Renton 21627 Posted October 12, 2022 Share Posted October 12, 2022 6 minutes ago, Gemmill said: It'll save the economy from completely falling over and the fact it looks terrible will mean he's damaged goods with the electorate. Which is fine. Yeah, what's in it for him though? He wouldn't win a GE. He doesn't strike me as egotistical enough to think he could. Link to comment Share on other sites More sharing options...
scoobos 298 Posted October 12, 2022 Share Posted October 12, 2022 (edited) 2 hours ago, Renton said: I'm not familiar with him. But Bailey is a cunt mind. I'll jump to his defence . He's doing a good job this month and I personally respect his actions and diplomacy. He can't commit to buying bonds , when the government are making people realise (not worry, realise) that they are not getting their money back in the short to medium term, all things remaining equal. Thus higher interest rates on gvt borrowing because they have extra risk, they are supposed to be a safe "boring" investment option. He's in a horrible position also, in that he knows we have to HIKE interest rates to be around the 8-10% mark with the extra inflationary pressure hmg have put on the economy - but that the government are good at hoodwinking and are already pointing the finger at the BoE for blame. In my semi educated view of economics , this is the equivalent of a car being on fire and HMG putting petrol on it and asking the fire brigade why they can't get it under control. For me, I'm reassured that he looks a broken stressed out man - it shows he cares and he's putting the effort in. Edited October 12, 2022 by scoobos Link to comment Share on other sites More sharing options...
Toonpack 9431 Posted October 12, 2022 Share Posted October 12, 2022 He's a brexiteer, ergo he's a cunt and cannot be considered competent. Link to comment Share on other sites More sharing options...
Gemmill 44900 Posted October 12, 2022 Share Posted October 12, 2022 7 minutes ago, Renton said: Yeah, what's in it for him though? He wouldn't win a GE. He doesn't strike me as egotistical enough to think he could. His choice is be PM, save the economy, write a book and dine out on it for the rest of his life. Or never be PM. I think he might be up for it. Link to comment Share on other sites More sharing options...
scoobos 298 Posted October 12, 2022 Share Posted October 12, 2022 28 minutes ago, Renton said: I agree that's probably the least worst option but it's still pretty dire. Especially as 1922 would need to change the rules to make it even less democratic. I don't think that's in the rules. I read that the protection is for a PM who's defended a vote of no confidence - so Truss has no protection. Link to comment Share on other sites More sharing options...
Gemmill 44900 Posted October 12, 2022 Share Posted October 12, 2022 Some good news lads. 6 Link to comment Share on other sites More sharing options...
Renton 21627 Posted October 12, 2022 Share Posted October 12, 2022 2 minutes ago, scoobos said: I don't think that's in the rules. I read that the protection is for a PM who's defended a vote of no confidence - so Truss has no protection. Not sure, but bypassing the blue rinse brigade would require a major rule change. Link to comment Share on other sites More sharing options...
Renton 21627 Posted October 12, 2022 Share Posted October 12, 2022 9 minutes ago, scoobos said: He can't commit to buying bonds Hasn't he actually committed to NOT buying bonds though? Rightly or wrongly, he's playing chicken with HMG. Link to comment Share on other sites More sharing options...
scoobos 298 Posted October 12, 2022 Share Posted October 12, 2022 1 minute ago, Toonpack said: He's a brexiteer, ergo he's a cunt and cannot be considered competent. My 2 cents is that it's that kind of black and white divisive thinking that gets us into this mess though. Not everyone who voted Brexit did so out of being nasty or self serving , some saw it as a genuine opportunity and expected , not unreasonably imo, that there was a plan ready to go. I didn't vote at all as I was out of the country (helping (as the IT guy) someone short the pound and make over 3 million dollars in 7 hours , in an offshore tax haven on the night of the vote, for what its worth! AND I'm a socialist!) I was a remainer, my main reasoning being that I believed it was the strongest reason for peace we had in Europe. I actually wanted us to have a single European army, rather than NATO - as I think our affiliation with the US Military is too close. Feels like I was right, at this time in 2022 I still remember being absolutely bowled over when they won, and moreso when all the people associated with it ran away the next morning. You couldn't make it up.. 2 Link to comment Share on other sites More sharing options...
Renton 21627 Posted October 12, 2022 Share Posted October 12, 2022 2 minutes ago, Gemmill said: Some good news lads. So what does that mean in practice for Jones? That every penny he earns will be taken from him and he will die in penury in a bed sit? Here's hoping. Link to comment Share on other sites More sharing options...
scoobos 298 Posted October 12, 2022 Share Posted October 12, 2022 1 minute ago, Renton said: Hasn't he actually committed to NOT buying bonds though? Rightly or wrongly, he's playing chicken with HMG. Nah, the BoE shouldn't really be buying them , full stop. He's commited to not buying them to try and relieve the pressure on the gild/bond return rate - because if they do - the private companies that hold them will take the piss. It's a temporary safety net to keep the pumps moving and they are now, but the government keep on fucking it up as every day goes on. I think its the right decision. My understanding is that there's no chicken with HMG - it's independent to them, but caused by them . BoE buying these bonds does not support or not support government , its purely protecting the economy as a whole at this point from someone trying to destroy it. Problem with money not actually being backed by anything, is that everything - money, investments, share markets etc are all based on confidence - what people believe stuff is going to be worth in the future. If confidence dips, our let's pretend economy is fucked. 1 Link to comment Share on other sites More sharing options...
Renton 21627 Posted October 12, 2022 Share Posted October 12, 2022 4 minutes ago, scoobos said: My 2 cents is that it's that kind of black and white divisive thinking that gets us into this mess though. Not everyone who voted Brexit did so out of being nasty or self serving , some saw it as a genuine opportunity and expected , not unreasonably imo, that there was a plan ready to go. I didn't vote at all as I was out of the country (helping (as the IT guy) someone short the pound and make over 3 million dollars in 7 hours , in an offshore tax haven on the night of the vote, for what its worth! AND I'm a socialist!) I was a remainer, my main reasoning being that I believed it was the strongest reason for peace we had in Europe. I actually wanted us to have a single European army, rather than NATO - as I think our affiliation with the US Military is too close. Feels like I was right, at this time in 2022 I still remember being absolutely bowled over when they won, and moreso when all the people associated with it ran away the next morning. You couldn't make it up.. He was selected for his Brexit credentials wasn't he? I would say there are no competent economists who thought Brexit was a good idea from an economic pov. Given his position now, it is shit like giving him the top job rather than a rationalist that is the problem imo. 1 Link to comment Share on other sites More sharing options...
Gemmill 44900 Posted October 12, 2022 Share Posted October 12, 2022 We could desperately do with Mark Carney back. Link to comment Share on other sites More sharing options...
scoobos 298 Posted October 12, 2022 Share Posted October 12, 2022 7 minutes ago, Renton said: He was selected for his Brexit credentials wasn't he? I would say there are no competent economists who thought Brexit was a good idea from an economic pov. Given his position now, it is shit like giving him the top job rather than a rationalist that is the problem imo. Maybe he was - but Brexit didn't have to mean what we got served with - it didn't have to be hard etc - as the Tories ended up presenting it as; so it's not necessarily economic suicide. Link to comment Share on other sites More sharing options...
scoobos 298 Posted October 12, 2022 Share Posted October 12, 2022 (edited) 7 minutes ago, Gemmill said: We could desperately do with Mark Carney back. I liked Carney - but - they acted less than the current group. Interest rates have needed to rise for years, everyone knew it - but due to QE , everyone's money was in assets bought with debt *cough free money*. Edited October 12, 2022 by scoobos adding "I know fuck all caveat" , reads like I'm 100% confident I'm right - when im not sure, but "reckon" :D 1 Link to comment Share on other sites More sharing options...
Gemmill 44900 Posted October 12, 2022 Share Posted October 12, 2022 Carney was governor during relatively benign times, aye, but he handled the period involving the Referendum and Brexit impeccably. Always the adult in the room. I don't think much of Bailey. At the very least his handling of the messaging has been a fucking mess. The vast majority of the fault for everything that's going on sits with Truss and Kwarteng, obviously. I'm sure Bailey can't fucking believe what's going on. Link to comment Share on other sites More sharing options...
Gemmill 44900 Posted October 12, 2022 Share Posted October 12, 2022 I don't know loads about this either btw, but I was working in a role that required me to watch Carney's press conferences for an extended period when he was governor, and he was always a completely class act. In the face of some absolute shithousery from the nutcase wing of the Tory Party as well. Link to comment Share on other sites More sharing options...
Gemmill 44900 Posted October 12, 2022 Share Posted October 12, 2022 Even Camilla's tampon is taking the piss. 5 Link to comment Share on other sites More sharing options...
Dr Gloom 21924 Posted October 12, 2022 Share Posted October 12, 2022 2 hours ago, Gemmill said: I don't know what mechanism they're going to employ, but they've got no choice but to get rid of her imo. She's been a catastrophe, and there's no upside to keeping her and an enormous downside for the country and the future existence of her party. I wouldn’t be surprised if she is soon a reformed believer in the Johnson legacy, and we have a new chancellor. Axing kamakwasi is the next logical step Link to comment Share on other sites More sharing options...
Renton 21627 Posted October 12, 2022 Share Posted October 12, 2022 (edited) 27 minutes ago, scoobos said: Maybe he was - but Brexit didn't have to mean what we got served with - it didn't have to be hard etc - as the Tories ended up presenting it as; so it's not necessarily economic suicide. Given the people behind it, yes, Brexit had to be as hard as possible. There were no good Brexits, just varying degrees of shit, and we ended up with number 1 on the Bristol stool chart. Our anus will hurt for a long time. Edited October 12, 2022 by Renton Link to comment Share on other sites More sharing options...
Renton 21627 Posted October 12, 2022 Share Posted October 12, 2022 5 minutes ago, Dr Gloom said: I wouldn’t be surprised if she is soon a reformed believer in the Johnson legacy, and we have a new chancellor. Axing kamakwasi is the next logical step Not survivable. Link to comment Share on other sites More sharing options...
ewerk 30620 Posted October 12, 2022 Share Posted October 12, 2022 50 minutes ago, Renton said: Not sure, but bypassing the blue rinse brigade would require a major rule change. Eh? Link to comment Share on other sites More sharing options...
ewerk 30620 Posted October 12, 2022 Share Posted October 12, 2022 On 24/09/2022 at 08:43, ewerk said: It’s like torching your own house and then continuing to pour petrol on it then berating the fire brigade for not getting there fast enough. 1 hour ago, scoobos said: Ithis is the equivalent of a car being on fire and HMG putting petrol on it and asking the fire brigade why they can't get it under control. They do say that imitation is the sincerest form of flattery. 😘 1 Link to comment Share on other sites More sharing options...
Dr Gloom 21924 Posted October 12, 2022 Share Posted October 12, 2022 12 minutes ago, Renton said: Not survivable. it’s the one thing these cunts know how to do: do whatever it takes to cling to power Link to comment Share on other sites More sharing options...
Renton 21627 Posted October 12, 2022 Share Posted October 12, 2022 8 minutes ago, ewerk said: Eh? We're speculating Truss's successor won't be voted in the membership, aren't we? Link to comment Share on other sites More sharing options...
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