Liz Truss - an unending void of horror and pain

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Martin Y
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Re: Liz Truss - an unending void of horror and pain

Post by Martin Y » Wed Oct 12, 2022 9:38 am

basementer wrote:
Tue Oct 11, 2022 1:54 am
I think that master video tapes at that time must have been either open reel or U-matic. Martin Y might be able to offer a more informed opinion?
My point is, I really doubt that either the Queen or Thatcher would have had that sort of professional level kit in the living room. I'm calling bollocks on that particular story.
I agree. Although my background's radio not telly I think the shows would have been mastered on reels of 1 inch videotape and I'm absolutely certain that anyone who got to see a preview would not have been sent the masters. What would be the point? They'd get a VHS copy they could actually use without also needing a washing machine sized player. It's an amusing story that's all about the punchline and not about overthinking.

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Re: Liz Truss - an unending void of horror and pain

Post by philbo » Wed Oct 12, 2022 12:40 pm

plodder wrote:
Wed Oct 12, 2022 9:17 am
philbo wrote:
Wed Oct 12, 2022 7:58 am
plodder wrote:
Wed Oct 12, 2022 6:06 am
She’s losing (lost?) The Sun.
That's just night time. It comes up again in the morning.
And the Economist. I mean, they're just ripping the sh.t out of her.

https://twitter.com/RupertMyers/status/ ... 5237787648
I saw that one on FB.. I bet he was so proud of "shelf life of a lettuce" :-)

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Re: Liz Truss - an unending void of horror and pain

Post by IvanV » Wed Oct 12, 2022 2:27 pm

Truss has now ruled out spending cuts. Just in case we suspected the usual weasel words, Philp at the Treasury has clarified, no real terms spending cuts. She also referred to difficult decisions in spending, perhaps an implicit acknowledgment that even with spending held in real terms, it may still be difficult to maintain services given demand increases, and cost increases for some departments in excess of average inflation.

So that seems to cut the legs out from underneath Kwarteng's promised future explanation of how he was going to make his tax cuts add up. Or maybe more U-turns on those to come.

If this was all a game to "prove" they were "true believer tax-cutters", but have been forced into u-turning by "enemies", it looks like an expensive game to play.

ETA: The "no spending cuts" probably means including the enormous energy price support costs. So those will be likely be funded by cuts to other services.

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Re: Liz Truss - an unending void of horror and pain

Post by plodder » Wed Oct 12, 2022 7:20 pm

No, they’re not planning on balancing the books. They’ll run up the national deficit but inflation will wipe it out. This stuff is deliberate.

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Re: Liz Truss - an unending void of horror and pain

Post by Woodchopper » Thu Oct 13, 2022 8:38 am

plodder wrote:
Wed Oct 12, 2022 7:20 pm
No, they’re not planning on balancing the books. They’ll run up the national deficit but inflation will wipe it out. This stuff is deliberate.
That isn't necessarily a wizard wheeze because the lenders have increased the interest rates they demand before they are willing to lend.

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Re: Liz Truss - an unending void of horror and pain

Post by IvanV » Thu Oct 13, 2022 9:12 am

Woodchopper wrote:
Thu Oct 13, 2022 8:38 am
plodder wrote:
Wed Oct 12, 2022 7:20 pm
No, they’re not planning on balancing the books. They’ll run up the national deficit but inflation will wipe it out. This stuff is deliberate.
That isn't necessarily a wizard wheeze because the lenders have increased the interest rates they demand before they are willing to lend.
We are reminded by the current crisis in Argentina (inflation heading rapidly towards 100%) that there is a limit to spending money you haven't got, and where that limit lies depends upon your credibility with the lenders. Argentina's crises have often come from spending money it hasn't got. Argentina's lenders start to worry about whether they will get their money back at debt:gdp ratios that would be considered OK for a G7 nation. Argentina has of course defaulted plenty of times, so the lenders have plenty of history, well within living memory, to remind them of the risk.

Truss and Kwarteng like to point out that Britain has the second smallest debt:gdp ratio of the G7, implying we can expand our debt with comfort for a while yet. But Argentina reminds us that perhaps the lenders don't think we have the borrowing capacity of the others in the G7.

Certainly we expect Kwarteng to run a deficit. The lenders had already factored in the energy market support, that was announced before the budget, and didn't cause major jitters. It was the tax cuts on top. Now we realise that "no real terms spending cuts" could well mean "cutting spending elsewhere to pay for the energy market support", maybe that's actually enough for the lenders. But I don't think it is what the electorate had in mind by "no spending cuts". But it might take time for that to sink in and become a problem.

We are of course lucky in Britain that we can borrow in GBP and inflation shrinks the debt. So there is a large temptation for a chancellor to inflate, which is why we made the BoE independent. Argentina mostly doesn't get to borrow in AR$ (as the markets call it), so inflation doesn't help them, in fact it makes the payments expand rapidly denominated in AR$. That's supposed to be a discipline to stop them inflating, but we see that they still fall into the trap anyway. The difficulty politicians routinely get themselves into in Argentina is that they they promise the moon on a stick to get elected, and angry mobs start rampaging around the Casa Rosada when they can't deliver.

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Re: Liz Truss - an unending void of horror and pain

Post by Little waster » Thu Oct 13, 2022 11:42 am

Self-awareness fail by the IEA to the point even permadipstick Iain Dale felt the need to point out the size of the hole she was manically digging herself into. 8-)

ETA In the aftermath she's apparently now edited her Twitter Bio to remove her connection to the IEA. :lol:
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Re: Liz Truss - an unending void of horror and pain

Post by Grumble » Thu Oct 13, 2022 12:21 pm

Little waster wrote:
Thu Oct 13, 2022 11:42 am
Self-awareness fail by the IEA to the point even permadipstick Iain Dale felt the need to point out the size of the hole she was manically digging herself into. 8-)

ETA In the aftermath she's apparently now edited her Twitter Bio to remove her connection to the IEA. :lol:
Well I can see who you’re funded by, and they’re terrible. My funders are all lovely but I’m protecting their anonymity.
where once I used to scintillate
now I sin till ten past three

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Re: Liz Truss - an unending void of horror and pain

Post by Little waster » Thu Oct 13, 2022 12:59 pm

Grumble wrote:
Thu Oct 13, 2022 12:21 pm
Little waster wrote:
Thu Oct 13, 2022 11:42 am
Self-awareness fail by the IEA to the point even permadipstick Iain Dale felt the need to point out the size of the hole she was manically digging herself into. 8-)

ETA In the aftermath she's apparently now edited her Twitter Bio to remove her connection to the IEA. :lol:
Well I can see who you’re funded by, and their dad's were terrible and they are also a bit dead now. My funders are all lovely but I’m protecting their anonymity.
FTFY
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Re: Liz Truss - an unending void of horror and pain

Post by Little waster » Thu Oct 13, 2022 5:18 pm

Little waster wrote:
Thu Oct 13, 2022 11:42 am
Self-awareness fail by the IEA to the point even permadipstick Iain Dale felt the need to point out the size of the hole she was manically digging herself into. 8-)

ETA In the aftermath she's apparently now edited her Twitter Bio to remove her connection to the IEA. :lol:
Still you have to cut her some slack, perhaps she is just some unfortunate academic with pisspoor presentation skills, not everyone can be expected to be Carl Sagan or Brian Cox.
Emily Carver is the Institute of Economic Affairs' Head of Media, responsible for managing and growing the IEA's media output.
Oh. Oh dear.
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Re: Liz Truss - an unending void of horror and pain

Post by lpm » Fri Oct 14, 2022 12:36 am

That Kwarteng bloke, the one who's a future Trivial Pursuit question on funniest Chancellor of the Exchequer, is flying home early to be fired.

Hopefully he'll go out in a blaze of glory.
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Re: Liz Truss - an unending void of horror and pain

Post by dyqik » Fri Oct 14, 2022 12:47 am

lpm wrote:
Fri Oct 14, 2022 12:36 am
That Kwarteng bloke, the one who's a future Trivial Pursuit question on funniest Chancellor of the Exchequer, is flying home early to be fired.

Hopefully he'll go out in a blaze of glory.
Has Truss expressed full confidence in him then?

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Re: Liz Truss - an unending void of horror and pain

Post by Millennie Al » Fri Oct 14, 2022 1:33 am

philbo wrote:
Wed Oct 12, 2022 12:40 pm
I saw that one on FB.. I bet he was so proud of "shelf life of a lettuce" :-)
She's probably proud of having some green credentials at last.

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Re: Liz Truss - an unending void of horror and pain

Post by temptar » Fri Oct 14, 2022 5:52 am

dyqik wrote:
Fri Oct 14, 2022 12:47 am
lpm wrote:
Fri Oct 14, 2022 12:36 am
That Kwarteng bloke, the one who's a future Trivial Pursuit question on funniest Chancellor of the Exchequer, is flying home early to be fired.

Hopefully he'll go out in a blaze of glory.
Has Truss expressed full confidence in him then?
I thought she did a few days after clusterbudget.

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Re: Liz Truss - an unending void of horror and pain

Post by TopBadger » Fri Oct 14, 2022 9:21 am

temptar wrote:
Fri Oct 14, 2022 5:52 am
dyqik wrote:
Fri Oct 14, 2022 12:47 am
lpm wrote:
Fri Oct 14, 2022 12:36 am
That Kwarteng bloke, the one who's a future Trivial Pursuit question on funniest Chancellor of the Exchequer, is flying home early to be fired.

Hopefully he'll go out in a blaze of glory.
Has Truss expressed full confidence in him then?
I thought she did a few days after clusterbudget.
I recall she was pressed to give full confidence several times and didn't...

I don't see how Truss dropping Kwarteng saves her - they're intertwined to being the same calamity as far as I'm concerned.
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Re: Liz Truss - an unending void of horror and pain

Post by Brightonian » Fri Oct 14, 2022 10:44 am

New term for Truss: cardboard.

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Re: Liz Truss - an unending void of horror and pain

Post by TopBadger » Fri Oct 14, 2022 11:37 am

Sky news reporting Kwarteng has been sacked...
You can't polish a turd...
unless its Lion or Osterich poo... http://dsc.discovery.com/videos/mythbus ... -turd.html

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Re: Liz Truss - an unending void of horror and pain

Post by El Pollo Diablo » Fri Oct 14, 2022 11:41 am

Very concerned about this.

I've had food poisoning this week and am still not fully over it. Worried that if Truss keeps this up I'm going to sh.t myself from laughing so hard.
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Re: Liz Truss - an unending void of horror and pain

Post by jimbob » Fri Oct 14, 2022 12:09 pm

Faisal Islam
@faisalislam
my experience of Kwarteng is that he would not be someone to go quietly, or take one for the team, especially in a situation where he was literally enacting the signature policy of the PM.

Indeed senior financiers here in DC were of the impression he would “take her with him” 👀
12:07 PM · Oct 14, 2022
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https://twitter.com/faisalislam/status/ ... UkLamQig6A

Popcorn time
Have you considered stupidity as an explanation

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Re: Liz Truss - an unending void of horror and pain

Post by lpm » Fri Oct 14, 2022 12:20 pm

The wimp, he's grovelled instead. His letter's non-stop "what a wonderful leader you are Liz I'll always love you". Where's his self-respect?
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Re: Liz Truss - an unending void of horror and pain

Post by jimbob » Fri Oct 14, 2022 12:23 pm

lpm wrote:
Fri Oct 14, 2022 12:20 pm
The wimp, he's grovelled instead. His letter's non-stop "what a wonderful leader you are Liz I'll always love you". Where's his self-respect?
Tedious.

Meanwhile the Star has a live feed of the lettuce they have bought

https://twitter.com/JaimieAlexKay/statu ... UkLamQig6A
Have you considered stupidity as an explanation

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Re: Liz Truss - an unending void of horror and pain

Post by El Pollo Diablo » Fri Oct 14, 2022 12:34 pm

You have to hand it to the Tories, in the over 800 year history of the role of the Chancellor of the Exchequer, there's only been one previous calendar year with four people in the role (1827, Robinson-Canning-Abbott-Herries). And even then that was only because at the time there was a convention that if there was a gap in the role, the Lord Chief Justice would fill it in an interim capacity (Charles Abbott, 1st Baron Tenterden). George Canning stopped being Chancellor and Prime Minister that year because he was also dead.

Never before have four different people all held the role in a single year without any of them being interim or dying.
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Re: Liz Truss - an unending void of horror and pain

Post by El Pollo Diablo » Fri Oct 14, 2022 12:38 pm

People who have held the role of Chancellor for a short time:

Edward Law, 1st Baron Ellenborough - 13 days (interim)
Charles Abbott, 1st Baron Tenterden - 28 days (interim)
Sir William Lee - 29 days (interim)
Iain Macleod - 30 days (died)
Kwazi Kwarteng - 38 days (wazzock)
Sir John Pratt - 60 days (interim)
Nadhim Zahawi - 63 days (government collapsed)
William Murray, 1st Earl of Mansfield - 80 days (interim)
George Canning - 103 days (died)
Sir Robert Peel - 114 days (government collapsed)
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Re: Liz Truss - an unending void of horror and pain

Post by Little waster » Fri Oct 14, 2022 12:42 pm

Strong and stable.jpg
Strong and stable.jpg (7.88 KiB) Viewed 1054 times
Well that's aged about as well as we expected.
This place is not a place of honor, no highly esteemed deed is commemorated here, nothing valued is here.
What is here was dangerous and repulsive to us.
This place is best shunned and left uninhabited.

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Re: Liz Truss - an unending void of horror and pain

Post by TimW » Fri Oct 14, 2022 12:43 pm

Larry the cat's going to be the new chancellor.

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