Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "The New York Times"
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You used the word moron. Nobody else did. And that says much more about your limitations than anything else. Let's get straight one thing. Intelligence is a range of skills. Just because you shine in one dimension, doesn't give you automatic skill in the others. And Rishi Sunak was promoted beyond his competence. And his failures were a combination of arrogance, petulance, callousness, inauthenticity, and a lack of self-awareness. It's not completely his fault. His life experience was, and still is very narrow. but he did not help himself sometimes. And that shows his lack of experience and naivete. That undermined his effectiveness as a politician. It's probably too late now, as he's married, with children, and probably won't go out now and mix with ordinary people. He's a hot house flower. Take him out of that rarified environment, and he founders. And his ruthless ambition blinded him to the impact he was making. He didn't have very good advisors at the end either. So, that's the tragedy. He ended up alienating people. That isn't very bright.
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Why do you mention Tony Blair? He didn't introduce Neoliberalism to the UK. Margaret Thatcher did, and because she bribed the electorate by liquidating publicly owned assets, they went along with that, and slowly but surely, neoliberal economics began to fail. And the Conservatives held into power for so long, it was entrenched, and the Overton Window swung hard right. So even labour had to become socialist lite, it still dance to the Neoliberal Tune, as did every prime minister after Thatcher. And when you study the period, you realise how damaging Thatcherism was as the British form of Neoliberalism. And Starmer, has to play the hand he has been dealt. We talk of 14 years, but Labour only served 2 terms in power since Thatcherism took hold. Blair was a child of Thatcher, and Starr likewise has no magic wand to wave and neutralise the opposition to admitting the status quo is toxic. Brexit was a coup. A very British coup by the money men in the City resentful that the EU would dare endanger the over 50% of the global tax haven business the UK controls. The Offshore Capital Market was run by the City until the Americans caught on that British politicians were manipulating LIBOR. That made borrowing more expensive for currencies other than Stirling. And the Americans weren't happy. Brexit was the UK financial sector's desperate attempt to retain control of that gravy train. And they failed. The City is due to shrink, and the Offshore Capital Market, which is the engine of financial globalisation no longer works. It was wrecked by greed, and slowly the US is reasserting it's control over offshore USD-denominated capital transactions. London lost out big time. And it was to float all boats, right? Wealth inequality is creating economic apartheid, whilst selling off everything but the kitchen sink. And it's because of an economic system we embraced willingly, which has failed us and is failing everywhere.
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1) £30 billion spent to save the UK pension industry from the margin call doom loop she created.
2) The cost of servicing the UK National Debt went up as the yields on gilts went to the moon as the market started dumping both Gilts and Stirling immediately after the mini budhet. (The Moron Premium as it was named in the Financial Times).
3) The costs to the Mortgage industry in lost turnover due to interest rates spiking up to save Stirling and Gilts. More than over 100 different mortgages had to be withdrawn from the market leaving buyers without mortgages they had agreed.
4) The cost of serving existing UK mortgages went up often by 50%, leaving mortgagees freaking out, as the UK market only fixes rates for at most 5 years. So a vast amount of home owners were facing defaulting on mortgages which they could not walk away from, through no fault of their own.
It is said that for any Revolution to get off the ground, the Middle class must be angry. And boy, were they angry, and with good reason. Truss lost the confidence of the markets before the mini Budget, when she sacked a well-respected Treasury advisor. The Mini Budget policies weren't shown to the City beforehand, so it's unsurprising that £43 billion of unfunded tax cuts freaked out the Stirling bond and currency markets. Truss was obviously out of her depth. The Tufton Street mob had persuaded her to do something that was unsustainable, and it's probable her treasury advisor had told her that it was foolish. She had endangered a huge segment of the financial services industry, and they were the Tories' largest donors. She was on Death Watch from that time.
If you want the full story, Google "The Moron Premium", and you should find a link to the Financial Times story.
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Boris Johnson was, as said in polite conversation, an entrepreneurial post-truth politician. In other words, he was a lying spiv, a chancer, without the humility, self-awareness, or work ethic to admit he knew bugger all about trade rules and economics. So he didn't even know that his Oven-ready Deal was serving up the livelihoods of British working and middle class voters to be stuffed like an Aldi Turkey. Boris came from the school of promise anything to get women to shed their knickers. So nobody should be surprised he used his only super power on those who knew even less than he did. He absolutely didn't give a flying fig about what the consequences would be. And signed off on that pretty useless Oven ready dose of food poisoning. He said "F**k business“ and he ensured that British SME's were thoroughly rogered. That was fine while he was taking money ftom Russian and Foreign Non-Doms to pay his child support. And you think Boris was populist, when all it was about him thinking he was good enough to be prime minister, and he wasn't. He was so populist he missed the first 5 COBRA meetings because he had to finish his contracted biography of Churchill or repay the money he was paid as an advance to write it. And it was bollocks. Then he loudly declared that he would let the bodies pile high, rather than use a lockdown to stop the spread of the virus that he allowed to run rampant. Then he signed off on Sunak's stupid Eat Out to Help Out that let it run rampant even more... He instructed Rees-Mogg to lie to the Queen, and his handling of the pandemic probably contributed to her husband's death. And while she was following lock down rules, and burying her husband alone, he had Downing Street parties. Boris was no populist. He was a wannabe. He wanted his ego pumped up. He wanted to be Prime Minister. That's all. He never really cared about anything else. He certainly didn't care about you.
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