[themaclad]

https://www.politico.eu/article/us-germa...t-turmoil/

Interesting article Geramny and States criticise our budget plans as does Turkey(reported inflation 70/80%)
Meanwhile the power house of the EU

https://www.bloomberg.com/news/articles/...n-euro-era

Meanwhile here

UK inflation edged down slightly to 9.9% in the year to August, according to the latest figures from the Office for National Statistics (ONS), writes Andrew Michael. A dip in the Consumer Prices Index – from a figure of 10.1% recorded in the 12 months to July – was the first downward move since September 2021.

[theo_luddite]

If inflation is only 10% I'll eat my hat. Relatively cheap items in the supermarkets have increased in price by over 30p let alone the more expensive ones. That's if they are on the shelves in the first place.

Energy prices have pretty much tripled in a year and it's not all due to Putin. The previous energy supplier I was with went bust 12 months ago, increasing my bills by 250% at the time and they will go up to north of 300% from tomorrow before the £400 rebate. I'd be surprised if anyone who isn't still on a fixed rate hasn't seen a similar increase.

According to the RAC website, the average pump price of petrol has gone from £1.10-£1.20/litre Jan 2021 to £1.40-£1.50/litre Jan 2022, was between £1.30-£1.40/litre last October, maxed out between £1.85-£1.95/litre in July and is now between £1.60 - £1.70/litre. Fortunately my mortgage and car loans are paid off so I don't have to worry about those going through the roof.

The pound started to slide when Putin invaded Ukraine, it dived on Friday and has come back to last Thursday's value thanks to the BoE stepping in to secure pensions etc. All the gains from last year have already been wiped out and more this year in my private pension pot. If you've got one, expect at least the same.

Otherwise no great surprise to see our "allies" questioning what we are doing. Lizzie Dripping managed to come over as what I'll politely call incompetent on all the BBC "Radio Local" stations yesterday and that's doing her a favour.

[0762]

I'll add that if Truss does indeed refuse to do an "about turn" on her flawed tax ploy IMO it is inevitable that interest rates will rise considerably in order to stabilise the damage that her economic policy will incur to the country. I notice the BoE has already indicated it will take action like this if deemed necessary to do it. They'll have no option other than making this move!! Yesterday Truss came over as an uncaring extreme ideological prat and, as previously commented, I think she is a puppet of the extreme RW nutcases who are hovering in the shadows behind her - all part of the deal to support her for PM. She should be nowhere near that position of power!

[theo_luddite]

His wingnuts don't stick out far enough - must be fakes.

[theo_luddite]

By the way - it's not the BoE's job to bail out a tin-pot government. Likewise the government shouldn't have to bail out tin-pot bankers, but it seems that's the way of the world (or at least our little corner of it) these days as current government policy once again allows for potentially reckless banking strategies. Joy.

---

Oh wait - Truss, Kwarteng and OBR (Office for Budget Responsibility) discussed the "economic and fiscal outlook" - and as a result the Pound has headed south again. Can't these two clowns just shut up or go hide in a fridge for a couple of years? A freezer would be preferable, and quicker.

---

https://twitter.com/i/status/1575773144132227072

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Full Sue Gray report.

Report into Ruski interference in the last General Election (and maybe Brexit).

Anyone seen those yet?

No?

Thought so.

---

Back to the future

https://twitter.com/i/status/1575500470768242689

[hibeejim21]

The tories are pushing the "its a global problem" "look at the EU" line very hard it seems, going by question time last night anyway.
It's amazing how many gullilble folk there are out there.

Yes the markets are volatile in europe, thats whats prompted investments moving to the dollar. Which is even more reason for you not to promote the kind of tax cuts that "mini budget" proposed, and even more reason to not to try and hide how you are going to pay for them. And thats before you get to their proposed cuts to capital investment in infrastructure (while still saying they can deliver growth) The BoE have saved Truss's ass for now...

And then you should read and digest the following.

https://www.theguardian.com/business/202...e-covid-19

Whats most striking is just how KamiKwasi pushed the OBR and all other bodies right out the loop on this. He owns it 100% Trust me the markets are not going to wait til the back end of november for answers. Note also that Europes capital account balances are nowhere near as bad as the UKs deficit. We have had zero growth for over a decade for a start off.

The problem with dumb and dumber is that they are idealogical zealots (see britannia unchained) and they cant wait to get their mits on the sweetshop (as theo would put it) because their whole schtick is opportunism. That combination makes them extremely dangerous.

The big bad EU meanwhile have introduced a windfall tax on energy profits, it will likely raise over 140 billion to mitigate against the effects of the energy crisis. Meanwhile Thick Lizzy is hellbent on giving the richest 1% huge payoffs.... You literally couldn't make it up.

[themaclad]

Kwasi and Liz have now destroyed

https://www.reuters.com/markets/europe/d...022-09-30/
https://www.ft.com/content/0a7d5bba-4355...2b2298fed3
Credit Suisse on the verge of collapse

Meanwhile in Britain which apparently has crashe the economy with reckless tax cuts

https://www.cityam.com/uk-avoids-recessi...nt-growth/

Apparently two weeks ago we we apparently a small and insignificant island

Never mind Theo could be worse could still be in the EU


Finally not economic news it's taken them 58 years but looks as if they have found the remains of Keith Bennett the Moors Murder victim, lived about 4 miles from the evil pair have to think whether my parents were actually concerned at the time.

[theo_luddite]

I'm more inclined to believe our inflation is closer to the Netherlands 17% than our so called 10% for a start and it would be interesting to see how much of that so called 0.2% "growth" is based on inflation and not tonnes of stuff out of the factory doors. Given we are apparently a "service based" and not a "manufacturing based" economy these days (what a load of complete and utter bollocks that is) of course you can't measure everything by tonnes of stuff out of the factory doors rather than its inflated value anymore. All those cleaners working to clean offices and shop floors in factories that don't make anything anymore. How do they ever get paid?

So the alternative, I assume, is going to be based on bankers bonuses from now on? What a Brexit bonus that will turn out to be.

Regarding the evil pair, I doubt many parents weren't worried as news of the "Moors Murderers" spread if their kids were a bit late back from playing "down the rec" with their mates. It's a bit late for his mum unfortunately, but it's good they have at last found him and can give his bones a decent burial.

[themaclad]

Aye she spent many days looking for him and as you say they can bury the poor lad now

[hibeejim21]

Kwasi and Liz have now destroyed

https://www.reuters.com/markets/europe/d...022-09-30/
https://www.ft.com/content/0a7d5bba-4355...2b2298fed3
Credit Suisse on the verge of collapse

Meanwhile in Britain which apparently has crashe the economy with reckless tax  cuts

https://www.cityam.com/uk-avoids-recessi...nt-growth/

Apparently two weeks ago we we apparently a small and insignificant island

Never mind Theo could be worse could still be in the EU


Finally not economic news it's taken them 58 years but looks as if they have found the remains of Keith Bennett the Moors Murder victim, lived about 4 miles from the evil pair have to think whether my parents were actually concerned at the time.

You are spectacularly missing the point here. The guardian article i quoted frames quite well whats happening in terms of growth. We are well behind the rest of Europe. Like Theo i reckon inflation is a lot higher that the figure quoted. My normal shop costs about 80 notes, yesterday it was over 100... And thats Aldi, by the way.

Bottom line is, if you are going to promote tax cuts then they have to be offset elsewhere else. The fact that the tory government wouldn't say how they would be funded, and that the OBR weren't allowed to sign it off seriously spooked the market. Probably deliberately to let their hedge fund mates short the pound...but i wouldn't rule out huge incompetence either.

My guess is these bastards are planning eye watering austerity for us, while its going to be a free for all for the wealthy. The post war consensus and union with Europe diluted the powers of the elite in the UK, and now they are well on the way back to getting complete control again. The state will be shrunk rapidly now. Thats whats really happening here.

And don't forget to grovel.