Recent posts

#31

Off the Record / Re: The China Thread

Last post by Sheilbh - February 04, 2023, 06:29:29 PM

"Russia is the weather, China is the climate"


Heard a lord ruskin (?) say he got the quote off someone else.

I think that variation has been used by the DG of MI5 and head of German intelligence - but I think it's from something else and I can't remember what

#32

Off the Record / Re: The China Thread

Last post by mongers - February 04, 2023, 06:29:18 PM

Breaking News:

They've shoot it down:

BBC News video page

#33

Off the Record / Re: The China Thread

Last post by mongers - February 04, 2023, 06:23:33 PM

"Russia is the weather, China is the climate"


Heard a lord ruskin (?) say he got the quote off someone else.

#34

Off the Record / Re: Brexit and the waning days...

Last post by mongers - February 04, 2023, 06:16:16 PM

Delusion level: Off the charts.

Yeah, so her downfall was nothing to do with her own lack of intelligence or utter incompetence (the no/yes un/confidence vote) ?

#35

Off the Record / Re: Brexit and the waning days...

Last post by Sheilbh - February 04, 2023, 05:54:54 PM

Can't remember where I read it but apparently there are a sizable number of tories saying truss is mad but right whilst sunak is competent but wrong.
The wishful thinking is simply loopy.

I don't think it's sizeable - especially because from what I've read all the sourcing for that is "sources close to Truss". So a slightly different variety of wishful thinking.

But I think it sort of goes to OvB's article.

If you think the UK economy has a lot of problems then I think the right wing version of what you do looks a lot like what Truss talked about (rather than what she did): lots of supply side reforms which were mentioned in their budget (but not part of it because they're non-financial), particularly planning reform (which she complains the Treasury said was politically unviable - sadly they're probably right) plus tax cuts. As a plan to try and reinvigorate the economy that hangs together, of course the problem is that she's absolutely fucked it for the foreseeable. So if you're on the right, I can see mad but right.

While Sunak is very much more on the managing decline side of things.

What is the "economic establishment"? Is it like the "deep state", just the free market variant?

Mainly the Treasury - but also the OBR and a little bit the BofE. Of course she was actually brought down by the markets but that's a more humbling admission.

It doesn't hang together. She basically says she was right and it was the right policy, economic orthodoxy and Treasury orthodoxy was wrong - she also wasn't informed of how fragile the markets (especially pension fund hedging was) by the Treasury and, knowing what she knows now about that, she would have proceeded differently.

And there is a kernel of truth to that - from what I've read from all the market commentary guys like Joe Wiesenthal or economists like Tooze the real cause of the panic was pension fund hedging but that's more complicated/difficult to explain. To go from that fact to therefore "I was right" though is quite the leap

#36

Off the Record / Re: Brexit and the waning days...

Last post by Admiral Yi - February 04, 2023, 05:52:25 PM

What is the "economic establishment"? Is it like the "deep state", just the free market variant?

It's what Peronistas bitch about every time they default.

#37

Off the Record / Re: The Off Topic Topic

Last post by viper37 - February 04, 2023, 05:43:16 PM

Ah, English, such a simple language!

#38

Off the Record / Re: Brexit and the waning days...

Last post by Josquius - February 04, 2023, 05:40:15 PM

Can't remember where I read it but apparently there are a sizable number of tories saying truss is mad but right whilst sunak is competent but wrong.
The wishful thinking is simply loopy.

#39

Off the Record / Re: Brexit and the waning days...

Last post by Tamas - February 04, 2023, 05:34:02 PM

She is insane, plain and simple.

#40

Off the Record / Re: Brexit and the waning days...

Last post by Zanza - February 04, 2023, 05:33:42 PM

What is the "economic establishment"? Is it like the "deep state", just the free market variant?