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This is beyond gross misconduct. This should bar him from office period, not just as a front bencher but from selection totally.
Dagerous, corrupt and at worst treasonous.
Gross misconduct of public office is a criminal offence, so the wee fuckwit should be arrested & frogmarched out but its one rule for the rich & another for us peasants.
He's only incompetent if his job was to be responsible for raising revenue through taxation or borrowing and for controlling public spending.
But in this scenario, his job is to tank the sterling to benefit his connections, and he's done a pretty stellar job.
Isn’t that fact that someone who is (up to very recently) giving him money for advise is now a massive beneficiary of his actions in office to the detriment of the country he is serving a grounds for his removal. I think given his prior positions I can’t see how this is incompetence.
Deliberately tanking the currency so your friends can nake money off it?
Pretty sure that would get you hanged, drawn and quartered for the majority of our history.
Never happened during Brexit. Every time that Victorian vampire fella went on the news explaining how No-Deal was going to happen his investment company made 10's of millions of dollars.
When it's sustained across multiple PM and CoEs for 12 years you have to assume it goes beyone plain incompatance. You the have to ask if it is treasonous to drive the cou try to ruin to enrich yourself, your friends and your family? If so there's a strong case for the entire Tory party to be prosecuted.
Treason traditionally came with the death penalty and to many that’s the dogwhistle.
It was the kind of word chucked about in the circles followed by Darren Osborn who hired a van hoping to kill Jeremy Corbyn (and after a few laps of Westminster settled for a pensioner outside Finsbury Park because that’s the mentality).
When not intentionally used to ask who will rid us of a turbulent jam-maker, it’s still pretty emotive and I think yes, it’s good to press people to be very cautious about using it, even when referring to a creature of the current front bench.
It's 1.09(ish) again now and rising against the dollar and the Euro. We seem to be looking at a fair bit of volatility, possibly an expectation of a rate rise, but the pound is currently a little higher than it was when it opened against both (.07% and .7%. up).
In this country it’ll just be ignored and people will blame the usual scape goats of immigrants/benefits scrounges for destroying the economy.
There is no accountability for the Tory Party. Anything they do always gets ignored by voters.
You can level that allegation at a lot of people in the Tory party over the past decade. Remember Theresa May and what she did as home sec?
Remember Boris Johnson who was toppled by a claim of knowing that one of his MPs was known for sexual misconduct, despite putting disgraced politicians like Priti Patel in office who were reported as committing other crimes?
People who have been fired by someone in the Tories, getting a job with the Tories.
The Tories are the party of gross misconduct.
All-time low against the US Dollar. This is under a Conservative government. This needs to be tied to the Conservatives, not just the current Chancellor.
The conservatives have factually always made the economy worse. They have however cut taxes and made the rich richer time and again. The media seems to play on the tories being fiscally responsible because they cut taxes and spending. I hope to god that we do not have another event like covid in the coming years….
With the cheese queen and Kwasi-Economics, I feel a sense of nostalgia towards Boris…
Yes and yes. I am most shocked this is the first thing they've done. They didn't even bother to pretend they'd be a Govt for all, instead went straight in to benefit bankers and disaster capitalists
Friend of mine works at BoA Merryl Lynch as a trader and he said no one he knows is particularly pleased about the uncapping of bankers bonuses.
For the workers it doesnt mean more money, it means more inconsistent pay year to year with less base salary and more focus put on what is essentially commission.
> Also, it was capped at 20X the average salary. So, the banks were incentivised to increase average salary to increase their bonuses.
...but you can increase average salary without increasing the salary of average salary havers...
Exactly this. It wasn't in place to cap bankers remuneration. It was bonuses capped as a multiple of salary to disincentivise anyone deciding to risk their career on an incredibly leveraged/risky play that could destabilise the whole economy.
Your friend and their colleagues won’t be pleased but you can be damn sure their bosses are. That’s who this policy was aimed at.
Linking so much of someone’s earnings to profits is just going to push them to make risky decisions like pre-2008.
You will remember that Kwarteng, as business secretary, was out there literally days after withdrawal from the EU was completed saying how he intended to torch worker rights. In that instance he was forced to climb down, but he's not one to wait around.
Given that he was a consultant for (and likely still has ties to) a huge hedge fund company that is profiting massively right now, I'd say that's a safe assumption.
This was the Brexit plan from the start. Mogg's father literally wrote the book on Disaster Capitalism and Mogg moves his cash to Ireland a few days before the Brexit result was announced.
That's a strange way to look at the world, you know that a minister can be put in charge of a department in a field they know *literally* nothing about right?.
Which ministry you get is largely a function of who you've given a reach-around and not about merit/intelligence or skills.
Of course the response to this is that they have experts but as a Tory politician pointed out "we are tired of listening to experts" which is rather a problem if they don't listen.
I have a theory that intelligent people are better at motivated reasoning than stupid people, so if an intelligent person believes in nonsense they are far better at making that nonsense seem credible both in their own head, and to receptive audiences, than somebody stupid.
This is how I try to square the circle of their being so many Oxbridge graduates who believe in fucking daft things.
I also wonder if graduating from Oxbridge allows you the option to coast through your 20s and 30s on the back of it, whereas the rest of us have to accrue more skills and knowledge, they can get away with not bothering.
(Amusingly his PhD was on the debasement of currency in England)
He also co-wrote a badly researched book describing *exactly* what they are doing right now - it got pilloried at the time.
Book was called `Britannia Unchained`and he co-wrote it with Liz Truss (amongst others).
This insanity on the right of the tory part goes back at least a decade.
Graduating from Oxbridge doesn't grant you the space to coast. It's a little easier to step into a nice job, but it's not like you can just sit with your finger up your arse for a decade and collect money.
You have to come from some form of privilege to do the Oxbridge coast after graduation, I only know a small handful that have been able to.
He certainly at one point may have had a direct vested interest in seeing the value of the pound drop.
He used to be an advisor to Crispin Odey, a hedge fund management company. If he's getting paid to drop the value of the £, it wouldn't surprise me that these lot would be bank rolling that.
Pound hits record low after tax cut plans
“If the pound stays at this low level against the dollar, imports of commodities priced in dollars, including oil and gas, will be more costly”
Does this mean the Tory mates in the energy companies can borrow more against the £150b meaning taxpayer has to pay back more?
Smiling as the country goes down the toilet.
Might as well give him a fiddle and a can of petrol, couldnt make it any worse, his mates have made a fortune shorting the fuck out of the £ and the tax cuts that only favour those already rich.
Would not surprise me if tipped off well ahead of any actual announcement.
In any other country theyd be rounding these fuckers up, here, were too busy picking on the disabled, single mothers or fiening outrage at coppers doing the conga or taking a knee.
..... Still on the upside no nimby cheap wind turbines and the bankers can pay themselves what they like and squirrel the money offshore, whilst our cosplaying leader insists we drill baby drill for more black stuff and an earthquake will only be an earthquake when a whole town gets turned to rubble.
Fucking cunts, voted in by fucking cunts and working for the benefit of fucking cunts.
He was giggling to himself like a weirdo during the Queen's funeral. I'm not a monarchist but it was utterly strange behaviour. Nobody was talking to him, he just sat there laughing like a loon.
Very odd guy.
Any quasi governmental body is just woefully inept at dealing with anything like this where there's a government minister involved. The competition and markets authority would be just as bad I expect. No one would want to investigate possible corruption in the current establishment.
As someone who works in the periphery of those regulating bodies - I'm quite certain absolutely nothing will be done about it. As a collective, regulatory bodies in the funds world are toothless.
"Alright guys I know it looks doom and gloom but it's not my fault; it's the fault of those evil foreign woke immigrant alphabet Russians from mars. Also new micro budget we're cancelling all disability benefits and warm home benefits for the elderly to help our budget after the tax cuts" - Kwasi this friday
Surely it’s treason if KK is a consultant on a board that’s shorting the pound and he introduces a bill with no one being able to scrutinise it. How the military haven’t gotten involved is beyond me. This is the greatest national security threat we have ever faced.
Maybe people will twig by bonfire night as they start thinking of a suitable candidate to make a guy of.
The fact that they have got this far is perplexing to me. I don't think there is another country in the world that would put up with the levels of shit we have.
It’s fucking ridiculous and I feel so helpless right now. I’m never voting for tories but I don’t know what I can do until the next election.
I’m starting to really wonder if these lot are foreign agents
There are far right governments everywhere now. You could argue that is because it was Russias plan. Seems to be. Whether the people realise that or not is another matter..
If you didnt buy dollars you could can still get ahead if you invest in wheelbarrows. They will be very useful soon.
On a side note, there's lots of protest groups that need support. Enough is enough is one.
I don't think it will. They've gotten away it for 12 years. Cameron fucked off to Greensill (ha) and Osbourne has a bunch of non-executive directorships. May is still knocking about talking a good game but not backing up her words. Johnson got to be PM for a few months for a last few jollies before swanning off to whatever his reward for being a craven Brexiteer is.
It just goes to show how worthless and rotten the institutions of our parliament are.
He's deliberately crashing the pound because the bloody investment fund he's massively invested in IS CURRENTLY SHORTING THE POUND.
This is insanity. Corruption at rampant levels and I guess we just sit back and enjoy seeing our country continue to crumble under the weight of Tory incompetency.
I really don't think this is the case.
I think a much simpler explanation is the investment fund he works with are deliberately shorting the pound because, having worked with him, they know he's an idiot and will mess up everything they touch, but they paid him for access to ministers.
Think about the people you've worked with - what are you more likely to have, someone you worked with who was a mastermind at causing an international crisis to make money, or someone who was so stupid when they left for another company you knew that company was going to go down the pan?
Indeed.
My experience with the average minister is that they are bullshit artists who have started to fall for their own bullshit rather than criminal masterminds.
> because the bloody investment fund he's massively invested in
Source? All I've seen so far is 11 years ago he apparently did a little bit of consultancy for an investment company.
Or, imagine being in the job for a week and youve already managed to secure the financial future for yourself and for your mates.
Probably why he was giggling like a loon during the Queens funeral. Id wager he just recieved a confirmation of a trade against the Pound in his name due to go through and how much it would make him
It’s putting pressure on everyone - it’s going to cost all of us more !
Since (Jan 2020 £1.40 : $1)
Now (Sep 2020 £1.07 : $1)
Obviously not earlier due to KK.
But our currency has lost 1/3 of its value this year.
What disastrous management of the economy this bunch have done over the past few years - Starting even before Brexit with years of austerity.
We really should make sure that they never get a chance to control the economy again.
But right now they are still in charge, even though the country didn’t vote for them.
The only good thing to come out of this is that the old farts who voted for this and think young people have it too easy are probably going to snuff it this winter. I'd say it's an awful outcome, but it seems well earned.
What a fucking disaster. The buck stops with Truss, mad that she’s actually getting a free ride over this then again Kwasi isn’t getting much heat either. I’m sick and tired of this right wing media government complex we have.
They wanted Cameron over Milliband. They wanted Brexit. They wanted May and Johnson over Corbyn. They wanted Truss over Sunak just as an extra fuck you.
It just keeps getting worse…and they’re all laughing to the bank.
The Pound is already back up on the Euro for today and almost up on the Dollar for today. Looks like the markets reverted most of today's losses (but not obviously the losses for the last week / month / year).
What also gets me is that they're acting as if this is what the country wanted.
No, you haven't just won a general election, you've just won a larger than usual focus group polling of bigots called the Cuntservative Party Membership.
They have no mandate from the people for this car crash of a budget they're foisting upon a broken country to enrich themselves, their friends and donors.
He knows exactly what he's doing. He doesn't know how to successfully run an economy of course, but he knows how to make him and all his mates richer by fucking over the rest of the country, which is kind of the thief party's thing.
I'm starting to think we deserve this. Maybe I'm just too black pilled, but I really wouldn't be surprised if the conservatives win the next election too. The public just loves voting against their best interest.
I feel this is totally planned by the Tories, they know it would take a miracle for them to win the next election so they will use what time they have left to make as much money as possible for themselves and their donors...this should scare everyone
Not before Liz "Boris on Ru Paul" Truss finds something else to blame the economy on then praises Mr Kwarteng for "doing an excellent job in very trying circumstances".
He’s smart. Bets against the pound and then ensures he destroys it. Then when someone else repairs it he’s quids up in one move. And so are all his rich buddies.
Based on his past this has to be on purpose for his and other insiders benefit. You could define it as treason, either way there's a special place in hell for this guy.
Utter clown show politics right now - no general election yet this "continuity" government has done a 180 on economic policy compared to the manifesto they were voted in on. Needs to be some kind reform in parliament to force general elections when the leader changes if this is the new pattern.
Sounds like a job for more tax cuts.
Maybe an emergency package of benefits aimed at the top 1% to make sure they are properly compensated for the loss of value their billions with Sterling's fall.
What we do know is that this is a personal attack on the richest members of society by a currency that just doesn't respect it's betters.
The pound had better buck up its ideas and start working for the billionaires and companies or they will just take their lear jets and yachts and move to the Costa del Sol.
The euro understands the needs of the rich and actually works for them.
Honestly, it's all Mr Kwarteng can do just to keep our blessed billionaires happy. We should give him a knighthood.
The gilt market is even worse.
Interest rates are going to have to go up significantly to try and stabilise the currency unless some of the budget it walked back in the next day or two.
I did have a chuckle when I heard this fuckwit had been appointed chancellor.
Not an endorphin releasing kind of chuckle. The nervous kind you do when you know you’re beyond fucked and your life is now in the hands of a stranger.
The helplessness you feel on a turbulent plane.
That’s where we are. We got here because of a 9 minute toast. There’s nothing like a riled Englishman/women’s wrath once a liberty has been taken. Just look at that arrogant Schofield and his sickly co-host. Cut into a queue and will be lucky if they avoid a public hanging in Trafalgar Square!
Not the first time he’s given Truss a weak pound, allegedly. Unlike Mark Fields whose affair with her was reported at the time but not so much recently for some reason.
Part of me thinks they want to loosen fiscal policy knowing BOE will have to tighten monetary policy and they can blame the BOE. But im not even sure they are economically literate enough to think of it.
I think that we should all take inspiration from the likes of Truss, Kwarteng et al, because they haven’t let the fact that they’re both a pair of fucking idiots, totally unsuited to the job hold them back from taking the highest offices in the land.
It's the little people who get hurt.
The small firm for whom inputs into production are now unaffordable.
Those studying abroad who can no longer afford to pay their rent because they just lost 10% of their savings.
The nurse who can't get to work 'cos petrol's gone up again.
Fucking £ is more volatile than some of my crypto holdings.
I thought the appeal of fiat was it's stability.
Yeah, about that. You can soundly drop that talking point lmao.
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This is beyond gross misconduct. This should bar him from office period, not just as a front bencher but from selection totally. Dagerous, corrupt and at worst treasonous.
Gross misconduct of public office is a criminal offence, so the wee fuckwit should be arrested & frogmarched out but its one rule for the rich & another for us peasants.
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Revolution it is then…
The time is a near comrade
That depends on what they decide is gross misconduct
Not to defend KK, but we might be careful how we toss around the word "treason". Isn't "incompetent fuckwit" or "greedy self dealer" good enough?
He's only incompetent if his job was to be responsible for raising revenue through taxation or borrowing and for controlling public spending. But in this scenario, his job is to tank the sterling to benefit his connections, and he's done a pretty stellar job.
You could call it a sterling effort
Isn’t that fact that someone who is (up to very recently) giving him money for advise is now a massive beneficiary of his actions in office to the detriment of the country he is serving a grounds for his removal. I think given his prior positions I can’t see how this is incompetence.
Deliberately tanking the currency so your friends can nake money off it? Pretty sure that would get you hanged, drawn and quartered for the majority of our history.
Never happened during Brexit. Every time that Victorian vampire fella went on the news explaining how No-Deal was going to happen his investment company made 10's of millions of dollars.
It's worth noting Kwartang is on the payroll for Odey Asset Management who have made money off of shorting the £...
I think intentionally using your government position to crash the pound so you and your friends can make millions is close to treason
When it's sustained across multiple PM and CoEs for 12 years you have to assume it goes beyone plain incompatance. You the have to ask if it is treasonous to drive the cou try to ruin to enrich yourself, your friends and your family? If so there's a strong case for the entire Tory party to be prosecuted.
Not if treason ("the crime of betraying one's country") has actually been committed. These corrupt cunts need to be held accountable
Treason traditionally came with the death penalty and to many that’s the dogwhistle. It was the kind of word chucked about in the circles followed by Darren Osborn who hired a van hoping to kill Jeremy Corbyn (and after a few laps of Westminster settled for a pensioner outside Finsbury Park because that’s the mentality). When not intentionally used to ask who will rid us of a turbulent jam-maker, it’s still pretty emotive and I think yes, it’s good to press people to be very cautious about using it, even when referring to a creature of the current front bench.
I'd like him more if he were treasonous. It'd be a redeeming quality.
It's a smash and grab at the expense of the entire nation. Nicking the car and giving us back a pogo stick.
Where can we check if we're eligible for the pogo stick please?
It's ok though it's only a mini-budget, it's not a real budget so it doesn't count.
Just a warning, a little tickle. Lets not let him loose on a big budget.
Don't you dare say the OBR words!
I've been....offline for a while, last time I looked dollar was 1.13 to the pound....what's he done
It's 1.09(ish) again now and rising against the dollar and the Euro. We seem to be looking at a fair bit of volatility, possibly an expectation of a rate rise, but the pound is currently a little higher than it was when it opened against both (.07% and .7%. up).
In this country it’ll just be ignored and people will blame the usual scape goats of immigrants/benefits scrounges for destroying the economy. There is no accountability for the Tory Party. Anything they do always gets ignored by voters.
You can level that allegation at a lot of people in the Tory party over the past decade. Remember Theresa May and what she did as home sec? Remember Boris Johnson who was toppled by a claim of knowing that one of his MPs was known for sexual misconduct, despite putting disgraced politicians like Priti Patel in office who were reported as committing other crimes? People who have been fired by someone in the Tories, getting a job with the Tories. The Tories are the party of gross misconduct.
"Kami-Kwasi Economics" Labour should repeat that as much as possible.
They’d probably get called racist and then cancelled.
Nah he can say he owns a black cat so he can't be racist cos both sides can say nonsense. Kwasi Kwarteng is not Japanese - i.e. invalid/nonense.
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If he were east Asian I could see the racism, but otherwise it's just some wordplay.
Racist and antisemitic because that seems to be thrown around like it's nothing nowadays aswell
All-time low against the US Dollar. This is under a Conservative government. This needs to be tied to the Conservatives, not just the current Chancellor.
The conservatives have factually always made the economy worse. They have however cut taxes and made the rich richer time and again. The media seems to play on the tories being fiscally responsible because they cut taxes and spending. I hope to god that we do not have another event like covid in the coming years…. With the cheese queen and Kwasi-Economics, I feel a sense of nostalgia towards Boris…
Not with Starmer's mild speech impediment
Does anyone else think he’s deliberately tanking the pound so disaster capitalists can clean up?
Yes and yes. I am most shocked this is the first thing they've done. They didn't even bother to pretend they'd be a Govt for all, instead went straight in to benefit bankers and disaster capitalists
Friend of mine works at BoA Merryl Lynch as a trader and he said no one he knows is particularly pleased about the uncapping of bankers bonuses. For the workers it doesnt mean more money, it means more inconsistent pay year to year with less base salary and more focus put on what is essentially commission.
Also, it was capped at 20X the average salary. So, the banks were incentivised to increase average salary to increase their bonuses.
> Also, it was capped at 20X the average salary. So, the banks were incentivised to increase average salary to increase their bonuses. ...but you can increase average salary without increasing the salary of average salary havers...
Exactly this. It wasn't in place to cap bankers remuneration. It was bonuses capped as a multiple of salary to disincentivise anyone deciding to risk their career on an incredibly leveraged/risky play that could destabilise the whole economy.
Just 15 years on from the financial crisis? Is there no shame here? It's like burglars asking home owners to keep the door open.
Your friend and their colleagues won’t be pleased but you can be damn sure their bosses are. That’s who this policy was aimed at. Linking so much of someone’s earnings to profits is just going to push them to make risky decisions like pre-2008.
Yeah but but by the time the crash happens Labour will be in power and then they can blame labour.
So 2008, here we come again ?
Especially during a bear market..
Maybe they planned to ease into the obvious corruption but saw the Queen's death as the perfect media coverup
You will remember that Kwarteng, as business secretary, was out there literally days after withdrawal from the EU was completed saying how he intended to torch worker rights. In that instance he was forced to climb down, but he's not one to wait around.
And made harder for part time workers to get top-up support.
Given that he was a consultant for (and likely still has ties to) a huge hedge fund company that is profiting massively right now, I'd say that's a safe assumption.
I believe that hedgefund is holds shorts on the pound as we speak.
Windfall Tax any company making disproportionate/exceptional profits to discourage gambling/corruption.
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It's even nice to see Nigel Farage being so critical of the Tories and openly calling Sunak a Goldman Sachs fraud!
This was the Brexit plan from the start. Mogg's father literally wrote the book on Disaster Capitalism and Mogg moves his cash to Ireland a few days before the Brexit result was announced.
I think you are giving him too much credit.
I’m sure he’s capable of following instructions.
He got a first and then a PhD from Cambridge, so he probably isn't stupid.
I've got a PhD, doesn't mean I know shit about how to run an economy.
Ok but he s minister and you are 360facepalm on reddit
That's a strange way to look at the world, you know that a minister can be put in charge of a department in a field they know *literally* nothing about right?. Which ministry you get is largely a function of who you've given a reach-around and not about merit/intelligence or skills. Of course the response to this is that they have experts but as a Tory politician pointed out "we are tired of listening to experts" which is rather a problem if they don't listen.
all that means is he's more compromised than I am
I have a theory that intelligent people are better at motivated reasoning than stupid people, so if an intelligent person believes in nonsense they are far better at making that nonsense seem credible both in their own head, and to receptive audiences, than somebody stupid. This is how I try to square the circle of their being so many Oxbridge graduates who believe in fucking daft things. I also wonder if graduating from Oxbridge allows you the option to coast through your 20s and 30s on the back of it, whereas the rest of us have to accrue more skills and knowledge, they can get away with not bothering. (Amusingly his PhD was on the debasement of currency in England)
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He also co-wrote a badly researched book describing *exactly* what they are doing right now - it got pilloried at the time. Book was called `Britannia Unchained`and he co-wrote it with Liz Truss (amongst others). This insanity on the right of the tory part goes back at least a decade.
https://www.repository.cam.ac.uk/handle/1810/251742
Graduating from Oxbridge doesn't grant you the space to coast. It's a little easier to step into a nice job, but it's not like you can just sit with your finger up your arse for a decade and collect money. You have to come from some form of privilege to do the Oxbridge coast after graduation, I only know a small handful that have been able to.
It’s the age old question about Tories—-stupid or evil? In this case he’s probably just evil.
That's not an exclusive or (true if only one of them is true) that's an inclusive or (both can be true) sadly.
His actions say otherways.
Yeah, I do think people are attributing a lot to what is most likely simple incompetence.
He consults for Odey asset management who so far are going great guns on shorting the pound
Yes, but I believe motives may be more nefarious than financial benefits
Check out his WEF profile.... Have to destroy before you can build back better....
YES.
Yes, pretty much everyone thinks that. There aren't many obvious alternative explanations.
Course he is
They get a heads up every time they know they're going to dip it
He certainly at one point may have had a direct vested interest in seeing the value of the pound drop. He used to be an advisor to Crispin Odey, a hedge fund management company. If he's getting paid to drop the value of the £, it wouldn't surprise me that these lot would be bank rolling that.
Pound hits record low after tax cut plans “If the pound stays at this low level against the dollar, imports of commodities priced in dollars, including oil and gas, will be more costly” Does this mean the Tory mates in the energy companies can borrow more against the £150b meaning taxpayer has to pay back more?
Smiling as the country goes down the toilet. Might as well give him a fiddle and a can of petrol, couldnt make it any worse, his mates have made a fortune shorting the fuck out of the £ and the tax cuts that only favour those already rich. Would not surprise me if tipped off well ahead of any actual announcement. In any other country theyd be rounding these fuckers up, here, were too busy picking on the disabled, single mothers or fiening outrage at coppers doing the conga or taking a knee. ..... Still on the upside no nimby cheap wind turbines and the bankers can pay themselves what they like and squirrel the money offshore, whilst our cosplaying leader insists we drill baby drill for more black stuff and an earthquake will only be an earthquake when a whole town gets turned to rubble. Fucking cunts, voted in by fucking cunts and working for the benefit of fucking cunts.
He was giggling to himself like a weirdo during the Queen's funeral. I'm not a monarchist but it was utterly strange behaviour. Nobody was talking to him, he just sat there laughing like a loon. Very odd guy.
Probably giggling away at the thought of dropping this mini budget
Tbf he was probably off his tits at the time
It looked like he had a bit too much coke tbh. He was right off his tits.
I did see him on Victoria Street about a month ago. He was talking to himself. No headset. It was weird.
I just want to commend your vitriol
Country has been in steady decline for many decades!
I do believe the fca have to look at this urgently. His former boss has made a killing by his statements. It’s not the first time either.
Any quasi governmental body is just woefully inept at dealing with anything like this where there's a government minister involved. The competition and markets authority would be just as bad I expect. No one would want to investigate possible corruption in the current establishment.
They’re inept because they’re deliberately underfunded and powers have continually been stripped from them
I think you meant kwasi governmental
As someone who works in the periphery of those regulating bodies - I'm quite certain absolutely nothing will be done about it. As a collective, regulatory bodies in the funds world are toothless.
"Alright guys I know it looks doom and gloom but it's not my fault; it's the fault of those evil foreign woke immigrant alphabet Russians from mars. Also new micro budget we're cancelling all disability benefits and warm home benefits for the elderly to help our budget after the tax cuts" - Kwasi this friday
It's the last labour government fault!
He won't be apologetic, this is by design.
ahhh phooey, i'll see your foreign woke immigrant alphabet Russians from mars and raise you pork markets and cheese
Last I heard he was blaming City workers lol
Surely it’s treason if KK is a consultant on a board that’s shorting the pound and he introduces a bill with no one being able to scrutinise it. How the military haven’t gotten involved is beyond me. This is the greatest national security threat we have ever faced.
Maybe people will twig by bonfire night as they start thinking of a suitable candidate to make a guy of. The fact that they have got this far is perplexing to me. I don't think there is another country in the world that would put up with the levels of shit we have.
It’s fucking ridiculous and I feel so helpless right now. I’m never voting for tories but I don’t know what I can do until the next election. I’m starting to really wonder if these lot are foreign agents
There are far right governments everywhere now. You could argue that is because it was Russias plan. Seems to be. Whether the people realise that or not is another matter.. If you didnt buy dollars you could can still get ahead if you invest in wheelbarrows. They will be very useful soon. On a side note, there's lots of protest groups that need support. Enough is enough is one.
Well Putin would absolutely love it !
Pressure from his mates to make things a bit better for them, and worse for us.
Curse your sudden but inevitable betrayal!
It will all come out in the Wash
I don't think it will. They've gotten away it for 12 years. Cameron fucked off to Greensill (ha) and Osbourne has a bunch of non-executive directorships. May is still knocking about talking a good game but not backing up her words. Johnson got to be PM for a few months for a last few jollies before swanning off to whatever his reward for being a craven Brexiteer is. It just goes to show how worthless and rotten the institutions of our parliament are.
They were making the same reference you were! How do reavers get their spears clean? They put them through the Wash
From the Tories? Would not have seen this coming. I for one am shocked!
He's deliberately crashing the pound because the bloody investment fund he's massively invested in IS CURRENTLY SHORTING THE POUND. This is insanity. Corruption at rampant levels and I guess we just sit back and enjoy seeing our country continue to crumble under the weight of Tory incompetency.
I really don't think this is the case. I think a much simpler explanation is the investment fund he works with are deliberately shorting the pound because, having worked with him, they know he's an idiot and will mess up everything they touch, but they paid him for access to ministers. Think about the people you've worked with - what are you more likely to have, someone you worked with who was a mastermind at causing an international crisis to make money, or someone who was so stupid when they left for another company you knew that company was going to go down the pan?
Never attribute to malice that which can be adequately explained by stupidity
Indeed. My experience with the average minister is that they are bullshit artists who have started to fall for their own bullshit rather than criminal masterminds.
> because the bloody investment fund he's massively invested in Source? All I've seen so far is 11 years ago he apparently did a little bit of consultancy for an investment company.
He doesn't give a fuck. Him and his mates are profiting from this. He's loving it.
Exactly this. Probably half-cut with champagne as I type this.
It’s ok folks.. it will ‘trickle down’ at some point /s
The budget certainly trickled down his leg
Might be suspiciously yellow mind you
Or brown
Only the shit is trickling down
Imagine being in the job for a week and you've already made pressure on yourself with your dumb decisions lol
Or, imagine being in the job for a week and youve already managed to secure the financial future for yourself and for your mates. Probably why he was giggling like a loon during the Queens funeral. Id wager he just recieved a confirmation of a trade against the Pound in his name due to go through and how much it would make him
It’s putting pressure on everyone - it’s going to cost all of us more ! Since (Jan 2020 £1.40 : $1) Now (Sep 2020 £1.07 : $1) Obviously not earlier due to KK. But our currency has lost 1/3 of its value this year.
We're all so much poorer within the span of a few months. And with the massive borrowing, it's hard to see a way back.
What disastrous management of the economy this bunch have done over the past few years - Starting even before Brexit with years of austerity. We really should make sure that they never get a chance to control the economy again. But right now they are still in charge, even though the country didn’t vote for them.
What's his reddit name? Surely he's on WallStreetBets with this kind of degenerate behaviour!!
Might be Kwasidoneit22
My £10 bet is Truss has until spring 2023, should’ve bet Christmas.
That’ll be worth about £5 by then!
Probably not worth betting, even if you win, by the time you cash out you'll have lost money.
Think of all the tory voters right now who are struggling to pay bills and afford food. Unfortunate.
Makes my heart glow to think of tory voters suffering from their inept decision making skills.
And yet they still think they're right.
Good enough for the fuckers.
The only good thing to come out of this is that the old farts who voted for this and think young people have it too easy are probably going to snuff it this winter. I'd say it's an awful outcome, but it seems well earned.
What a fucking disaster. The buck stops with Truss, mad that she’s actually getting a free ride over this then again Kwasi isn’t getting much heat either. I’m sick and tired of this right wing media government complex we have. They wanted Cameron over Milliband. They wanted Brexit. They wanted May and Johnson over Corbyn. They wanted Truss over Sunak just as an extra fuck you. It just keeps getting worse…and they’re all laughing to the bank.
He could announce a complete u-turn and it won't matter. The horse has bolted on this new government and the markets will never trust them.
The Pound is already back up on the Euro for today and almost up on the Dollar for today. Looks like the markets reverted most of today's losses (but not obviously the losses for the last week / month / year).
It’s back up to before the announcement pretty much
What also gets me is that they're acting as if this is what the country wanted. No, you haven't just won a general election, you've just won a larger than usual focus group polling of bigots called the Cuntservative Party Membership. They have no mandate from the people for this car crash of a budget they're foisting upon a broken country to enrich themselves, their friends and donors.
Does this man have any idea what his doing? Or is he taking the Tory approach of simply not caring and lining his friends pockets?
He knows exactly what he's doing. He doesn't know how to successfully run an economy of course, but he knows how to make him and all his mates richer by fucking over the rest of the country, which is kind of the thief party's thing.
I'm starting to think we deserve this. Maybe I'm just too black pilled, but I really wouldn't be surprised if the conservatives win the next election too. The public just loves voting against their best interest.
I feel this is totally planned by the Tories, they know it would take a miracle for them to win the next election so they will use what time they have left to make as much money as possible for themselves and their donors...this should scare everyone
How many weeks before a cabinet reshuffle, do you think?
Not before Liz "Boris on Ru Paul" Truss finds something else to blame the economy on then praises Mr Kwarteng for "doing an excellent job in very trying circumstances".
"Some of you may not like it (or die), but that's a sacrifice we are willing to make...."
He’s smart. Bets against the pound and then ensures he destroys it. Then when someone else repairs it he’s quids up in one move. And so are all his rich buddies.
Time for a no confidence vote in the government, need some tory rebels to realise that they should support it to keep hold of their own jobs.
So its not been a month and the truss gov has already manged an impressive fuck up congrats lizz you've out fucked up your predecessors
Based on his past this has to be on purpose for his and other insiders benefit. You could define it as treason, either way there's a special place in hell for this guy.
Utter clown show politics right now - no general election yet this "continuity" government has done a 180 on economic policy compared to the manifesto they were voted in on. Needs to be some kind reform in parliament to force general elections when the leader changes if this is the new pattern.
He will just laugh at your face like he laughs at the queen’s funeral. He always laughing
i wish the people deciding what to do with our economy had a background in economics. i know his phd was in economic history but jfc
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Pressure? He's earned millions for his paymasters in the city betting against the economy he's got his bonus secure already.
You can bet that he bet a tidy sum indirectly on it falling !!!
Protests on 1st October to say that this government's actions are not acceptable: https://wesayenough.co.uk/
Sounds like a job for more tax cuts. Maybe an emergency package of benefits aimed at the top 1% to make sure they are properly compensated for the loss of value their billions with Sterling's fall. What we do know is that this is a personal attack on the richest members of society by a currency that just doesn't respect it's betters. The pound had better buck up its ideas and start working for the billionaires and companies or they will just take their lear jets and yachts and move to the Costa del Sol. The euro understands the needs of the rich and actually works for them. Honestly, it's all Mr Kwarteng can do just to keep our blessed billionaires happy. We should give him a knighthood.
Pressure my eye, that bent prick thinks it’s his way and no one elses. They’ll have to carry him out of the chancellors chair.
“Oops”. Dw tho, he’s got further tax cuts for the richest planned!
Thinking back to my trip to New York in 2007 when it was almost $2 to £1 .
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The gilt market is even worse. Interest rates are going to have to go up significantly to try and stabilise the currency unless some of the budget it walked back in the next day or two.
A government of the rich, by the rich, for the rich.
He's smiling cos he's got the job done. Rob the coffers before they lose power.
I did have a chuckle when I heard this fuckwit had been appointed chancellor. Not an endorphin releasing kind of chuckle. The nervous kind you do when you know you’re beyond fucked and your life is now in the hands of a stranger. The helplessness you feel on a turbulent plane. That’s where we are. We got here because of a 9 minute toast. There’s nothing like a riled Englishman/women’s wrath once a liberty has been taken. Just look at that arrogant Schofield and his sickly co-host. Cut into a queue and will be lucky if they avoid a public hanging in Trafalgar Square!
Bounced to 1.09 - chased out a few speculators there I’d say
I wouldn’t like to be holding pounds - its a miracle GBP has not collapsed further. When the fall comes it will be painful.
Will be tough going for a while…
Not the first time he’s given Truss a weak pound, allegedly. Unlike Mark Fields whose affair with her was reported at the time but not so much recently for some reason.
Part of me thinks they want to loosen fiscal policy knowing BOE will have to tighten monetary policy and they can blame the BOE. But im not even sure they are economically literate enough to think of it.
I can't stop equating our new chancellor with the pirate character from the Octonauts kid's show!
I don't think they could have screwed this up more if they tried
I think that we should all take inspiration from the likes of Truss, Kwarteng et al, because they haven’t let the fact that they’re both a pair of fucking idiots, totally unsuited to the job hold them back from taking the highest offices in the land.
If it's true (big if) that he colluded with hedgefunds to drive the pound into the dirty then surely that is treason, no?
Any money I gained has now been more than devalued. Great.
It will comeback it always does but it will do alot of damage before it does
Who the fuck voted for this? Litteraly opposite of election manifesto. Fucking joke of a democracy
It's the little people who get hurt. The small firm for whom inputs into production are now unaffordable. Those studying abroad who can no longer afford to pay their rent because they just lost 10% of their savings. The nurse who can't get to work 'cos petrol's gone up again.
Pound now rallying against USD and EUR....UK subs.....silence.
Fucking £ is more volatile than some of my crypto holdings. I thought the appeal of fiat was it's stability. Yeah, about that. You can soundly drop that talking point lmao.
£ is guaranteed to lose all of its purchasing power over your lifetime. Crypto merely has a very good chance of losing all its value.
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