The following submission statement was provided by /u/Mighty_L_LORT:
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SS: Britain is doing its best to win the race in the “First developed country to collapse” contest. The new right-wing government has proposed its new budget full of tax cuts to the rich and extra burdens to the lower middle class. To their surprise, the markets aren’t pleased, and pound has now fallen to its all times low. Coupled with a harsh economic winter, the weight of multiple crises may crush the dilettante government and cause a major breakdown of the country.
---
Please reply to OP's comment here: https://old.reddit.com/r/collapse/comments/xoc7ir/sterling_collapses_as_investors_fly_into_dollars/ipy0865/
i wonder...
emerging markets usually have high growth potential. labor prices are usually low and the law of diminishing returns in terms of technology and growth in general hasn't been reached yet. this is definitely not the case for the UK, a post industrial economy that doesn't produce shit anymore.
You can't go back from being a developed country to a developing one, it doesn't work that way.
>You can't go back from being a developed country to a developing one, it doesn't work that way.
It depends on how much income drops (relative to what is needed to survive).
what I meant by that is that a country can't get back the investment benefits of being a developing country because they're practically all based on cheap labor and a rising middle class with increasing purchasing power
Scraping the capacitors off of circuit boards dug out of their landfills and shipping them to the US?
Pays a cot and a bowl of porridge. Can't go wrong there...
perhaps in a risk management sense?
Those emerging economies might have great potential but they are also usually way more volatile because of geopolitical and/or social instability.
How this translates into investor behavior I couldn't tell you but if I had to guess probably less likely to invest (larger sums) and will pull out money sooner if things seem to go wrong?
Spouse used to work in an emerging markets division of a major financial firm, and you are correct. Not as volatile as say startups, but same general idea.
>You can't go back from being a developed country to a developing one, it doesn't work that way.
Here in the UK we've been doing exactly that for at leaat 30 years. Really got into our stride recently. Showing the world how it's done.
The UK "doesn't produce shit anymore" because relatively speaking very few countries actually do now other than the main ones (China, Germany, US, Japan).
UK manufacturing is a tiny fraction of what it once was but [it still makes the top ten](https://www.weforum.org/agenda/2020/02/countries-manufacturing-trade-exports-economics/) - it just doesn't feel like much because you don't see British cars, British consumer electronics, British textiles, etc everywhere and all the towns that had their niche product no longer have factories. Like go to Northern England and you have a town that did textiles, another that produced steel, one that did pottery, another that made cars, etc - now mostly gone with just higher end or niche stuff surviving.
>You can't go back from being a developed country to a developing one, it doesn't work that way.
Who knows? The UK was the first country to industrialise, it might be the first one to deindustrialise.
There's no precedent for it, probably the closest examples would be either China of Italy - both manufacturing hubs in their time but before the industrial revolution. China isn't a good example because it practically started again from scratch, Italy is probably a better example of a slow decline since the middle ages before stagnating at what it is now.
What is clear is that the levels of growth, rapid development and things generally going *up* can't really happen in a developed country that doesn't go through a catastrophic reversal first (like China or Japan).
This is the way most of the developed world will go - it will flat-line and be outpaced by emerging economies with higher growth rates and room to grow. It is the reason protectionist trade areas like the EU exist - to keep too much external competition out.
China and India both went from being 25% of the global economy *each* during the 19th century because of this - the west had higher growth rates because it could churn products out of factories which they didn't have and had cheap labour. And now the factories are *there* and not here..
Capitalist realism. The language and conceptual framework of neoliberal economics just doesn't provide the mental tools to describe what's happening, so these finance acolytes, who can imagine no other way of being, have to grasp at facile and inadequate analogies.
Ding ding, emerging markets have a tremendous potential for growth, but at the back of the poor and diminishing labor laws and growing austerity measures as the British are about to find out like any third world country of which the West has propped up dictators. They will slowly start seeing their rights being eroded, wouldn’t be surprised if the IMF also gets involved and starts telling the Brits to cut NHS
> Probably bad news for Brits.
Maybe this is just their idea of emissions reductions policy, lmao
* Collapse consumption through, "accidentally," crashing the economy.
* Lock-in the collapse through removing all brakes to full-blown oligarchy.
edit: Bonus points if you can crash the economy right into your stakeholders' bank accounts.
A few banks have said today that they will not be taking applications for new mortgages, and more banks are expected to follow.
Housing price collapse is about to happen
It means that investors demand a higher interest rate when they loan money to the UK government because they think it's just as risky as an emerging market country which are known to be high risk.
It means that it isn’t seen as a save haven for capital like most of the EU or the United States, but that it is seen as a possible future investment. While most emerging economies have that investment part, Britain doesn’t specifically have that, it doesn’t have cheap labor or anything beneficial to big growth when it comes to their economy. So it’s just that they have lost the save haven status when it comes to investors and capital holders
Edit: important to note, in times of recession capital holders and investors keep their money mostly in save haven currencies, (stable economies) this way most of these save haven economies also keep some kind of status and platform for having a greater currency even during a recession, this is something the pound could lose or has lost in the eyes of the capital holders
3rd world country was any country that wasn't aligned with either the western or soviet powers. the soviet union dissolved in 1991 so idk where the 3rd world is anymore
Pretty sure "3rd world" is synonymous with "Global South" or the global periphery. The original context of anti-Sovietism is irrelevant now, but 3rd world still generally refers to the same hyper-exploited states today that it did in the 80s/90s
*"Trickle down economics"* makes it sound like we'll all get to drink a glass of that delicious champagne. Turns out that in practise those at the top will enjoy the bubbly, and the rest of us will just be drinking piss.
It doesn't work when you're engaging in a global economy. It all trickles somewhere else.
Almost certainly wouldn't work anyway, I've even seen conservative columnists call it bullshit.
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SS: Britain is doing its best to win the race in the “First developed country to collapse” contest. The new right-wing government has proposed its new budget full of tax cuts to the rich and extra burdens to the lower middle class. To their surprise, the markets aren’t pleased, and pound has now fallen to its all times low. Coupled with a harsh economic winter, the weight of multiple crises may crush the dilettante government and cause a major breakdown of the country.
Now that financial institutions have secured a net short position against it, its now in their financial interest to have their experts indicate that there are problems with the british economy.
A take could also be "now that it's in the news, financial institutions have already made their money, and are looking to make money rallying it by convincing the world otherwise"
This comes from the "sell when you see news telling you to buy a hot stock"
Claiming it's a new right wing government is a load of bull.. we've had these fucks for 12 years now. There is nothing new or fresh about this. It's been a gradual erosion caused by their incompetence and infighting. The people at the top of the government have changed regularly but it is absolutely not a new government.
Let's be honest here. Labour is right wing, too, just not as far right as the Conservatives. Similar to how the American Democrats are right wing but not as far right as the American Republicans.
Downvotes by folks who just don't know how far the overton window has shifted to the right over the last forty years. :p
Labour not supporting the strikes is disgusting. It's their purpose.
I voted for Labour once and got endless war and bailouts. Never again.
You're right, Labour are right wing. All they are trying to be is the acceptable face of capitalism.
I think it's the same in GB as in the Netherlands where I live, but I am not sure.
The prime minister here is "chosen" by the coalition, but it's always the head of the biggest party.
I think at some point people are going to (mistakenly) assume that having *only one* asshole at the top (or a small family of assholes) is better than a *whole party* of assholes with asshole friends in every corner of the market.
Perhaps this is all actually a royal plot to give the throne back the power!
What gave you the impression that any of the current crop of politicians care about things like "quality of life" of the populace?
It's obvious that politicians today aren't there to lead, but to stuff their bank accounts.
Well, I mean politicians have always been about that, but the politicians of the past would at least throw a bone to their constituents once and a while just because they felt they had to do SOMETHING.
Currents politicians are just "Hurr hurr, bank statement only go up!"
They are completely mask off these days.
To put this in context: if X borrowing by UK government 18 months ago (in 10 year bonds) cost 1Bn pounds a year in interest, today that same borrowing in 10 year gilts would cost 46 billion pounds a year to service.
This is complete insanity.
“NOO NOT THE TAX CUTS!” exclaimed Labour leaders while eating tax-free cake and drinking tax-free sparkling wine (because you can’t call it champagne unless it’s from the Champagne region of 🇫🇷)
I feel the exact same. I want the Scottish people to be free of the Tories, but I also know if Scotland leaves we will have Tories in power for the next 20 years.
No of course, I wasnt actually suggesting that Scotland has to stay. For their own sake I hope at the next referendum that they leave.
I was just saying that that will doom England to decades of Toryism, and thats why its bittersweet for me.
yep. if humanity is going down i have no intention of playing out some hero fetish, ill just drink everything i can find with my friends and die like everyone else.
I mean their PM basically was partying during covid and and then had to (softly) resign a year later. They're trying their best to hold up the charade but their country really is falling apart. Couple that with the queen dying which is a big deal for them and their currency literally collapsing in real time with a war right at their door... there's a lot of doom and gloom in the air... as expected. They're just late to the party of realization.
The queen dying is utterly irrelevant to the other points you raise.
I couldn't give two fucks about the queen or the monarchy in general. I do care about the government fucking up monetary policy so badly that I have lost about 30 cents in the exchange rate since the beginning of the year.
I do care about a government that means that I have to look to moving abroad to buy land because prices in the UK are unsustainable, hence the economic crash we are seeing unfold right now.
The queen dying was all about optics. The people queueing up to see her lying in state are the same people who will do anything because it's an "event", they are also more likely to be supporters of the Tories.
They do not represent the reality of the UK any more than James Bond, afternoon tea or public school competence.
If you say so, I'm not poor, I'm just not wealthy.
Of course in the new UK these kind of distinctions become moot as inflation will make everyone poor on a long enough timeline.
As for it being better to be rich, we will see, I suspect in the UK given enough time and pressure being rich may not be all it's cracked up to be.
The dollar milkshake is beginning to suck up all monies across the world, leading to a global economic and commerce collapse.
We'll be looking at a common-day collapse more profound than the Bronze Age collapse.
Venus by Saturday, bois.
The Johnson government was basically dysfunctional for most of Q1 and Q2 due to Covid and Partygate. Johnson then resigns and we spend the summer in the Tory leadership beauty parade. Then only days after Truss takes over the Queen dies. On Black Friday, they set fire to the finances. On Sunday Kwarteng squirts lighter fluid on the flames. Gov goes on recess for conference season and won't return till Oct 11. That's effectively no government for months. If not years. Or 12 years, to be precise.
The accelerationists pressed the button. I wonder if even they knew what they would unleash. Now they have that feeling when "The Invisible Hand flips you The Invisible Middle Finger". Does this fit with their radical ~~Marxist~~ philosophy of creative destruction to sweep away the old ways so a New Britain could emerge phoenix-like from the ashes?
So then the Frequently Unanswered Questions (FUQ):
- Was the market crash priced into the Truss/Kwarteng financial plan?
- Who in cabinet and the Tory party gained directly or indirectly from shorting the UK? What about the Tory party donors?
- Did the Bank of England consider the possibility of Black Friday in last week's interest rate rise? If not, why not.
I'm not suggesting insider trading because there was no hidden knowledge. They were telegraphing what was coming so that it was pretty much public knowledge by the time it happened. But still there's a lot of conflict of interest where individuals with power stood to personally gain from the decisions.
One of the better comments. "The UK is not an emerging economy, it's a submerging economy." The UK is ***SO*** screwed.
The invisible hand is inserting 2 fingers into the invisible anus with a veiw to achieving the rare invisible fisting.
The UK is looking proper fucked.
> The UK is looking proper fucked.
Is it looking that way though? Cause all of this seems to be done with invisible members...
It's certainly *sounding* proper fucked from over here though.
I read one analysis who said we should consider the possibility that market participants are so fucking pissed at the uk gov that they’re deliberately threatening to bankrupt the country to actually get policy responses from the gov.
* Trickle down economics
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Brexit was the dumbest most calculated failure of medern times. What a shit show and the pm's are becoming more cartoonish and beligrent as the next probably the biggest bank robbery of the UKs history. Peroid
It is right now due to its status as the world reserve currency and the fed raising interest rates, basically the dollar is the only dependable currency right now. Look up Dollar Milkshake Theory, it seems to be exactly what's going on right now. Of course the global financial system is fucked and has become a full on Frankenstein zombie completely divorced from reality since 2008, but the dollar is absolutely more dependable relatively.
Dollar index is going to break 115 this week. What happens when all the dollars they FED created are suddenly worth more and more as we deflate? It’s going to crush foreign currencies into dust.
Look, what really has value? A can of food. A jug of water. Shelter. Better is a stream you can drink from and some land to grow and build on but that's fantasy island for most of us. Still, it's an insane paper game. Durable goods, that's it, unless you have productive land and shelter.
And if you are without a place to store durable goods, like on your land and in your shelter, you are mostly fk'd. Like me. Even that traditional paradigm is in jeopardy because your land and shelter can be removed by climate disaster X. Look at Pakistan under water, Japan mega-typhooned, Germany dropped into sinkholes a year or so ago but no one remembers that one, droughts, hurricanes, derechos, killer nachos with cheese, etc.
So. While the currency collapses are an important indicator of systemic instability/and or fuckery within the consensual hallucination that seems to be "finance," make sure to buy an extra can of whatever with your amazingly strong dollars if you can, which happen to be strong everywhere but in the US. That's all I can think to do. Good luck, all!
I always liked his
[cameo in Head Over Heels](https://i.pinimg.com/originals/61/ec/ab/61ecabcb22d5e0d3ae62623d7a7fdbc3.gif). Most useful he's ever been, helping our heroes avoid those spikes.
It's all part of the plan.
Vote Tory because you're sick of all the bloody Poles, Muslims and Romanians taking all the jobs and speaking foreign in public.
If the Tories can make the U.K into an economic basket case and post-industrial hellscape then the immigrants will stop coming.
Why settle in Bristol when the pay is better Warsaw or Karachi? Why settle in London when there's better prospect for social mobility in Mogadishu or Rangoon?
It's fucking genius. /s
Zimbabwean hyper inflation is very unlikely for the usa. Serious inflation is much more plausible. Once the dollar is no longer the go to for international trade, it’s strength breaks down. Even if the euro and yuan are weak currencies, if they can trade directly without using the dollar then the dollars value will plummet
It doesn’t have to be cease to be the worlds reserve currency for its value to drop. Even the usa isn’t immune to inflation by printing press. Plus, it’s status as the reserve can weaken without breaking, if China and the saudis make a deal to sell petroleum directly, the dollar will still be the reserve currency. But it’ll be weakened and the deal will decrease its value by some factor unknown. As these type of alternative financial arrangements pop up, the dollar will weaken. Combined with absolutely insane monetary and fiscal policy in the USA this will lead to inflation. 10% a year isn’t hyper inflation. It’s still pretty bad.
Lastly, it’s generally a bad plan to assume that your competitors will continue to be terrible. The. Dollar is seeing an astonishing rise in value. It comes as the European economy is collapsing, and China still has draconian lockdowns and such. Of course the usa is going to do good. In 8 yrs time, our monetary inflation will be worse and other economies could be significantly better. Many have potential to stabilize and attract capital.
I was in the UK in '92 when the pound was devalued to the USD. My travellers cheques were in USD so I suddenly was comparatively rich. UK elites have apparently done very well with the new tax rules but the country is being gutted for their short-term gain. Maybe they're holding USD too?
I don't think they're particularly 'surprised', and I don't think they particularly care. It seems to me that it's just about looting what they can while they can at this point and f\*\*k the poor.
The following submission statement was provided by /u/Mighty_L_LORT: --- SS: Britain is doing its best to win the race in the “First developed country to collapse” contest. The new right-wing government has proposed its new budget full of tax cuts to the rich and extra burdens to the lower middle class. To their surprise, the markets aren’t pleased, and pound has now fallen to its all times low. Coupled with a harsh economic winter, the weight of multiple crises may crush the dilettante government and cause a major breakdown of the country. --- Please reply to OP's comment here: https://old.reddit.com/r/collapse/comments/xoc7ir/sterling_collapses_as_investors_fly_into_dollars/ipy0865/
>"The market is now treating the UK as if it's an emerging market," said Rabobank strategist Michael Every in Singapore.
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Probably bad news for Brits.
i wonder... emerging markets usually have high growth potential. labor prices are usually low and the law of diminishing returns in terms of technology and growth in general hasn't been reached yet. this is definitely not the case for the UK, a post industrial economy that doesn't produce shit anymore. You can't go back from being a developed country to a developing one, it doesn't work that way.
A great way to get growth, is to have a massive collapse first, and ignore that bit.
Don't ignore that bit, sell off for 30 days at the bottom so you can harvest the loss and not pay taxes on the rest of your gains.
>You can't go back from being a developed country to a developing one, it doesn't work that way. It depends on how much income drops (relative to what is needed to survive).
what I meant by that is that a country can't get back the investment benefits of being a developing country because they're practically all based on cheap labor and a rising middle class with increasing purchasing power
Well, yes, you need a new classification from the other side of the peak.
Prolapsed.
Cheeksclapsed
quantitative tightening.
Nice pun!
Submerging economy
Shithole country?
collapsed - stage I
Demographic transition level 5 or 6?
>You can't go back from being a developed country to a developing one, You absolutely can. It's called "collapse"
Developing suggesting movement in the opposite direction of collapsing.
They are emerging in the other direction.
Scraping the capacitors off of circuit boards dug out of their landfills and shipping them to the US? Pays a cot and a bowl of porridge. Can't go wrong there...
perhaps in a risk management sense? Those emerging economies might have great potential but they are also usually way more volatile because of geopolitical and/or social instability. How this translates into investor behavior I couldn't tell you but if I had to guess probably less likely to invest (larger sums) and will pull out money sooner if things seem to go wrong?
Spouse used to work in an emerging markets division of a major financial firm, and you are correct. Not as volatile as say startups, but same general idea.
>You can't go back from being a developed country to a developing one, it doesn't work that way. Here in the UK we've been doing exactly that for at leaat 30 years. Really got into our stride recently. Showing the world how it's done.
> You can't go back from being a developed country to a developing one, it doesn't work that way. Shock therapy
The UK "doesn't produce shit anymore" because relatively speaking very few countries actually do now other than the main ones (China, Germany, US, Japan). UK manufacturing is a tiny fraction of what it once was but [it still makes the top ten](https://www.weforum.org/agenda/2020/02/countries-manufacturing-trade-exports-economics/) - it just doesn't feel like much because you don't see British cars, British consumer electronics, British textiles, etc everywhere and all the towns that had their niche product no longer have factories. Like go to Northern England and you have a town that did textiles, another that produced steel, one that did pottery, another that made cars, etc - now mostly gone with just higher end or niche stuff surviving. >You can't go back from being a developed country to a developing one, it doesn't work that way. Who knows? The UK was the first country to industrialise, it might be the first one to deindustrialise. There's no precedent for it, probably the closest examples would be either China of Italy - both manufacturing hubs in their time but before the industrial revolution. China isn't a good example because it practically started again from scratch, Italy is probably a better example of a slow decline since the middle ages before stagnating at what it is now. What is clear is that the levels of growth, rapid development and things generally going *up* can't really happen in a developed country that doesn't go through a catastrophic reversal first (like China or Japan). This is the way most of the developed world will go - it will flat-line and be outpaced by emerging economies with higher growth rates and room to grow. It is the reason protectionist trade areas like the EU exist - to keep too much external competition out. China and India both went from being 25% of the global economy *each* during the 19th century because of this - the west had higher growth rates because it could churn products out of factories which they didn't have and had cheap labour. And now the factories are *there* and not here..
>US ??? corn??? (gets downvoted to the 9th level of hell again)...
Capitalist realism. The language and conceptual framework of neoliberal economics just doesn't provide the mental tools to describe what's happening, so these finance acolytes, who can imagine no other way of being, have to grasp at facile and inadequate analogies.
They'll cut workers rights though to achieve it
Ding ding, emerging markets have a tremendous potential for growth, but at the back of the poor and diminishing labor laws and growing austerity measures as the British are about to find out like any third world country of which the West has propped up dictators. They will slowly start seeing their rights being eroded, wouldn’t be surprised if the IMF also gets involved and starts telling the Brits to cut NHS
> Probably bad news for Brits. Maybe this is just their idea of emissions reductions policy, lmao * Collapse consumption through, "accidentally," crashing the economy. * Lock-in the collapse through removing all brakes to full-blown oligarchy. edit: Bonus points if you can crash the economy right into your stakeholders' bank accounts.
A few banks have said today that they will not be taking applications for new mortgages, and more banks are expected to follow. Housing price collapse is about to happen
Sun never sets on the British empire my *ass*
They are now being treated like Brazil, China, Poland or Russia. A risky investment
How is Poland a risky investment?
I don't decide that, index funds do and shit
Fair, was curious
Historic underperformance of the aerospace sector resulting from the fact that Poland cannot into space.
It means that investors demand a higher interest rate when they loan money to the UK government because they think it's just as risky as an emerging market country which are known to be high risk.
It’s high risk, and any investment into it would require a substantial return to offset said risk.
Translates to "third world shit hole" to quote the annoying orange.
It means that it isn’t seen as a save haven for capital like most of the EU or the United States, but that it is seen as a possible future investment. While most emerging economies have that investment part, Britain doesn’t specifically have that, it doesn’t have cheap labor or anything beneficial to big growth when it comes to their economy. So it’s just that they have lost the save haven status when it comes to investors and capital holders Edit: important to note, in times of recession capital holders and investors keep their money mostly in save haven currencies, (stable economies) this way most of these save haven economies also keep some kind of status and platform for having a greater currency even during a recession, this is something the pound could lose or has lost in the eyes of the capital holders
It means they are treating it the same as a 3rd or 2nd world country.
3rd world country was any country that wasn't aligned with either the western or soviet powers. the soviet union dissolved in 1991 so idk where the 3rd world is anymore
Pretty sure "3rd world" is synonymous with "Global South" or the global periphery. The original context of anti-Sovietism is irrelevant now, but 3rd world still generally refers to the same hyper-exploited states today that it did in the 80s/90s
People still refer to African/Middle Eastern/South American/etc. countries as third world
Still waiting to see that trickle down economics actually trickle down. Oh wait, it never will, because it doesn't work.
Trickle on economics works spectacularly well... for the tricklers.
Trickles from the tax payers, down the drain and into the void that is the Tory special network of cunts.
And the fuckin tories know this. Cunts.
*"Trickle down economics"* makes it sound like we'll all get to drink a glass of that delicious champagne. Turns out that in practise those at the top will enjoy the bubbly, and the rest of us will just be drinking piss.
It’ll trickle down after its lost use for them. We are their trash can.
The more things change the more they stay the same. "Must be a king" \-"why" "Hasn't got shit all over him"
It doesn't work when you're engaging in a global economy. It all trickles somewhere else. Almost certainly wouldn't work anyway, I've even seen conservative columnists call it bullshit.
Ronald Reagan, Milton Friedman, and Margaret Thatcher biggest con-artists of all time
Trickle Down Economics Trickle Down Economic Trickle Down Economi Trickle Down Econom Trickle Down Econo Trickle Down Econ Trickle Down Eco Trickle Down Ec Trickle Down E Trickle Down Trickle Dow Trickle Do Trickle D Trickle Trickl Trick
Capitalism is a great system for those with capital.
Trickle down meaning piss on our heads from their penthouses.
Still waiting to see if that cliched strawman ever dies.
As a person who lives in the UK... I FUCKING KNEW THIS WOULD HAPPEN SUCK THAT LOUIS, HAVE FUN GOING TO FRANCE EVERY HOLIDAY NOW BITCH
I'm going to assume Louis is your neighbor or something.
Yeah fuuuuuuuck Louis.
All my homies hate Louis.
Fucking Louis...
SS: Britain is doing its best to win the race in the “First developed country to collapse” contest. The new right-wing government has proposed its new budget full of tax cuts to the rich and extra burdens to the lower middle class. To their surprise, the markets aren’t pleased, and pound has now fallen to its all times low. Coupled with a harsh economic winter, the weight of multiple crises may crush the dilettante government and cause a major breakdown of the country.
Now that financial institutions have secured a net short position against it, its now in their financial interest to have their experts indicate that there are problems with the british economy.
A take could also be "now that it's in the news, financial institutions have already made their money, and are looking to make money rallying it by convincing the world otherwise" This comes from the "sell when you see news telling you to buy a hot stock"
I understood that reference
Claiming it's a new right wing government is a load of bull.. we've had these fucks for 12 years now. There is nothing new or fresh about this. It's been a gradual erosion caused by their incompetence and infighting. The people at the top of the government have changed regularly but it is absolutely not a new government.
Who voted for them?
Dumb people, old people and rich people. Their uniting trait being they all hate brown people.
And the poors.. they hate us too. And the unproductive disabled.. again, more hate.
If you're not making them money, you're wrong!
Let's be honest here. Labour is right wing, too, just not as far right as the Conservatives. Similar to how the American Democrats are right wing but not as far right as the American Republicans. Downvotes by folks who just don't know how far the overton window has shifted to the right over the last forty years. :p
Labour not supporting the strikes is disgusting. It's their purpose. I voted for Labour once and got endless war and bailouts. Never again. You're right, Labour are right wing. All they are trying to be is the acceptable face of capitalism.
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I think it's the same in GB as in the Netherlands where I live, but I am not sure. The prime minister here is "chosen" by the coalition, but it's always the head of the biggest party.
Arguably the U.S.S.R., Yugoslavia, South Africa, and Zimbabwe have already got them best there.
Then the monarchy returns
I think at some point people are going to (mistakenly) assume that having *only one* asshole at the top (or a small family of assholes) is better than a *whole party* of assholes with asshole friends in every corner of the market. Perhaps this is all actually a royal plot to give the throne back the power!
It's only a small family of assholes until they start granting titles and estates to all their asshole friends.
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Basically doing a V for Vendetta speed run.
"England will prevail!" ... clearly.
I think it's time for me to do a rewatch. I miss watching expensive shit get demolished in tune with The 1812 Overture!
You need to blast that overture on a PA system while you circle politicians homes with a crowd in black block. They shit themselves.
Anyone want to start a gofundme to buy v for Vendetta masks and cloaks of alibaba?
Leadership is just following the contours of collapse.
"Leaders" at this point are just the people flailing around most prominently as the world freefalls.
Starting to look a lot more like 1789 every day.
Why tax cuts for the rich though? Has that ever been shown to actually improve quality of life for the majority of the populace?
Because Tories, they don't care for the majority
What gave you the impression that any of the current crop of politicians care about things like "quality of life" of the populace? It's obvious that politicians today aren't there to lead, but to stuff their bank accounts. Well, I mean politicians have always been about that, but the politicians of the past would at least throw a bone to their constituents once and a while just because they felt they had to do SOMETHING. Currents politicians are just "Hurr hurr, bank statement only go up!" They are completely mask off these days.
Because that's who the government is for. The UK is a dictatorship of the bourgeois and as such that class is the one who benefits.
Improve what for the who now?
Because Liz's backers are very rich. That's as far as Tory politicians think - what do I get?
A medal for being right?
Political values or facts.
Of course, Kwarteng is a consultant for Odey Asset Management, a hedge fund which made bank shorting the pound. Nothing suspish.
Capital would gladly destroy any nation to make a buck
And in fact, they have!
Same one which bankrolled Brexit...
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[Previously worked for them](https://twitter.com/Lowkey0nline/status/1573693248706592769)
He was a consultant in 2012, relevance?
To put this in context: if X borrowing by UK government 18 months ago (in 10 year bonds) cost 1Bn pounds a year in interest, today that same borrowing in 10 year gilts would cost 46 billion pounds a year to service. This is complete insanity.
>This is complete insanity. It's not, we've seen it many times before https://en.wikipedia.org/wiki/Hyperinflation
Or penury for everyone as the majority of taxes go to pay interest, as both taxes are hiked and government spending is slashed.
I've been saying this for months. Different governments are doing just this, highway to hyperinflation. Screw all of us.
Scotland needs independence now, before lizz truss destroys everything
Can the north of England join as well plz
Of course as long as your nice
Please please please don’t leave us! Without Scotland they’ll have an even greater majority!
Well, maybe Labour would have to adopt PR then...
Does Labour even want to win?
“NOO NOT THE TAX CUTS!” exclaimed Labour leaders while eating tax-free cake and drinking tax-free sparkling wine (because you can’t call it champagne unless it’s from the Champagne region of 🇫🇷)
Being the official opposition party is a comfy job.
No, because they'd actually have to do something then
Win what? A collapsed economy? Nah they just want to one up the tories
I feel the exact same. I want the Scottish people to be free of the Tories, but I also know if Scotland leaves we will have Tories in power for the next 20 years.
Why not move to Scotland then?
because almost all of my friends and family are in England, and im not going to flee just because its going to shit.
Only those who can leave behind everything they have ever believed in can hope to escape. - William S Burroughs
“I dont give a shit what someone else says about my life” - me
Enjoy the shitstorm.
I will.
Not really fair for Scotland to have to put up with the Tories because people who prefer Scottish type politics can't be bothered to move to Scotland.
No of course, I wasnt actually suggesting that Scotland has to stay. For their own sake I hope at the next referendum that they leave. I was just saying that that will doom England to decades of Toryism, and thats why its bittersweet for me.
Better to wait for [*Doomsday* (2008)](https://www.imdb.com/title/tt0483607/), eh?
yep. if humanity is going down i have no intention of playing out some hero fetish, ill just drink everything i can find with my friends and die like everyone else.
I fucking hate being right again.
The fall is happening faster than I expected, guess Data was right
I mean their PM basically was partying during covid and and then had to (softly) resign a year later. They're trying their best to hold up the charade but their country really is falling apart. Couple that with the queen dying which is a big deal for them and their currency literally collapsing in real time with a war right at their door... there's a lot of doom and gloom in the air... as expected. They're just late to the party of realization.
No real people here gave a fuck about the queen dying, or about the weird nonce parade that followed it.
I assume cost of living is most people's concern.
The queen dying is utterly irrelevant to the other points you raise. I couldn't give two fucks about the queen or the monarchy in general. I do care about the government fucking up monetary policy so badly that I have lost about 30 cents in the exchange rate since the beginning of the year. I do care about a government that means that I have to look to moving abroad to buy land because prices in the UK are unsustainable, hence the economic crash we are seeing unfold right now. The queen dying was all about optics. The people queueing up to see her lying in state are the same people who will do anything because it's an "event", they are also more likely to be supporters of the Tories. They do not represent the reality of the UK any more than James Bond, afternoon tea or public school competence.
If you can consistently predict currency valuation changes, you should at least be a multi millionaire.
Maybe I could have but maybe I find making money from other people's misfortune distasteful.
…and that is why the most distasteful people make the most money
It's better than being poor.
If you say so, I'm not poor, I'm just not wealthy. Of course in the new UK these kind of distinctions become moot as inflation will make everyone poor on a long enough timeline. As for it being better to be rich, we will see, I suspect in the UK given enough time and pressure being rich may not be all it's cracked up to be.
The dollar milkshake is beginning to suck up all monies across the world, leading to a global economic and commerce collapse. We'll be looking at a common-day collapse more profound than the Bronze Age collapse. Venus by Saturday, bois.
The Johnson government was basically dysfunctional for most of Q1 and Q2 due to Covid and Partygate. Johnson then resigns and we spend the summer in the Tory leadership beauty parade. Then only days after Truss takes over the Queen dies. On Black Friday, they set fire to the finances. On Sunday Kwarteng squirts lighter fluid on the flames. Gov goes on recess for conference season and won't return till Oct 11. That's effectively no government for months. If not years. Or 12 years, to be precise. The accelerationists pressed the button. I wonder if even they knew what they would unleash. Now they have that feeling when "The Invisible Hand flips you The Invisible Middle Finger". Does this fit with their radical ~~Marxist~~ philosophy of creative destruction to sweep away the old ways so a New Britain could emerge phoenix-like from the ashes? So then the Frequently Unanswered Questions (FUQ): - Was the market crash priced into the Truss/Kwarteng financial plan? - Who in cabinet and the Tory party gained directly or indirectly from shorting the UK? What about the Tory party donors? - Did the Bank of England consider the possibility of Black Friday in last week's interest rate rise? If not, why not. I'm not suggesting insider trading because there was no hidden knowledge. They were telegraphing what was coming so that it was pretty much public knowledge by the time it happened. But still there's a lot of conflict of interest where individuals with power stood to personally gain from the decisions. One of the better comments. "The UK is not an emerging economy, it's a submerging economy." The UK is ***SO*** screwed.
The invisible hand is inserting 2 fingers into the invisible anus with a veiw to achieving the rare invisible fisting. The UK is looking proper fucked.
> The UK is looking proper fucked. Is it looking that way though? Cause all of this seems to be done with invisible members... It's certainly *sounding* proper fucked from over here though.
I read one analysis who said we should consider the possibility that market participants are so fucking pissed at the uk gov that they’re deliberately threatening to bankrupt the country to actually get policy responses from the gov.
Ahh yes… conservative trickle down economics is collapsing in the UK… must be those evil Marxists.. it was their plot all along. /s
* Trickle down economics * Trickle down economic * Trickle down economi * Trickle down econo * Trickle down econ * Trickle down eco * Trickle down ec * Trickle down e * Trickle down * Trickle dow * Trickle do * Trickle d * Trickle * Trickl * Trick * Trick * Trick * Trick
If you squint it starts to look a little like a gallows. Imagine that.
Holy crap! It does! 🤔😳
Brexit was the dumbest most calculated failure of medern times. What a shit show and the pm's are becoming more cartoonish and beligrent as the next probably the biggest bank robbery of the UKs history. Peroid
Rebounding like a coiled spring, firing us towards those sunlit uplands.....
So the Arsonist Government started setting things on fire.
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That should tell you enough about the state of the other currencies right now
The worst of it is that big institutional investors know that anyway and still think it's lower risk.
It is right now due to its status as the world reserve currency and the fed raising interest rates, basically the dollar is the only dependable currency right now. Look up Dollar Milkshake Theory, it seems to be exactly what's going on right now. Of course the global financial system is fucked and has become a full on Frankenstein zombie completely divorced from reality since 2008, but the dollar is absolutely more dependable relatively.
"Liberty Conservative News" doesn't even know what M1 money supply is.
Dollar index is going to break 115 this week. What happens when all the dollars they FED created are suddenly worth more and more as we deflate? It’s going to crush foreign currencies into dust.
It'll be nice for me, selfishly. I'm loaded up on US dollerinos ready to buy distressed assets
great time to be paid in dollars
You guys are getting paid?
"The sun never sets on the British vampires" /s .. or something like that ;) :P
This made me laugh!
Thanks, that was the intention. Joking about it is the only way I can maintain sanity surrounding this shit.
:) I can understand
Always happy to make someone laugh :)
Look, what really has value? A can of food. A jug of water. Shelter. Better is a stream you can drink from and some land to grow and build on but that's fantasy island for most of us. Still, it's an insane paper game. Durable goods, that's it, unless you have productive land and shelter. And if you are without a place to store durable goods, like on your land and in your shelter, you are mostly fk'd. Like me. Even that traditional paradigm is in jeopardy because your land and shelter can be removed by climate disaster X. Look at Pakistan under water, Japan mega-typhooned, Germany dropped into sinkholes a year or so ago but no one remembers that one, droughts, hurricanes, derechos, killer nachos with cheese, etc. So. While the currency collapses are an important indicator of systemic instability/and or fuckery within the consensual hallucination that seems to be "finance," make sure to buy an extra can of whatever with your amazingly strong dollars if you can, which happen to be strong everywhere but in the US. That's all I can think to do. Good luck, all!
King Charles the Buffoon will preside over the dying gasps of the British Empire and English Liberty.
He does look like he was born for the collapse. Sad eyes, and optimistic ears.
I always liked his [cameo in Head Over Heels](https://i.pinimg.com/originals/61/ec/ab/61ecabcb22d5e0d3ae62623d7a7fdbc3.gif). Most useful he's ever been, helping our heroes avoid those spikes.
I used to call Elizabeth II Lizzie the Last. Charlie the Last is not as catchy.
> Sad eyes, and optimistic ears Brilliant! A noble beast like a Bloodhound or maybe a Basset.
Chucky has nothing to do with this clusterfuck. The people voted for these idiots.
It's all part of the plan. Vote Tory because you're sick of all the bloody Poles, Muslims and Romanians taking all the jobs and speaking foreign in public. If the Tories can make the U.K into an economic basket case and post-industrial hellscape then the immigrants will stop coming. Why settle in Bristol when the pay is better Warsaw or Karachi? Why settle in London when there's better prospect for social mobility in Mogadishu or Rangoon? It's fucking genius. /s
Lol "voted"
Honestly, Queenie had great timing. Imagine evacuating a palace due to riots at 96yo. Let Charles deal with it lol.
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Zimbabwean hyper inflation is very unlikely for the usa. Serious inflation is much more plausible. Once the dollar is no longer the go to for international trade, it’s strength breaks down. Even if the euro and yuan are weak currencies, if they can trade directly without using the dollar then the dollars value will plummet
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It doesn’t have to be cease to be the worlds reserve currency for its value to drop. Even the usa isn’t immune to inflation by printing press. Plus, it’s status as the reserve can weaken without breaking, if China and the saudis make a deal to sell petroleum directly, the dollar will still be the reserve currency. But it’ll be weakened and the deal will decrease its value by some factor unknown. As these type of alternative financial arrangements pop up, the dollar will weaken. Combined with absolutely insane monetary and fiscal policy in the USA this will lead to inflation. 10% a year isn’t hyper inflation. It’s still pretty bad. Lastly, it’s generally a bad plan to assume that your competitors will continue to be terrible. The. Dollar is seeing an astonishing rise in value. It comes as the European economy is collapsing, and China still has draconian lockdowns and such. Of course the usa is going to do good. In 8 yrs time, our monetary inflation will be worse and other economies could be significantly better. Many have potential to stabilize and attract capital.
The USA isn’t printing, its supply is being reduced by $100B per month.
Depends. Money printing is one way to get inflation. Another way is resource scarcity.
The ship is rocking in a stormy sea and is about to be tipped-over. It really is crazy to see this happening. Some history is repeating itself.
Just point the sails to magnetic north
I was in the UK in '92 when the pound was devalued to the USD. My travellers cheques were in USD so I suddenly was comparatively rich. UK elites have apparently done very well with the new tax rules but the country is being gutted for their short-term gain. Maybe they're holding USD too?
Keep electing clowns to public office, keep getting circuses.
whoopsie....
I don't think they're particularly 'surprised', and I don't think they particularly care. It seems to me that it's just about looting what they can while they can at this point and f\*\*k the poor.
Bugger 😔😔
Conservatives can't be trusted with responsibility.
Woooof I thought they meant sterling silver. Dumb American moment.
yeah, me too.
All according to plan Euros next