Truss (general uk sucks thread)

bosstrabs

alistair Politicians have a dismal track record running successful companies (apart from in China)

Well that’s kind of the opposite way around. It’s that technocratic bosses, often engineers, become CEOs of these state-owned companies, and meanwhile get brought into the party apparatus, before eventually just making the leap to the Politburo.

If you look at the make-up of the top echelons of the Chinese government, a lot took this route.

Still, some of their SOEs are hugely inefficient in some areas.

bosstrabs

Quite an interesting read:
https://www.chinausfocus.com/2022-CPC-congress/chinese-technocrats-20-how-technocrats-differ-between-the-xi-era-and-jiang-hu-eras

C_J

Dubman labour have already said there’s no plans in rejoining & the libdems have gone very quiet.

exactement mon ami

C_J

Cankles-McJeggings correct. Daniel Finkelstein in The Times says he’d basically have to try to get back in unless he was willing to pursue Brexity-Trussenomics

C_J

bosstrabs A rare excellent post from Hugo, that somewhat tempers my constant urge to smash up my laptop when I normally see he is present and posting on the board.

ok wow, guys. so that’s Hugo and Dave joining the ranks of conspiracy theorists in saying apparently without irony that Truss & Kwarteng are deliberately trashing the pound on instruction from their disaster capitalist hedgie mates.

that is one hell of an allegation guys. do you think Truss even knows she’s a puppet in all this? she looks to me like a bird that’s just smashed really hard into a glass window - maybe Crispin Odey has been drugging her?

Heno

C_J that is one hell of an allegation guys. do you think Truss even knows she’s a puppet in all this? she looks to me like a bird that’s just smashed really hard into a glass window - maybe Crispin Odey has been drugging her?

😅😅😅

alistair

C_J The voice of reason (not for the first time). Endowing Truss with such dark machiavellian tendencies is laughable

vinnyt77

C_J I personally don’t think it’s that blatant. I don’t think Truss got on the phone to Odey saying that their plan was to tank the currency, and he should start making huge short bets to capitalise.

I think suggesting that Odey neither had any influence over, nor information from the Government about the fiscal policies is naive though. I can easily imagine a scenario where Kwarteng’s on the phone to his ex-boss and mentor Odey detailing the proposed financial plans, and Odey uses that information to determine it’s gonna fuck the pound, so makes his bets accordingly.

I can’t see Truss doing that, because I don’t think she understands the big words enough.

C_J

vinnyt77 well if that’s what you think Vinny, fair enough. But i submit for your consideration the following:

if the chancellor was found to be involved in tipping-off or front-running material non-public information to market participants (such as his ex boss) ahead of policy announcements, it would be rightly seen as a heinous crime and he would be jailed
nothing they’ve done wasn’t promised in advance by Truss during the leadership campaign which is why Sunak saw this coming.

alistair

C_J indeed, the fact that Truss enacted what she said she would in the leadership campaign and so quickly was what spooked the markets. A politicians promises and all that…

vinnyt77

C_J nothing they’ve done wasn’t promised in advance by Truss during the leadership campaign which is why Sunak saw this coming.

Where do you think Truss was getting advice about financial policy? She’s clearly way too stupid to have any independent thoughts her own, so where do you think that guidance comes from?

Do you think a powerful, Conservative donor like Odey, who made north of £100m shorting the pound over the result of the EU referendum, who help fund the set-up of JRM’s hedge fund, who had previously employed and mentored Kwarteng - do you think there’s a chance he might have had a quiet word in a couple of ears about what the right financial policies would be - both to help Truss win the leadership election, and then to benefit hugely from the resulting impact on the UK macro-economic situation?

C_J

alistair people saying they’re doing it to make a few million for the hedge funds are really outing themselves as clueless imo. i saw former scottish labour leader Kezia Dugdale suggesting as much in an article the other day, now I know she’s a smart cookie who knows better but she couldn’t resist putting it out there. the quality of public discourse is so very low in this country, i genuinely think that’s one of the main issues - a very ill informed public.

Old-Dutch

What is this witchcraft? A politician has kept their word? SELL SELL SELL, WE’RE ALL FUCKED!!!!!

C_J

She read Philosophy, Politics and Economics at Merton College, Oxford, graduating in 1996. From 1996 to 2000, Truss worked for Shell, during which time she qualified as a Chartered Management Accountant (ACMA) in 1999. In 2000, Truss was employed by Cable & Wireless and rose to economic director before leaving in 2005
Wikipedia

Odey has been short UK Gilts and the Pound for years. He’s known for making money off shorting stuff. It was obvious that sooner or later yields and interest rates had to rise because they were at historic lows. Just google UK interest rate last 300 years. It’s the war that has really kick started his strategy, another thing that many people would say has been coming for years given Crimea etc. The reason these guys make big money is because they’re willing and able to be wrong for years until eventually the are massively right. They can’t really dictate or influence Treasury policy which is highly bureaucratic and has a lot of safeguards in place.

vinnyt77

C_J They can’t really dictate or influence Treasury policy which is highly bureaucratic and has a lot of safeguards in place.

No, it’s really not. 4 weeks ago - you had two people running for Conservative leader / PM with wildly different economic policies/strategies. The idiot won, and was thus able within a matter of just a few weeks to have her sidekick implement these policies, which led (in small or large part, depending on your viewpoint, unless you’re Truss, in which case Putin) to the UK’s current economic situation. Where’s the bureaucracy? Where are the safeguards? The OBR were roundly ignored, despite offering to run a faster than ideal analysis on any plans that Truss and Kwarteng came up with.

Hursty

C_J she obviously was recovering from big student nights out on the disco biscuits when studying economics at Oxford

vinnyt77

C_J She read Philosophy, Politics and Economics at Merton College, Oxford

So did Matt Hancock (Exeter College, not Merton…), who I met on several occasions as he lived with my best man. I wouldn’t trust him to run the country’s economy. I wouldn’t trust him to manage a McDonald’s franchise.

I don’t trust Truss’ intellect. Getting a decent degree from a decent University is not a measure of intellect.

alistair

vinnyt77 It does make her smarter than Angela Raynor though. Low bar admittedly. Can you imagine…

bosstrabs

Benson in 4, 3, 2, 1

benson

bosstrabs I did a proper degree.

vinnyt77

alistair If only you’d said smarterer, you’d have had a point…

« Previous Page Next Page »