying that I don't know what I'm talking about' moments.
Calling it a "fiscal event"is equivalent to calling the war in Ukraine "special military operation"
I had a fiscal event when I got drunk and bet too much on football
A lot of people have "fiscal events" when they blackout in Vegas and wake up to the news that their kids can't go to university anymore.
@@soupwizard UK gov "just go to a loan shark and loan too much money to support irresponsible fiscal choices"
It is now official. It is WAR.
@@supernoodles908 Russia thought they would be allowed to operate unopposed due to their millitary and economical detterents, they never europe and america would flood ukraine with $60 billion worth of support. Now hundreds of thousands are dead, except for asia the world is reeling from the economic effects and europe is going to freeze. And despite all this the final outcome is going to be the same.
The way Rishi Sunak was denied the position of PM and Liz Truss was chosen as PM so it's bound to happen
The worst is not yet reached
It is gonna be a massive disaster for UK, it seems.
Racism
Truss is a kind of person who takes out a loan to pay her credit card dues
Nothing unusual in swapping expensive short term debt for a cheaper long term one, it's common sense.
And then burning her house down and claiming the insurance.
Then selling her brain to pay for all that and getting a loan for a new one
@@jjefferyworboys8138 Common sense would be to reduce unnecessary expenditure and pay off the short term debt instead of increasing tenure as that keeps you in debt for a longer period of time. Honestly, it's a habit you can't get out of and keeps on repeating itself.
Hi
Truss : "I will deal with our problems by borrowing lots of money."
Financial markets : "Woah! That sounds irresponsible! We don't trust your Pound any more!"
Truss : "What just happened?"
Bruh moment
Accountant, she was an accountant?? This proves that economy and finance are specific fields that might be above the ability and understanding of an accountant, just saying.
The new government is like the lunatic taking over the asulum.Brace yourself for your financial problem heading your way.R.Sunak was right when he said we are going to have problem.
Otherwise known as the pay day loans strategy
Her rich friends were shorting the pound, so they told her to do that.
As one female member of parliament said, “the Tories can’t fix the cost of living crisis…..They ARE the cost of living crisis.”
The Tories only reversed the highest rate of tax introduced by Labour, don't all governments change what their predecessors have done ?
What a surprise Starmer has pledged to reverse it back if elected, absolutely nothing new or shocking.
@@jjefferyworboys8138 They did far more than that and in doing so are breaking the economy. You don't need to roll back positive changes unless you're an incredibly partisan person. Starmer isn't rolling back some of the tax cuts on the lower classes that Truss made.
@@jjefferyworboys8138
They’ve only made the value of the pound crash to a record low.
GTF back to your circle jerk with the Eton and Cambridge boys. 🤡
Or
It isn't a "crisis". Not everything is a crisis or worse ever.
Wages lagging inflation for a year by a few percent isn't a crisis. Unless when they exceed it by a few percent you write a daily thank you letter to the government? In which case, fair enough. You are being mentally consistent.
@@danielwebb8402
Tell that to the millions of people struggling to heat their homes and feed their families.
Something not covered in the video: Kwasi Kwarteng, who's recent announcement caused the value of the pound to plummet, used to work for Odey Asset Management, one of the hedge funds that's held short positions on Sterling for some time now. The manager of that same hedge fund has also donated significant sums of money to both the Tories and pro-Brexit campaigns like UKIP as well. Truly an incredible series of complete coincidences, I know.
Hmm. It certainly does not look good, but it is not something we can prove.
@@unconventionalideas5683 some media commentators are saying similar - where there is smoke there is fire
Brexit has other foundations and started with the increase of immigration from africa. They were blamed for everything. If someone had a bad day it was because of immigrants. Since members have to share the burden of increased population UK brexit. They couldn't known what's going to happen next and opportunists took their chances. By the time Brexit was completed the immigration crisis was over. This is acting without thinking. In most other reasonable minds an increase of population increase economy. Look at china as example or india. This is rich people protecting their assets. UK had a strong currency by the time by cheap labour they took for granted.
No such thing as a coincidence
Rishi Sunak said loud and clear that Truss would severely damage the economy and undermine the Pound if she cut taxes. Sunak clearly understands how an economy functions and also had the backing of Britain's most successful Chancellor over the past hundred years - Nigel Lawson. But hey, what would you expect from a Prime Minister who appoints someone with a degree in Hospitality Management (obtained from a Mickey Mouse institution) as Foreign Secretary.
You are right mate but I noticed here in comments everybody is ignoring Rishi even when he was absolutely right
@@pruthvirajchavan-patil380 They're ignoring him because they don't want to acknowledge the fact that a brown man got it right. Rishi's heritage is the same reason 81,000 Tory members voted for Truss and made her Prime Minister.
@@jacobrivers5728 wait and watch ....rishi...sunak already rich.....now see what happen to whole UK. hahahaha........My name is VIVEK- From Brown Race Country....INDIA...5th Largest Economy In the WORLD.
Sunak was right.
I thought insider trading was illegal.
Clearly not for this government and its ERG cronies who sold the pound short during the referendum a and prior to the mini budget.
An independent enquiry is needed.
I'ts only illegal for us peasants... It's ok when they do it... I saw all the shorts getting stacked up last week before the budget... Yes, its criminal. But most people haven't a clue about finances.
The tories have comitted so many crimes both individually and as an institution, that it isn't far from true to recognize the UK as failed state. The checks simply stopped working.
They sold it cheap, pound crashed significantly after mini budget
Enquiries achieve nothing. Our government is never held accountable even when they break the laws they wrote themselves. There is no point in having laws when they are not enforced.
And if they didn't do that?
You'll voluntarily remove yourself from the voting pool and cut down on the tin foil?
And so the race to the bottom truly begins. Great job, England.
You hit the bottom with Boz. This is the dregs who weren't good enough for the bottom.
you're welcome 😊
Euro has dropped along with the yen Germanys bonds hit a 22 year high chinas financial economy is free falling with banks not seeing customers gas prices hiking i don’t think people get this isn’t a British problem it’s a global one this isn’t Britains fall to the bottom it’s a global economic slump which will result in a depression
@@snowtfl5617 , agreed. Pre-planned, globally?
@@elizabethcasey7709 what would a global depression be pre planned it benifits no one
My twin brother works in the Treasury and used to say that Rishi liked to see graphs and statics and preferred understanding a problem from first principles my brothers (very left-wing) but in meetings with him used to come home saying Rishi “annoyingly bright”. The same has not been said about Kwasi. According to him fired some of the leading experts in the treasury one who had been there for 14 year for disagreeing with his budget.
For those claiming that this is only happening due to the strength of the dollar, they should bear in mind that the pound is sliding against pretty much all major currencies.
What major currencies. You mean yuan, Euro, etc ?
@@ASK-ko9qx Yes yuan and euro as well.
To be absolutely fair, it's almost all about interest rates.
The FED has been hiking interest rates over and over and they're at a staggering 3.25% while the ECB was falling behind with as little as 1%. Guess what happened? The €, which has always historically been stronger than the dollar, slipped and fell for the first time in history and the dollar is now worth more. If you take a look at all major currencies, the dollar is doing better than almost every other currency. GBP used to be much much stronger than the dollar, though, which is why it's still worth more, despite reaching an all time low. If you wanna blame someone for the weakness of the pound, blame the BoE for voting for a 0.50% increase at the last meeting. If they kept hiking at 0.75% since the very beginning, we would have been at the same level as the US instead of being at 2.25%. Being 1% lower and with pressure on the economy, it's almost a miracle that the pound has only slipped, testing support without breaking it. I wonder how much the support has to be tested and stressed before Andrew Bailey realises that we need AT LEAST a 1% interest rates hike at this point!
@@frankbucciantini388 Of course, the problem with raising rates too quickly is that it will crush economic growth, raise the cost of borrowing and, in particular, will have adverse consequences for all parts of life that nowadays rely on finance (mortgages, buying a car, etc). The US can afford larger interest rates because it's the world's largest economy with the world's reserve currency. The UK, maybe not.
There's also a political element to this as well. Raising rates now, monetary tightening in response to fiscal loosing, would be seen as a clear rebuke of a government that has already challenged the independence of the BoE.
@@frankbucciantini388 interesting
It’s so unfair. The weaker pound will mean more expensive imports and we import everything 🤦♂️
Good thing you put extra trade barriers around your island as well.
Yeah smart idea
Fair for the working class ? You think that anyone cares about that in the powerful classes ?
Colonies in more than 50 countries for greater than 100 years. Sounds a bit lenient in my view.
sunlit uplands.
The only thing falling faster than the pound right now is Liz Truss' popularity. And it's not like she started from a position of strength either.
She got to be Prime Pinister with less votes than Count Binface got in his quest to be London Mayor (and he lost)!
No joke.
Pork producers love her, there's that?
It doesn't matter to her, the tories have been doing this strategy for one and a half decades, find a scapegoat, cut public funding and pocket the money, get a new scapegoat, repeat.
@@davidpeterson5647 That's a disgrace. We will deliver
We will deliver
We will deliver
Cheese
(and hardship).
Truss does,nt give a flying fcuk about any one other than herself,she has reached the promised land achieved PM status and will be protected the rest of her life at taxpayers expense,a truly horrible self obssesed person.
Rishi Sunak is the happiest after hearing this news 😂
"The economy can't get worse if it doesn't exist in the first place" - Liz Truss
"No one can get COVID if everyone's dead" - The Tory Party, probably
Japan's economy is messed up.
10 years of Conservative government going strong I see. Can't wait for more austerity
Conservative?
"conservative"
@@relaxedmuffin3666 Yes? The tories have been in since 2010
They are just too left wing.
@@fridge3461 haven't been acting very conservative lately. I wouldn't call them conservative at all.
The Queen knew what was coming, that's why she bailed 2 days later. 'I can't take any more of this crap', she reportedly said before passing away.
It's never been proven that Truss killed the Queen.
"I can't believe I went from Churchill at Atlee to these troglodytes. Seriously how does this blonde one put her pants on in the morning without strangling herself?"
HRH Liz Windsor.
@@soupwizard or disproven
Maybe its more like shock i guess
😂lol
Imagine hearing "(...) The UK is not at risk of a default as it could print more sterlings to pay of the debt" back in 2016.
Ah the fabled magic money tree
Thatcher: "There's no such thing as society."
Truss: "There's no such thing as the Sterling."
Hopefully the possible vote of no confidence on her turns into a GE at this rate, forcing the Bank of England to step in
Considering recent polls it would favour Labour a lot.
@@Daisy_3011 well, good, 12 years of Tory rule and it clearly hasn't gone well, time to try something else
British politicians are clueless + f****** useless
@@thatmarchingarrow labor isn't looking any better.
If they get rid of her this quick my money would be on Johnson coming back. They won't give up another 2 years with that majority however much we all want them to
If Truss is voted out, she’ll go into history as being the last PM to hand-shake Queen Elizabeth. That will be her greatest historical achievement. Before ending up badly shaking the economy herself, that is.
The Queen warned us that Truss would be an awful PM.
No it fucking isn't a great achievement. It's just timing, who fucking cares?
She killed the queen and the economy, hall of fame.
😆😆
I live in Michigan USA and went to London, Paris, and Barcelona on a study abroad trip in 2011. The pound was 1.5 to 1 back then and the euro about 1.35/1. With the exchange rates being about equal, it's time to consider another trip!
I live in Paris, and if I had $$$ not €€€ this would be the time to buy Chanel, Dior, Hermes bags. So plan a shopping trip at the same time.
Truss trying out Voodoo Reaganomics in 2022 at least made me have a good laugh xD
Even people who don't understand economics understood this would never help the current crisis.
Economic growth should be the objective of all government, I don't however agree with the current strategy.
They'll still vote tory though!
odd, she clearly stated this is what she was going to do and I remember most economists agreeing with it
False, the people who don't understand economics are the PM and her Cabinet inflicting this on us.
@@zaftra Do you? I remember every economist worth their salt saying "don't do that, you'll fuck the economy to death"
Even the price of a Abby whip in Runescape did not crash as fast as the UK's economy
Most are probably too old or too young to get that reference XD Good ol' days though, when the prices were 2m
@@laurynasjagelo5075 the fake mythril trimmers were a more bountiful way of business than what the Tories are providing lol
Abyssal whip ;)
@@laurynasjagelo5075 I’m an old git, and I know how good this joke is. Don’t write off us old gits.
@@KevNpton not off, just Statistically improbable haha
I'm Canadian so I have no skin at all in the British politics game but I'm a TLDR subscriber and fan so I get more British news than I might normally get. I lean right in most respects but it seems to me that the British Tory party is just about the biggest dumpster fire going right now.
What are they at now, 4 PMs in 12 years; 3 in the last 6? And this one hasn't been on the job a month yet and already some people are looking to dump her? WTH is up with that??
Thank you for your summaries, it saves us so much time, mate. Much appreciated
The Pound may be falling but this channel is on the up and up in terms of quality and content!😊
Good one
rouble: first time?
👏🏻😭
Smoooooth boi! Your like a bar of Galaxy washed down with a mug of Ovaltine.
Too bad their adcense is paid in GBP 🤣
Fun Fact: The shortest tenure of any (official)* prime minister is that of George Canning, who in 1827 lasted 119 days. At the rate Truss is going, she's going to beat that record.
* (so technically there were two individuals in the Earl of Waldegrave in 1757 and the Earl of Bath in 1746, who were invited to be PM but who both refused after a few days after failing to form a government, if Waldegrave was counted he would of served 4 days and Bath served 2 days, however because their tenures were so short most historians choose not to count the two)
Well you guys said that about Bojo…
@@franciscouderq1100 BoJo didn’t know when to go and as a result the tories have likely squandered an 80 seat majority and will be out within one term of a landslide.
Ironically, Rishi had the right idea about the economy.
Show some respect for the future Lady Truss.
We have to put an * next to the shortest tenures during the age where disease was thought to be caused by bad smells and being poor.
*"Why is that if you take advantage of a tax break, and you're a corporation, you're a smart businessman... But if you take advantage of something that you need to not be hungry, you're a moocher." - Jon Stewart*
Hi kenne
Rishi was right he told us not borrow money from outside
Not to reduce tax , it will increase burden on poor and upper middle class
It will increase inflation
You didn’t mention the UK imports a lot more than the UK exports, also most of the UK exports rely on imported materials and parts to make them so its a big negative effect on both exports and imports… no upside.
Maybe she thought our wine and cheese exports would do the job.
Na pal everything grows on trees here, we'll start selling BMW's as soon as harvesting season begins!
Exactly as the WEF planned it
We can finally say the tories are not the party of economic growth or the economy now😂
Sovjet sympathies
Now Britons know how the economy doesn't run on racism.. So if Britons don't choose Rishi Sanak, you're doomed. Liss truss is just a cat and Rishi is bengol tiger...😎🙏🙏
Alex, Animations in this are so good! TLDR letters becoming CRAP was a great idea. And the pound falling against the dollar was a perfect visual
"we'll cut taxes and fill the hole by borrowing" Is Absolutely histerical, And i am no accountant.
How the hell Did that man get in the position to even propose such an idea, exactly?
The position in Turkey was already filled.
The old tax cut myth. Nevermind even the staunchest austrian school economists would hesitate to recommend this for the UK currently but the image of being the party of economics is more important than economics. And sadly a lot of people still believe in this trickle down tax cut nonsense.
Someone really wanted to (further) enrich their rich buddies.
he was the right colour....
@@XMysticHerox Yep. That's why the Reaganomics are a laughing stock.
I’m ashamed that for a moment I was excited when Liz Truss said she was prepared to be unpopular. I thought she was going to make radical decisions that we knew would hurt short term but see the benefits of long term. All we ended up getting was a massive payout for bankers and the rich. They know their time in government is over so just helping all their rich mates now to keep the donors happy for the next set of elections.
Bc you live in a fantasy world... She was useless on every single position she had and that's a fact, so from where did you take the excitement in the first place?
Unfortunately that's exactly what she meant by it. She's happy to be unpopular by making the poor poorer but doesn't care as long as the big boy rich companies she bows down to are happy
Like Mossmann said, you are living in pure delusion to hold such expectations.
I mean… I never had faith in this woman. As much of a buffoon Boris Johnson was, Truss is a literal idiot. She never thinks before she acts. Goodness knows what the party members were thinking. Not that I think Rishi would have been much better, but at least I never thought he was stupid.
.. YOU WAS PROBABLY DISTRACTED.. PICKING ONE'S HOOTER.?.. Mmmm?.. HAVE AN APPLE 🍎... SEE Y'ALL..🤓
"Tax cuts will pay for themselves through growth." The United States tried that approach three times already and three times it failed.
Not to mention that any growth will not be used anyway, given that the UK has a desperate shortage of available workers.
> The United States tried that approach three times already and three times it failed
this is the most infuriating part. we know it won't work, but conservatives are still constantly trying to do it. i see people in this comment section arguing that the reason tax cuts failed is because they weren't big enough lmao. absolutely baffling
@@Zquirrelthing "we know it won't work, but conservatives are still constantly trying to do it." - well, they know, or at least most of them do, that it doesn't work. But conservatives in both the US and UK are working exclusively to make the lives of rich people easier, hence the cuts for them.
"arguing that the reason tax cuts failed is because they weren't big enough lmao" - probably the same people who argue that Brexit is such a disaster because it wasn't hard enough.
@@Zquirrelthing Some people just love to grovel at the feet of our megarich overlords. It's like having a sugar daddy, but _you_ have to buy _him_ everything.
Well tax cut do work in growing the economy given that it actually go to the people who will spend it rather than going to the wealthy where it will just sit in the bank or a stock somewhere.
It is about movement of money. Idle cash is bad for the economy after all.
Truss: "I'm prepared to be unpopular"
Markets: .....
"We're going to massivly increase the national debt(wich will be paid by future generations) by giving huge amounts to rich people."
Hmm, I wonder why the market is ringing the alarm bells...
Low tax attracts the rich so that they can be taxed in the future.
You do realise "the market" is basically just a small group of wealthy investors?
@@RandomShart yes, and whom normally the Tories align with... so this demonstration of stupid policy-making is worthy of note.
@@fireturkeyfly11 Such logic will be lost on those that belief that the working class somehow pay for everything, when they take out far more than they contribute.
@@fireturkeyfly11 which has never worked to date. Does Bezos pay tax? Does Trump? The rich keep their money offshore. How do you not know this?
What happens when you put incompetent people in power, a case study.
British peeople elected her only because she is white knowing she is incompetent for the job
No, this is what happens when you put evil people in power
Thank you. This is very helpful.
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imagine the riots if a labour pm did this
I don't think a labour government could do this. they don't have quite the level of sponsorship/jobs lined up by oil companies like the conservatives
@@DACatface Eh just look at the German SPD and current chancellor. If they are powerful enough the corporations start offering.
Labour doesn't know how to cut taxes, even for the lowest earners, it's the party of high taxes !
@@DACatface You do know that the cut in the highest rate of tax is simply reversing Labours previous tax hike.
What a surprise that Starmer has said he would reverse it back if elected. Labour the party of high taxes.
Why would high earners want to work in the UK when almost half of it is lost in taxes ?
@@jjefferyworboys8138 Imagine still buying into the whole tories are the party of economics nonsense after their repeated failures. Most economists at this point agree that tax cuts in places like western Europe or the US don't make sense currently. We are not on that side of the Laffer curve (not that it's a great theory). Clearly.
The UK needs higher taxes if anything.
The UK is just straight-up collapsing because of Brexit. And no, I'm no remoaner, I'm Dutch. I'll give you a reason why Brexit will fck Britain up this winter:
In 2008, the Lisbon Treaty was signed, stating that countries whose energy security is threatened, have the right to have energy delivered to them by other Member States.
The UK has one of the lowest energy storages for this winter of any European country, yet we're not obligated to help.
This is a very dreadful fact to realise.
Great, thanks for ruining my mood you remoaner! :p
It's not collapsing
@@Lando-kx6so Correct. It already had. Staring you in the face.
@@t.miller8456 Reading is hard, ain't it? There is no need for him to be a 'remoaner' because he never left the EU being a Dutch citizen! 🤣🤣
get bent
Don't worry. Millionair bankers, who dont need the money, will be getting bigger bonusses.
That's a great comfort to all those who can't pay for their heating and or food this winter.
UK kept a person aside who is well aware about economy , the wrong person on right position is always dangerous.
Where's she hiding!!!. She needs to come out and make a statement. In times like these we all need a laugh.
Is anyone else wondering if they are doing it intentionally? 🤔
It's the only reasnoning for cognitive dissonance to resolve. Reality is, they are dumb asses.
They're shorting the pound to inflate their own personal wealth, it's definitely intentional.
not wondering, convinced...
Watching Truss and Kwarteng secure their own (extremely comfortable) futures must be most reassuring for those worrying about heating their homes this winter.
Perhaps they could use some of that warm glow for comfort >:[
We're going through so many tory PMs one must wonder how we haven't had a forced GE basically the fundamental issues are the tories.
Truss got the role of PM with less votes than Count Binfacd got in the London Mayoral elections.
Seriously.
This is why the UK needs a proper recall mechanism
The borrowing is the weak link in a low tax budget. My feeling is that Truss has done this quite deliberatey, trying to appease her WEF master. Cutting public expenditure is a vital component of a low tax policy however, no doubt there are others who are involved bringing this country to its knees.
I remember a comment on Sunak / Truss competition: "With Sunak Britain will go down even further. With Truss much faster!" He was right. Somehow i thought, lucky Britons won't have the worst case Brexit. But now it seems my stomach was right, it will be definitely worse.
but remember the non-existent deal with America that is super beneficial to the uk and is totally still in the works and just taking longer because of covid and is definitely not something that was completely made up? It's going to go through any day now i bet and things will be on the up and up!
Tory dug their own hole by electing the truss, whatever Rishi said with Truss plans it's happening in reality. This is a best example to elect components and reality people then just skin . I don't think the UK will realise this. Ironic
The feel I get is that Liz and her friends are not out to intentionally make the rich richer and the poor poorer, they are simply incompetent. The issue is that they have been raised to a position of power by people who do have that selfish intent and are using Liz and others to achieve their aims.
The great part of a political system is you can set it up so that generations after your death neither the competent nor the incompetent can stop it churning.
It seems to me that they're just grabbing at simplistic ideas without thinking about what the state of the economy is, and how changes to government policy will affect the real world. They think "cutting taxes is always good" and "borrowing money when it's cheap is good" and just went and applied those ideas.
When incompetence and malice get the same horrible result is it really worth it to draw that distinction? We can argue all day about why the bus wound up in the ditch but that won't change the fact that she drove it into a ditch and they're reporting mass casualties.
She seems to shoot polices out at random, what's next, free cakes for left-handed people, change over to driving on the right?
When you’re PM, you could literally summon teams of some of the country’s best economists at the snap of a finger. I sincerely doubt Truss is doing this as an accident, when Tories like Rishi Sunak openly say they’re funnelling money away from poorer neighbourhoods to fund rich ones, I think it’s quite obvious what they’re doing. We like to assume incompetence because them deliberately doing it is so sickening, but these moves are explicitly calculated to rob the poor to fill their coffers as much as they can.
I'd love you guys to do a follow up on who's profiting from this.
Tories are thieves above all else, I'm sure there will be some fascinating patterns of investment during this time.
@DoubtingThomas I was more talking about those currently in government and their associates who have made/are making suspiciously fortunate predictions on where to invest as the pound crashes.
I agree with the point you make, but I'm talking about exposing the individuals exploiting current events for personal gain.
TLDR doesn't seem to be particularly interested in catering to populists, partisans or conspiracy theorists tho, so it's unlikely they'll make that video
@@barmybarmecide5390 It's none of those things though. It's current affairs with a potential hint of insider trading.
How do you get enough sleep? With all the monsters under the bed?
Kwasi Kwarteng used to work for Odey Asset Management, one of the hedge funds that's held short positions on Sterling for some time now. The manager of that same hedge fund has also donated significant sums of money to both the Tories and pro-Brexit campaigns like UKIP as well. Truly an incredible series of complete coincidences, I know.
very good analysis, very informative, great job!
We need a new episode of Truss Issues; these developments are too significant to not deep dive into!!
I for one think this is the perfect time for the King to continue the Charles tradition.
Some would say you can't trust truss with the economy
Sheer and utter incompetence.
I will NOT be voting Tory after this.
Well done Truss.
From 100 Rubles to 60 Rubles. A 40 % drop against the Ruble.....
GREAT RUSSIA🇷🇺🇷🇺🇷🇺
This is probably even worse as presented here, because this policy will induce a downward spiral. A lower pound will increase the government's expenditure to pay for the energy price cap. What will increase the deficit. Decreasing the value of the pound. Increasing the government's expenditure to pay for the energy price cap. And so on....
Just wonderful, our fantastic diverse government at work, just how many historic moments can we take in just ONE month!!
The decade that keeps on giving.
imagine having a prime minister sacked after like a month right after having one sacked for having the most MPs resign literally ever.
Rishi was right about tax relaxation 🙏
Can't wait for discount trips to the Uk
You could probably already afford an entire village.
I believe its a 17 point lead now after Starmer announced he would nationalise energy
It's like they're creating a 1 to 1 ratio across all currencies just after the fed announces a digital currency
all currencies? just 3 of them
They just want to control everything.
And yet some how people, especially working class people, still support the tory party. There is no end to human stupidity.
rouble: first time?
GREAT RUSSIA🇷🇺🇷🇺🇷🇺
What surprises me is that people still believe that these seemingly crazy events are random, incompetent and unconnected.
Beyond hilarious the free market rewards their most ardent believers. Nice video. Keep up the good work.
“The easiest choices require the weakest wills”
Liz Truss, The Mad Prime Minister
It was. And it was ugly. Britain was like most countries. Too little mouths, and enough to go around. And when we faced salvation, I offered a problem. - Lis Truzz
Lizzy , she is so dissy ... Time for a party . Boris we need you to organise ..
She is absolute sinister
The first British polymer bank note which i think was £5 was printed in Australia particularly in the State of Victoria.
This was necessary to show the British how to use this technology as the technology is owned and patented by the Australian government.
The particular printing company in Victoria prints other polymer currencies
Just thought you’d ought to know.
Meanwhile the Philippines have their bills with Abaca fibers added in the fabric composition over polymers. Abaca is notable for its durability as an organic fiber.
What is necessary about it
Very well explained.
They ALWAYS say the tax cuts will pay for themselves. The past 50 years refute this.
Rishi Sunak is looking better than ever.
Also worth noting as a European I can't take advantange of the cheap pound. Since I would have to pay import tax on it. So lost business there
Those who gave Truss the UK credit card must be regretting it now.
She is partying, giving her friends tax cuts.
What's happening for Dummies: There's a homeless guy begging in Lewisham Station and I want to help him, so I go to Belgravia to leave a fat check in the mailbox of one of the most luxurious residence, I'm sure it will trickle down right away.
They should have announced spending cuts at the same time.
Been spending >40% of our money every year since 2010.
Not one year that high from 97-07.
The narrative of "austerity" is mathematically false, but been successful spin.
That would not be politically possible.
Further it would depress demand in the economy and reduce investment.
Public spending creates demand, tax cuts for better of people lead to more saving and investment abroad; it is not an efficient way to get more demand in the economy. If you wanted to use tax cuts to increase demand it would be far better to cut tax for those on lower incomes or, even better to reduce VAT, which would have the effect of reducing inflation
@@jamesthomas4841
So public sector should be 100% GDP?
As creates demand.
Austerity can be voted out. A currency and debt crisis cannot.
@@Jay_Johnson
But we haven't had austerity. Is my point. Based upon public sector spending to GDP being greater than 40%.
@@danielwebb8402 By your logic me saying that staying hydrated improves your athletic performance would result in a comment saying
"so your saying my diet should be 100% water?"
It's funny how the conservative party got her to the head of the line, and then suddenly do a surprise pikachu face when her cabinet pulls this out. Like as a foreigner in the UK, the entire governmental setup is super confusing to me to begin with. Passive aggressive remarks, rude name callings, people standing up continuously, over pretentions needs for traditions which serve not a single purpose.
Time to get some reform going UK
How is it difficult to understand? The UK is split into 650 constituencies and each elects (via first past the post system) an MP to represent them in Parliament. If a party has the majority of the members of Parliament they get to form a government. If they have less than a majority they have to form a coalition with another party (or parties). Either way the leader of the winning party, or the largest party in a coalition, gets to be Prime Minister. The Prime Minister then appoints MPs from their party/coalition to be cabinet ministers. Those ministers along with the Prime Minister are then the government. Powers given to them via legislation can be exercised directly by the government, but other actions require legislation to approve. The whole 650 MPs get to vote on any necessary legislation.
After being passed by the MPs the legislation is then reviewed by the House of Lords, which is made up mostly by appointed members, but there are also some bishops and a few hereditary peers. They can make suggestions for improvements to the legislation, or even block it completely, but this can only delay. Either way the legislation goes back to the MPs who might accept the changes, or might not. Legislation can go between the MPs and the Lords a few times, but ultimately the MPs have the power to force the legislation through if they want to.
When that process is done legislation goes to the King to get Royal Assent, which then makes the legislation operative. This is pretty much a rubber stamp exercise as the monarch has not used their power to refuse to sign for centuries.
It's very similar to how things are done everywhere with the exception of the appointed second chamber and head of state being a monarch rather than a president.
0:07 Kwasi what 😀😀😀😀😀 most British name ever...
Their was a robbery at an Archery club in Liverpool. Carefully planned and equipped the perpetrators stole anything they could get their hands on, then literally burnt the place down. And ran. This has a familiar ring to it...
I think this is unique in other way. If this streak of bad luck continues, tacherism is basically dead. This would have real time implications.
The most disheartening thing about all this is that people think just bouncing back to Labour is a solution.
We need to vote them ALL out and replace them with new parties.
I agree, after this economic turmoil we need a new, independent party to rise from the ashes led by someone who didn't go to St Andrew's and grow up with a silver spoon in their mouth.
Our best bet would be someone like Steven Bartlett who could rally the 18-35 year old demographic. But we need to hit rock bottom before this could even be comprehendible - Rock bottom = extreme austerity = riots.
Changing to proportional representation would help smaller parties grow, encourage MPs to work together and get rid of the idea that we have to vote for one of the two big parties or we've wasted our vote.
That might not be perfect but it would stoll be worlds apart better
I think we're going to have to start calling it the ounce from now on!
Rishi Sunak :- They called me "A Mad Men"
Feels like the Tories know they're on their way out and want to make it as difficult as possible for whoever is in power next.
It actually looks like Truss and Kwarteng, as unbelievable and astounding as this may be, actually don't know what the hell they're doing! They literally don't know!
Albeit mindbending and insain as this situation is we have to accept the evidence, which we're walking on.
For anyone in a desparate situation or lost in the wilderness they say that, "The first rule of survival is that you must accept the situation!" In other words, if you are to think and make decisions that will help to improve your immediate situation and enable you to escape your peril you must look at it calmly and recognise it fully in order to be able to make an effective assessment.
Kwarteng & Truss have done anything but any of this in reaction to the CoL crisis, but rather they have stuck to their beloved dogma and probably ignored the evidence they have walked over.
It is tuly shamefull, but this is what we can expect when people vote for radical political extremists.
That ad at the end was tone death
What a shame that the website address within the video has a spelling mistake!