Pound tanking

US raised their interest rates this week as well as UK, and in times of uncertainty Ukraine/Russia people buy the dollar.
The US Dow Jones is going down this week as well as the FTSE, Michael Bury( Big Short film) who predicted the housing bubble sold all his stock a few weeks ago and predicted a big crash in shares. The Dow Jones has never reached the bottom when interest rates are still going up.

I think that is why Simon Sadler is being cautious with expenditure, he knows what is coming, the biggest depression for years.
 
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Wizaard said:
37 year low.

Good job the economy is in the hands of the party of prudence and good housekeeping.

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Seems to me this is an admission that the last 12 years of austerity and “can’t spend that: we need to balance the books” was complete nonsense.

Clearly what we should’ve been doing was borrowing a shit load of money to get the economy kick started. Although I seem to remember we were told that’d be economic madness.

By the same people who are now telling us it’s the best thing since sliced bread.
 
Mexboroseasider said:
Seems to me this is an admission that the last 12 years of austerity and “can’t spend that: we need to balance the books” was complete nonsense.

Clearly what we should’ve been doing was borrowing a shit load of money to get the economy kick started. Although I seem to remember we were told that’d be economic madness.

By the same people who are now telling us it’s the best thing since sliced bread.
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The Tory Magic Money Tree is a completely different thing to any Labour costed scheme, clearly.

Will be interesting to see how the RW papers spin this one tomorrow.
 
Mexboroseasider said:
Seems to me this is an admission that the last 12 years of austerity and “can’t spend that: we need to balance the books” was complete nonsense.

Clearly what we should’ve been doing was borrowing a shit load of money to get the economy kick started. Although I seem to remember we were told that’d be economic madness.

By the same people who are now telling us it’s the best thing since sliced bread.
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There’s no point borrowing money to help out the least well off in society. They’d only waste it on things like food and keeping warm.
Borrowing money to give to the wealthiest now there’s a thing. They’ll spend it on things like super yachts ang 20k bottles of bubbly Not to mention heating their indoor swimming pools and mansions. Things that will really help the economy and bring much needed jobs into the UK. Oh and they might throw the odd 50p into the caps of those begging on the streets trying to get a few bob together to put in the leccy meters. Just like the good old Victorian times. Pity we don’t have coal mines any more for the kids to be sent down. Not too many chimneys about either.
 
Wizaard said:
The Tory Magic Money Tree is a completely different thing to any Labour costed scheme, clearly.

Will be interesting to see how the RW papers spin this one tomorrow.
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They’ll be too busy working out how much better off they’re going to be now
 
Another Tory rebellion coming, but that would be a disaster for them. I think most people have decided how they going to vote in two years time regardless of what happens between now and then, and Labour will win comfortably.
 
I remember studying trickle down theory in absolute detail at University and drilling it in both micro and macro economics.

From any analysis (statistical or social) it just never stacked up. Even then it was laughed at as a sham policy.

Companies invest regardless of their directors personal finance position and more in line with their own P&L and the market opportunities.

Individuals spend purely on their own personal position. Lower paid spend more locally (marginal propensity to consume) and an increase in their relative wealth is always spent more locally. Higher wealth, spend additional wealth overseas (generalisation) in the main or move to monetary investment.
 
Chunkylad said:
I remember studying trickle down theory in absolute detail at University and drilling it in both micro and macro economics.

From any analysis (statistical or social) it just never stacked up. Even then it was laughed at as a sham policy.

Companies invest regardless of their directors personal finance position and more in line with their own P&L and the market opportunities.

Individuals spend purely on their own personal position. Lower paid spend more locally (marginal propensity to consume) and an increase in their relative wealth is always spent more locally. Higher wealth, spend additional wealth overseas (generalisation) in the main or move to monetary investment.
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IMG-20220925-WA0006.jpg
 
Chunkylad said:
I remember studying trickle down theory in absolute detail at University and drilling it in both micro and macro economics.

From any analysis (statistical or social) it just never stacked up. Even then it was laughed at as a sham policy.

Companies invest regardless of their directors personal finance position and more in line with their own P&L and the market opportunities.

Individuals spend purely on their own personal position. Lower paid spend more locally (marginal propensity to consume) and an increase in their relative wealth is always spent more locally. Higher wealth, spend additional wealth overseas (generalisation) in the main or move to monetary investment.
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To me it always sounded like a weak throw away remark to cover the real objective, which is to provide greater wealth and influence for their core support - the rich.
 
Chunkylad said:
I remember studying trickle down theory in absolute detail at University and drilling it in both micro and macro economics.

From any analysis (statistical or social) it just never stacked up. Even then it was laughed at as a sham policy.

Companies invest regardless of their directors personal finance position and more in line with their own P&L and the market opportunities.

Individuals spend purely on their own personal position. Lower paid spend more locally (marginal propensity to consume) and an increase in their relative wealth is always spent more locally. Higher wealth, spend additional wealth overseas (generalisation) in the main or move to monetary investment.
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Yep, just an academic theory to lend support to a bogus ideology.

Sadly this embedded thinking was in full view 10 years ago in their `Britannia Unchained` ramblings.

It worries me when politicians are `certain` of outcomes based on ideology, which is often little more than a leap of faith.

All eyes on the Bank of England if the government stick to their guns...
 
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Wizaard said:
Isn't that unpatriotic and surely would never happen? If these bankers don't like our pound surely they should leave and go and invest in North Korea?
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Unfortunately, they aren’t all of our nation! Global traders based in the City.
It’s the same with the drivers of energy prices. Gas hasn’t cost more to produce, but speculators have seen an opportunity to drive prices upwards because of scarcity. Fortunes are being made everywhere.
 
The Tories have no idea what to do to improve the economy. They won the election on Brexit, and since we left the EU they've been found desperately wanting, flapping around and trying to find a policy that works.

Cut spending, no? Okay we'll increase spending by increasing taxes. No? Okay, we'll cut taxes and borrow. Let's see if that works. It reminds me of the Oystons final few years, where they tried signing 50 players a season to see if any could help stop the rot. I wouldn't be surprised if Liz Truss starts tweeting some drunken ramblings late on Friday's telling us the absolute mess the country is in is just a blip, and she shouldn't be criticised because she's been a fan of the UK since she was 2 years old.
 
BFC_53 said:
The Tories have no idea what to do to improve the economy. They won the election on Brexit, and since we left the EU they've been found desperately wanting, flapping around and trying to find a policy that works.

Cut spending, no? Okay we'll increase spending by increasing taxes. No? Okay, we'll cut taxes and borrow. Let's see if that works. It reminds me of the Oystons final few years, where they tried signing 50 players a season to see if any could help stop the rot. I wouldn't be surprised if Liz Truss starts tweeting some drunken ramblings late on Friday's telling us the absolute mess the country is in is just a blip, and she shouldn't be criticised because she's been a fan of the UK since she was 2 years old.
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Judge me at the end of 2024.
 
I suppose it's time to realise that they don't give a stuff about the country. They are lining their pockets and dismantling everything. Then they can build back "better" with everything privately owned - by them. No state.
 
Trammo said:
Pound still worth more than the dollar and euro.Never known it to be worth less.🇬🇧
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From that lefty rag the Telegraph about 10 Minutes ago:

“Highlighting the dire outlook, the pound fell against every other single currency in the world, from the Albanian lek to the Zambian kwacha”.

You must be very proud Trammo 🇬🇧 🇬🇧 🇬🇧
 
Markobfc said:
So is the Euro, but don't let that get in your way of the Brexit argument :)
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The pound is down against the euro as well as the dollar.

In fact according to the Torygraph it fell against every currency in the world overnight. Including the Albanian lek and the Zambian kwacha.
 
Markobfc said:
So is the Euro, but don't let that get in your way of the Brexit argument :)
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Not to the extent of the £ and we all know why. Cataclysmic economics at play as they line their pockets knowing they won't have to deal with the consequences, allow Labour a term then harp on about their economic strategy for a decade or so.
 
Voice of Reason said:
'You reap what you sow'

A decade of the Tories. Brexit. Boris Johnson. and now Barnpot Truss.

Gawd help us all.
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I’m afraid they’re up to their old tricks. This budget has been rushed through to throw money at the rich while giving the rest of us time to forget this. Next years budget will be about throwing a few scraps the way of the rest of us, hence Kwartengs pledge to continue cutting taxes. People will then applaud them and be so grateful theyll rush out to vote for them in 2024.
Its so transparent yet sadly people fall for it time and time again.
 
Still worth more than the dollar and euro just checked. As for the Albanian and Zambia notes well I use them to light my very big cigars- and I'm a non smoker!😜😂🇬🇧🇺🇦
 
Trammo said:
Still worth more than the dollar and euro just checked. As for the Albanian and Zambia notes well I use them to light my very big cigars- and I'm a non smoker!😜😂🇬🇧🇺🇦
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I'd like some of what you are smoking if you think that parity with the Euro and Dollar is a marker of economic success!
 
ElBurroSinNombre said:
I'd like some of what you are smoking if you think that parity with the Euro and Dollar is a marker of economic success!
ElBurroSinNombre said:
I'd like some of what you are smoking if you think that parity with the Euro and Dollar is a marker of economic success!
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Congtatulations donkey a kind benefactor has offered you a stable in Catford and a lifetime's supply of carrots if you agree to be called Robbie.🤔
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Chunkylad said:
I remember studying trickle down theory in absolute detail at University and drilling it in both micro and macro economics.

From any analysis (statistical or social) it just never stacked up. Even then it was laughed at as a sham policy.

Companies invest regardless of their directors personal finance position and more in line with their own P&L and the market opportunities.

Individuals spend purely on their own personal position. Lower paid spend more locally (marginal propensity to consume) and an increase in their relative wealth is always spent more locally. Higher wealth, spend additional wealth overseas (generalisation) in the main or move to monetary investment.
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Chunky for Chancellor 👌👏👏
 
Kurtan said:
They are actually going to let more foreign workers in to try to grow the economy .
Happy brexit voters ?
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With Suella Braverman and Kemi Badenoch against and already leaking to that effect.

How many days actually governing - taking account of the 12 days after the Queen’s death when politics was on hold? And the Cabinet is already falling apart.
 
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